News Update

DRI nabs Dubai-bound pax with FC worth Rs 1.93 croresCX - Too late for Revenue to complain that there is non-compliance by Settlement Commission with mandatory provisions of law: High CourtI-T - Tax Recovery Officer cannot summarily assume powers under Indian Contract Act, 1872, to suo motu declare a transaction of sale to be void & without approaching civil court: HCI-T - Expenses incurred for purely business purposes not being incurred on employees, would not attract Fringe Benefit Tax: HCCX - General practice amongst masses to not consider trading as an 'exempted service' till amendment was made in CCR - assessee had no malafide intention to avail undue benefit: CESTATCJI impeachment - Opposition Parties finally do it; hands over Notice to Vice PresidentBRICS discusses constitution of Working Group on illicit financial flowsCBDT shifts DGHRD office to Jawaharlal Nehru StadiumCBIC clarifies that remnant fuels (HSD/LDO) (after ship breaking) are classifiable under Chapter 27 and free from import policy restrictionsI-T - Mere projection of profit statement found in loose sheets from taxpayer's premises, is no basis for levying penalty in his hands: ITATGoM on Transport recommends uniform road tax structureCX - Assessee taking credit on rejected goods, recyling same and paying duty on clearance alleging that credit has been availed irregularly is unsubstantiated no question of double duty : CESTATGovt seeks feedback to Draft Coastal Regulation ZoneI-T - Payments made to founder or relative of trust, if credited to trust's account immediately without taking any undue benefit from it, will not upset exemption benefit u/s 11: ITATFC to individually assess needs of each State: NK SinghCX Mere reiteration of order of penalty imposed by original authority, who had jurisdiction, by first appellate authority, who lacked jurisdiction, does not cause grievance to appellant at that stage: CESTATGoM on Transport recommends uniform road tax and national permits for buses and taxisJustice Loya death case - SC dismisses pleasChennai Customs nabs pax coming from Dubai with gold worth Rs 2.5 Cr + also seizes 7.5 kg of seahorses during vehicle checkGovt to give new award to certain ranks of Civil servantsVAT - Reimbursement received by dealer for supply of spare parts to its customers under warranty period, are not liable to VAT under Maharashtra VAT Act: HCIT - Where Revenue detects massive tax evasion through bogus bills, it cannot wash hands of it through mere additions: ITATIT - Failure to explain scientific method in determining the amount of performance bonus payable to employees can lead to its disallowance : ITATST - Demand of differential amount of service tax alleging that entire amount collected by PCO operator is subject to levy of service tax cannot sustain for period prior to 01.03.2011: CESTATIndia almost ready with Rs 600 Crore Chandrayaan-2Govt launches Study in India Portal for foreign studentsAfter issuance of SCN, write to noticees about availing window of Settlement Commission for early settlement of disputes - CBIC instructs fieldCBDT Diktat on Misconduct - But, Mr Prime Minister, Actual High-handedness lies in Revenue Target Fixation!
WTO Members emphasise on lower trade costs

By TIOL News Service

GENEVA, JULY 16, 2017: THE WTO member nations reaffirmed their commitment to the Aid for Trade initiative, and to the development of the organization at the closing session of the Aid for Trade Global Review 2017 on Friday. Particular emphasis was laid on the importance of the above exercise in aiding developing and least developed countries (LDCs) to connect to global markets and lower trade costs.

The enthusiasm in participation was reflected by the overall turnout, with over 1500 attendees arriving for the sessions, which was conducted over a three-day period. There were 55 sessions in all, wherein the particpants debated over the importance of Aid for Trade, and the direction for the initiative in the coming years. Dedicated to the theme of “Promoting Trade, Inclusiveness and Connectivity for Sustainable Development”, the Global Review provided a platform for high-level discussions on the Aid for Trade initiative.

In its decade-long existence, the Aid for Trade initiative made significant achievements, such as -

  • Disbursal in aid of almost 300 billion dollars in support of Aid for Trade since 2006;
  • Disbursements reached an all time high of 39.8 billion dollars in 2015;
  • Such disbursal of aid benefitted 146 developing countries till date, mainly African and Asian nations - with 27% of the total going to LDCs.
WTO DG Roberto Azevêdo stressed upon the close synergy between Aid for Trade and the Sustainable Development Goals, and that in fact the achievement of the latter required an increase in Aid for Trade support for developing countries, particularly LDCs. Thereupon, he sought to ensure that Aid for Trade continues delivered more & improved its coordination internationally. DG Azevêdo further called upon members to pay more attention to the specific needs of LDCs & on ensuring such needs  were met. He also echoed the calls from many members and institutions to mainstream gender issues into the Aid for Trade work. It was also proposed that the Aid for Trade initiative could be used to tell the success story of how trade helped nations escape poverty and connect to global value chains. The DG Roberto Azevêdo lastly expressed hope that such meeting of minds and exchange and free flow of ideas would enable the Aid for Trade initiative to march from strength to strength.