I-T department issues clarification regarding India-Mauritius tax treaty

The department said that the Protocol pertaining to the amendment is yet to be ratified and notified under Section 90 of the Income-tax Act, 1961. Until this Protocol comes into force, any queries or concerns regarding the amendments will be addressed as and when necessary, said the I-T department.

The clarification follows concerns by tax experts over the agreement opening past investments to scrutiny from tax authorities at the time of exit following the protocol, which was inked on March 7. A key concern expressed by experts is about reopening of past cases in view of the amended provision.

Maldives explores paying imports in Maldivian Rufiyaa with India, China. Saeed aims for non-dollar payments, stronger Rufiyaa, bilateral trade. Currency swap plans with China in progress for Yuan or Rufiyaa payments.

India is reviewing its trade pact with Asean to address anomalies like the inverted duty structure disadvantaging local manufacturers. Measures such as production-linked incentive schemes, import tariffs, and import monitoring are in place to tackle the trade deficit.

Substantial convergence in India-Peru Trade Agreement negotiations during the seventh round, covering various topics like trade in goods and services. Peru emerged as India’s third-largest trading partner, setting the stage for future collaboration.

India’s exports to China have seen a positive growth in 90 principal commodities, including iron ore, telecom instruments, and electronic components, in 2023, accounting for 66.7 per cent of the country’s export basket. Four commodities, iron ore, cotton yarn, spices, and processed minerals, saw improvements of over $100 million in exports.

Global Trade Research Initiative (GTRI) predicts a 1.2% decline in the value of global merchandise trade due to geopolitical uncertainties. The US dollar value of world merchandise trade fell 5% in 2023 to USD 24.01 trillion, but this was mostly offset by a strong increase in commercial services trade, which rose 9% to USD 7.54 […]

Imports of soyoil rose 26.4% to 218,604 tons, those of sunflower oil were up about 50% at 445,723 tons, while total vegetable oil imports gained over 23% to 1.2 million tons, the Solvent Extractors’ Association of India (SEA) said.

India clocked $451 billion goods export in FY 23 and $394.99 billion in April-February FY24. In its latest Global Trade Outlook and Statistics report, India’s share of global goods exports was 1.8% in 2023 and imports was 2.8%. In digitally delivered services, India’s share rose to 6% in 2023 from 4.4% in 2019. In global […]

In February, China and India remained primary destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports, as they sought alternatives to crude oil. Russia redirected most of its fuel oil and VGO to Asia following the EU’s oil embargo. Seaborne exports to India and China increased, while shipments to Turkey declined.