SIGN IN SUBSCRIBE

News Update

I-T - Anything made taxable by rule-making authority u/s 17(2)(viii) should be 'perquisite' in form of 'fringe benefits or amenity': SCCus - Drawback - Revenue contends that appeal of exporter ought to have been dismissed by Tribunal as not maintainable since correct remedy was filing a revision application with Central government - Appeal disposed of: HCCus - CHA - AA has clearly brought out the modus adopted by the appellant and how he was a party to the entire under valuation exercise - Factual finding affirmed by Tribunal - No question of law arises for consideration: HCGST - Proper officer has not applied his mind while passing the order; confirmed demand by opining that reply is not satisfactory - Proper Officer is directed to withdraw all punitive actions taken against petitioner pursuant to impugned order: HCGST - Proper Officer had to at least consider the reply on merits and then form an opinion - Non-application of mind - Order set aside and matter remitted for re-adjudication: HCGST - Cancellation of registration for non-filing of returns - Suspension/revocation of license would be counterproductive and works against the interest of revenue - Pragmatic view needs to be taken to permit petitioner to carry on his business: HC86 flights of AI Express cancelled as crew goes on mass sick leaveTax Refund Conundrum - Odyssey of Legal MisstepsI-T- AO not barred from issuing more than one SCN; Fresh SCN seeking information is not without jurisdiction, more so where HC itself directed re-doing of assessment: HCMurthy launches Capacity Building on Design and Entrepreneurship programCash, liquor & drugs worth Rs 110 Cr seized from Jharkhand ahead of pollsI-T- Appeal before CIT(A) (NFAC) is rightly dismissed where it has been delayed by over one year without just & reasonable cause: ITATPoll-induced stress: 2 Bihar officials die of heart attack at polling boothsSixth Edition of Commandants' Conclave held in PuneSome Gujarat villages keep away from polls over unfulfilled demands from governmentI-T- Re-assessment unsustainable, where based on third party statements & not corroborated by incriminating evidence: ITATRoof-hugging inflation nudges Argentina to print first lot of 10,000 notes of pesoI-T- Re-assessment invalidated where triggerred by change of opinion, on account of being based on material already available during original assessment: ITATInvestigation finds presence of ‘boys club’ strands of culture at American bank regulatorST - Civil work for construction of tower in port area, is exempt from tax as per Notfn No 25/2007-ST; constructing draining pipes for municipal corporation is not commercial activity & so no Service Tax is payable thereon: CESTATUS alleges Russia shipping oil to North Korea more than UN-fixed quotaCus - That appellants were aware of dutiable nature of Gold found from baggage & of procedure for declaration at Customs, reveals intent to smuggle said Gold without payment of tax - conditions for valid import of Gold not satisfied either; absolute confiscation upheld: CESTATUS cancels licence to some firms found exporting materials to HuaweiCX - Excise duty is determines based on how goods are cleared - What happens to goods post their removal, is not manufacturer's lookout, unless manufacturer is involved in fraud or wilful mis-declaration: CESTATRenewables accounted for 30% of global power supply in 2023: StudyCX - Manufacturer of Single Sugar Phosphate (SSP) meant for agricultural use, cannot be held liable for use of SSP for industrial purposes, by a tertiary purchaser of SSP: CESTATCLAT 2024 exams to be held on Dec 1ST - Since the demand itself is not sustainable, question of demanding interest and imposing penalty does not arise: CESTAT
 
MoU with China - Indian generic drugs to get access to Chinese market, says Minister

By TIOL News Service

NEW DELHI, AUG 15, 2013: INDIA and China have signed Agreements to promote Indian exports to China during the visit of Premier Mr. Li Keqiang to India in May 2013. Details are as follows:

(i) MoU for the Export of Buffalo Meat from India to China entered into between the Agricultural and Processed Food Products Export Development Authority (APEDA) and the General Administration of Quality Supervision, Inspection and Quarantine of the People's Republic of China (AQSIQ)

(ii) MoU on Cooperation Related to Import and Export Trade of Fishery Products entered into between the Marine Products Export Development Authority (MPEDA) and AQSIQ

(iii) Agreement on Trade and Safety of Feed and Feed Ingredients entered into between the Export Inspection Council of India (EIC) and AQSIQ

(iv) MoU between the China Chamber of Commerce for Import and Export of Medicines and Health Products (CCCMHPIE)and Pharmaceuticals Export Promotion Council of India ( Pharmexcil ) for co-operation on Pharma .

Details of import-export and trade deficit with China during last three years are given below:-

Table-1: Trade & Trade Deficit Statistics between India and China

 

Value in USD Million

Year

Import

Export

Total Trade

 

Trade Deficit

 

2010-11

43,479.76

15,482.70

58,962.46

27,997.06

2011-12

57,517.88

18,076.55

75,594.44

39,441.33

2012-13

54,324.04

13,503.00

67,827.04

40,821.04

2013-14

(April- June )(P)

12,080.91

2,435.91

14,516.82

9,645.00

(P)Provisional ( Source; DGCI&S)

Major items of Indian exports to China include cotton raw & yarn, non-ferrous metals, iron ore, other ores and minerals, plastic products, spices, Dyes/intermediates, machinery & instruments and petroleum (crude & products). Major imports from China include electronic goods, machinery, organic chemicals, project goods, fertilizers, iron and steel, transport equipments, electric machinery (except electronics) and manufactures of metals.

With the implementation of the above MoUs , export of buffalo meat, and feed and feed ingredients to China are expected to benefit. With the operationalization of the MoU on co-operation on Pharma between CCCMHPIE and the Pharmexcil, Indian generic drugs are expected to get market access in China.

This information was given by the Minister of State in the Ministry of Commerce and Industry, Dr. D. Purandeswari in a written reply in the Rajya Sabha yesterday.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST