SIGN IN SUBSCRIBE

News Update

Hungary decides to withdraw from International Criminal CourtGoyal to inaugurate Startup Mahakumbh at Bharat MandapamPM Modi holds talks with Thai leadership; stresses on N-E emerging as connectivity hubGST - Once orders are passed in violation of principles of natural justice, Court cannot impose any condition requiring petitioner to make any deposit - However, voluntary payment of 25% of disputed tax accepted and matter remanded: HCDoT intensifies action to curb Unsolicited Commercial CommunicationGST - When respondents intended to pass orders confirming demand, they ought to have provided an opportunity of hearing - Dropping proceedings, based on reply filed, can very well be done: HCTrumps withdraws exemption for small parcels from ChinaGST - Time limit prescribed u/s 73(2) for issuance of SCN is mandatory and if there is any violation of the aforesaid period, the same would render the SCN otiose: HCRailways achieves Rs 2.56 Lakh Crore Revenue in 2023-24GST - Appeal has been rejected stating that no application for adjournment was submitted and no further adjournment can be allowed - Grounds canvassed in the appeal petition have not been adverted to by the appellate authority - Matter remanded: HC10 killed as bus and microbus bump into each other in BangladeshGST - Cancellation of registration - Ends of justice would warrant the petitioner being accorded an opportunity to furnish a response to SCN: HCNHAI achieves robust growth in National Highway ConstructionGST - Authority has failed to assign or accord any reasoning or even allude to the response submitted by petitioner, while confirming the demand - Order unreasoned, hence will not sustain: HCGST Council needs to focus more on structural flaws rather than 'scalpelling'!Cus - Penalty imposed on steamer agent for exporting goods with cancelled LEO - export remittance was received, indicating that export indeed occurred; Customs website reflected goods as ready for shipment - penalty quashed: CESTATIndia-Australia Trade Agreement celebrates 3rd Anniversary of signingCus - Exemption under EPCG scheme cannot be denied solely on grounds that it was not claimed at the time of import of relevant goods; exemption can be claimed at time of de-bonding of the goods: CESTATIndia surpasses US and Europe by producing 1,681 LocomotivesST - Reimbursable expenses, operational surplus and freight brokerage are not taxable under CHA or Business Auxiliary Services: CESTATGovt spurs Chip Manufacturing with Fiscal Support42 Organizations publish 1459 write-ups under Anubhav Awards SchemeDFS Secretary chairs meeting on revamping of Central KYC RecordsI-T- Anonymous Donation Addition Under Section 115BBC Requires Proper Verification : ITATTrump’s ‘Liberation Day’ - 10% baseline tariff on all exporters + 34% on China + 26% on India; 25% on South Korea; 24% on Japan & 20% on EUI-T- Requirement to Consider All Grounds for Condonation of Delay in Appeals : ITATImpact of tariffs - Gold hits new high + bonds surge but stocks nosediveCentre imposes President’s rule in ManipurTrump exempts oil imports from tariffsI-T- Assessment Order Can Be Revised Under Section 263 If Key Issues Remain Unverified : ITATTrump relents on friends - Just 10% tariff on UK and Australia
 
India-Australia Trade Agreement celebrates 3rd Anniversary of signing

 

By TIOL News Service

NEW DELHI, APR 03, 2025: THE India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) marks its third anniversary of signing today, a landmark achievement that has enhanced the economic partnership between India and Australia. Since the agreement's signing on 2nd April 2022, it has created pathways for robust trade, offering new avenues for businesses, entrepreneurs, and employment across both nations.

With the signing of the ECTA, India and Australia have fostered new economic opportunities, underlining the complementary strengths of both economies. Following the signing and implementation of the agreement, total bilateral trade reached USD 24 billion in 2023-24, marking an impressive 14% growth in India's exports to Australia as compared to 2022-23. This positive momentum continues in the current fiscal year, with India's exports to Australia having increased by 4.4% during April 2024-February 2025 as compared to the same period in April 2023-February 2024.

The ECTA has brought tangible benefits across several sectors, notably textiles, pharmaceuticals, chemicals, and agriculture. Exports on new lines, such as Calcined Petroleum Coke, High-Capacity Diesel Generating Sets, and Air Liquefaction Machinery, demonstrate the expanding trade opportunities facilitated by the agreement. Sectors like electronics and engineering hold significant potential for future exports, offering promising prospects for further growth and innovation.

Imports of key raw materials, such as metalliferous ores, cotton, wood and wood products have supported the growth of Indian industries, solidifying the mutually beneficial and complementary nature of the partnership.

The India-Australia partnership is poised for even greater growth. As the ECTA celebrates its third anniversary, India and Australia reaffirm their commitment to deepening their economic ties, driving mutual prosperity, and contributing to a stronger and more resilient global economy.

 


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Technical Session 1: Decoding New Income Tax Bill 2025

TOP NEWS


VISION 360






Technical Session 2 - Retrospective Taxation - Surge in GST Litigation - Possible Remedies.

TII LATEST

TIOLCORPLAWS LATEST