DGFT Amends Handbook of Procedures: GST Input Tax Credit for Advance Authorization Scheme
By means of Public Notice No. 34/2023, dated October 13, 2023, the Directorate General of Foreign Trade (DGFT) has proposed a noteworthy amendment to Paragraph 4.10 (i) of the Handbook of Procedures, 2023. With this amendment, materials covered by the Advance Authorization Scheme that require GST payments are permitted to use the Input Tax Credit. […]
Ease of Doing Business: FSSAI Waives Clearance for Re-exported Food Imports
There have been important changes pertaining to imports, as advised by the Food Safety and Standards Authority of India (FSSAI). The Customs Department is no longer required to obtain FSSAI clearances for specific imported food ingredients and products when using FSSAI, according to recent changes. Previously, food consignments meant for captive use or the production […]
Empowering Tomorrow: India’s Visionary Leap into a Green Energy Future
Introduction In the pulsating heart of South Asia, India stands at the crossroads of an unprecedented transformation – a monumental journey toward a sustainable and eco-friendly energy future. Faced with the dual challenge of fostering robust economic growth and mitigating the environmental repercussions of rapid development, India has charted an ambitious course in energy transition. […]
Green Credit Rules, 2023: Transformative Framework for Environmental Conservation and Sustainability
Introduction Growth, a word which indicates the idea of upliftment, with reference to an individual it could be determined as monetarily success, better health, good education etc., But when we talk about nation’s growth then it is not just about an individual’s concern, it is a matter of each and every person living in the […]
GST to Apply to Rent with Electricity Charges by Real Estate, Malls, and Airport Operators: CBIC
The CBIC has made a significant announcement regarding the inclusion of electricity charges in the Goods and Services Tax (GST) when bundled with rent or maintenance fees by real estate companies, malls, and airport operators. This marks a notable change, as electricity was previously not subject to GST. The CBIC clarified that when electricity is […]
India and UK Conduct Inaugural ‘2+2’ Foreign and Defence Dialogue
The India-UK ‘2+2′ dialogue examined cooperation in the areas of energy, trade, investment, defence, critical technologies, civil aviation, and healthcare. It also talked about international developments, especially in the Indo-Pacific region, and anti-terrorism initiatives. The discussion precedes a possible visit by British Prime Minister Rishi Sunak and is a component of the two countries’ comprehensive […]
India-Australia Relations Maturing: Focus on CECA Negotiations
Australia’s Opposition Leader, Peter Dutton, has underscored the mature relationship between India and Australia, highlighting the need for a considerate approach to sensitivities, particularly in the dairy and certain agricultural sectors, within the framework of the Comprehensive Economic Cooperation Agreement (CECA). Dutton has emphasized the importance of prioritizing critical minerals, education, defense, and various agricultural […]
India’s Corporate Landscape Transforms: MCA’s Reforms Enable Direct Listings and Dematerialization
The Ministry of Corporate Affairs (MCA) in India has driven significant reforms in the corporate landscape. Recent changes to the Companies Act of 2013 allow certain Indian public companies to directly list specific securities on foreign stock exchanges, such as Gift City in Gujarat. These changes stem from 2020 amendments to the Companies Act, permitting […]
Kirit Parikh Committee recommendations on oil sector
Indian Government in June 2013 formed a committee under the Chairmanship of Dr. Kirit S. Parikh, Former Member of The Planning Commission, to look into the current pricing methodology of petroleum products like High speed diesel, PDS Kerosene and Domestic LPG and suggest a pricing mechanism benchmarked to export parity pricing as well as to […]
Ministry of Heavy Industries Upholds Technology-Agnostic Approach for Advanced Chemistry Cell (ACC) Allocation
In a recent memorandum issued by the Ministry of Heavy Industries (MHI), a pivotal decision regarding the allocation of Advanced Chemistry Cell (ACC) capacity has been addressed. The memorandum responds to a proposal from the Ministry of New & Renewable Energy (MNRE) to designate 10 GWh of the 20 GWh ACC capacity for Grid Scale […]