9 July, 2015
New Zealand continues to seek ways to reform its anti-dumping and countervailing duties regime. Last year it had sought views on introduction of a bounded public interest test (Refer, International Trade Amicus, July 2014 issue) and now proposes to lay down the broad parameters and procedure to take into account the effect of AD, on public -...
1 April, 2015
With the aim of doubling India’s export of merchandise and services by the year 2020, the Indian Commerce and Industry Ministry has today (1-4-2015) announced the new Foreign Trade Policy 2015-2020 (FTP).
According to the FTP statement, the Policy seeks to accelerate exports through various schemes intended to exempt and remit indirect taxes on inputs physically incorporated i...
28 August, 2014
In yet another examination of when business had commenced, this time for the purpose of availing benefit under Section 10B of the Income Tax Act, 1961 (the Act) in respect of 100% Export Oriented Unit under STPI scheme, the Delhi High Court laid emphasis also on nature of activity and distinguished between a manufacturing entity and a service provider.
Activities carried out...
18 August, 2014
Bombay High Court has held that interpretation placed on 15th March 2011 by the Policy Interpretation Committee in respect of deemed export benefits would not apply to supplies made prior to such interpretation. The court said that such cases would be processed by the authorities in accordance with the policy prevailing and as clarified prior to 15th March 2011.
The case inv...
20 June, 2014
Even while being largely factual, transfer pricing cases make an interesting read and bring out new arguments. In Ness Innovative Business Services P. Ltd v. DCIT, decided on 18-6-2014, ITAT, Hyderabad examined a few such arguments in ruling out comparables included by the Transfer Pricing Officer (TPO). The assessee was engaged in business of software development services, did...
16 January, 2014
The issue of interest on delayed payments, since the payer is to benefit from interest free funds has given rise to many disputes on whether adjustment should be made and if so what would be a reasonable rate at which such interest will be deemed to have been earned. In Dania Oro Jeweler Pvt Ltd v. ITO [ITA(TP) 6827/Mum/2012] ITAT Mumbai held that since there was considerabl...
28th October, 2013
Indian Ministry of Commerce has prescribed a procedure for regularization of Export Obligation (EO) default cases under Advance authorization, DFIA and EPCG Schemes. As per the scheme, an applicant intending to regularize the case has to pay customs duty and interest not exceeding the customs duty portion and provide evidence of such payment to the Regional Authority (RA) w...
By Noorul Hassan
Currencies across the globe need to have universal application and acceptability and have been given sovereign validity, sanctity by the respective countries that issue them. Each country issues its own unique currency that is valid within its territory. Currencies like the United States dollar and the Euro are accepted in many countries and are freely convertible in almost a...
By Sumeet Khurana
A person resident of India under the Income-tax Act, 1961 (‘the IT Act’) is liable to tax in India on his global income [see end note 1]. The resident, when transacting with its Associated Enterprise (AE) is obliged to offer to tax, the income arising
Dated: Sep 27, 2016
By Atish Laddha
The Central Government has recently introduced the new Foreign Trade Policy 2015-20 (FTP) on with an aim to increase exports of merchandise and services from India from the current (F.Y. 2013-14) USD 465.9 billion to USD 900 billion by F.Y. 2019-20, and to raise India’s share in world exports from 2% to 3.5%.
Lakshmikumaran & Sridharan (L&S) will be the knowledge partner in following seminars:
1. Seminar on Customs Valuation, Revised SVB Procedures & Export Promotion Schemes
Institute of Business Laws (IBL) is organising a full day conference on Customs Valuation, Revised SVB Procedures & Export Promotion Schemes in New Delhi on ...
Indo- American Chamber of Commerce (IACC) will be organising a workshop on New Foreign Trade Policy & Export Procedures on 24 July, 2015 at ‘Hotel The Rain Tree’ in Chennai to guide exporters, importers, manufacturers and service providers.
Mr. R. Parthasarathy, Principal Partner and Country Head, Lakshmikumaran & Sridharan will address this workshop and answe...
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