India’s rice exports at risk as exporters face huge tax demand-sources

Indian exporters are grappling with tax demands from customs for duty differentials on rice exports, impacting shipments due to new export duties to control domestic rice prices and financial constraints hindering payment.

Soomilduth Bholah, Mauritius’ Minister of Financial Services and Good Governance, recently visited India to encourage Indian investors to utilize Mauritius as a gateway to access emerging African markets. During his ‘India Business Mission’ covering major cities, Bholah emphasized Mauritius’ expertise in African markets and urged Indian companies to set up offices there for operations in […]

FIMI urges against export duty on low-grade iron ore to prevent revenue and job loss, impacting GDP and job creation. The mining sector faced issues with the duty in May 2022 but was later withdrawn.

India has urged for the prioritization of several key issues in discussions within the World Trade Organization (WTO), including access to finance, manufacturing concentration, food security, and reducing transaction costs in international trade and services. New Delhi emphasized the need to address trade issues that disproportionately affect developing countries, such as access to technology, bridging […]

Pakistan downgraded its diplomatic ties with New Delhi after the Indian government abrogated Article 370 of the Constitution, revoking the special status of Jammu and Kashmir and bifurcating the State into two Union Territories.

The exercise assumes significance as while chairing a Cabinet meeting on March 17, Prime Minister Narendra Modi asked the ministers to meet secretaries and other officials of their respective ministries to discuss how the agenda for the first 100 days and the next five years can be better implemented.

India has extended its ban on onion exports indefinitely, a move that comes ahead of a general election and is expected to exacerbate high prices in some overseas markets. The ban, imposed in December, was due to expire on March 31. Traders had anticipated it would be lifted, but the government issued an order late […]

In 2023, India’s trade reliance on China and the EU grew, while declining on Saudi Arabia. Global trade showed improvement in major economies like India and China. The outlook for 2024 suggests a potential impact from rising demand for electric vehicles.

Amid US sanctions, all Indian refiners, including major ones like Indian Oil, Bharat Petroleum and Hindustan Petroleum are rejecting Russian crude transported by PJSC Sovcomflot tankers. Scrutiny extends to vessel ownership to avoid ties with sanctioned entities. Other oil ships carrying Russian cargo also are facing delays off the South Asian coast.

The notification holds importance especially in view of the recent Supreme Court judgement in the case of Nestle wherein it was held that the Most favoured Nation clause is not auto-executory. “The notification ensures availability of the benefit of lower Tax Rate with respect to Royalty income & FTS under the India Spain Tax Treaty,” […]