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Fruits & vegetables, cereals, livestock and processed foods witnessed a spike in exports this fiscal of total USD 23.56 billion export target for 2022-23,31.4 percent achieved in first three months. Export of processed fruits & vegetables including pulses up by 59.71 percent to USD 490 million in Q1 of current fiscal in compare to corresponding months of previous year. ​​​​​​​Basmati Rice exports witnessed a growth of 25.54 percent in the first three months of FY 2022-23

According to the provisional data released by the Directorate General of Commercial Intelligence and Statistics (DGCI&S), the overall export of APEDA products increased to USD 7408 million in April-June 2022 from USD 5663 million over the same period of the last fiscal. The export target for April-June 2022-23 was fixed at USD 5890 million.

The initiatives taken by the Agricultural and Processed Food Products Export Development Authority (APEDA) that works under the Ministry of Commerce and Industry have helped the country in achieving 31 percent of the total export target in the first quarter of the current fiscal.

In order to rationalize the compliance requirement under Clause 4 of Schedule B read with Regulation 9 of PIT Regulations, improve ease of doing business and prevent inadvertent non-compliances of provisions of PIT Regulations by DPs, after having deliberations with Stock Exchanges and Depositories and listed companies, it has been decided that Stock Exchanges and Depositories shall develop a system to restrict trading by DPs of listed company during trading window closure period.

The SEBI Board, in its meeting on September 28, 2020,approved changes to the regulatory framework relating to debenture trustees(DTs), enhancing their role. Resultant amendments were made in SEBI (Debenture Trustees) Regulations, 1993, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015and erstwhile SEBI (Issue and Listing of Debt Securities) Regulations, 20081, pursuant to which circular on the creation of security and due diligence by DTs was issued. Since the issue of the circular, SEBI has received feedback from market participants on the aspects of due diligence and security creation. On the basis of such feedback, it has been decided that certain aspects of the said circular be tweaked. Accordingly, the present circular laying down revised requirements relating to encumbrance, creation of security and related due diligence by DTs

Please refer to our circular DOR.RET.REC.44/12.01.001/2022-23 dated June 08, 2022 on the captioned subject. As announced in the Monetary Policy Statement 2022-23 dated August 05, 2022, the Bank Rate is revised upwards by 50 basis points from 5.15 per cent to 5.65 per cent with immediate effect.

Frivolous criminal actions against large corporations would give rise to adverse economic consequences for India in the long run.

The One District One Product (ODOP) has reached 557 districts across all states and union territories, in what is seen as a transformational step toward realising the true potential of each district of the country. Export plans have been adopted by District Export Promotion Committees (DEPCs) in 218 districts.

Operationally merged with the ‘Districts as Export Hub (DEH)’ initiative of the DGFT, the Department of Commerce and the Department for Promotion of Industry and Internal Trade (DPIIT), as a major stakeholder, ODOP aims at fueling economic growth, generating employment and rural entrepreneurship, and helping the country achieve the goal of Aatmanirbhar Bharat.

Under the scheme, each district of the country will be converted into a manufacturing and export hub by identifying products with export potential in the district. State Export Promotion Committees (SEPCs) and DEPCs have been constituted in 36 States/UTs to provide support for export promotion and address the bottlenecks for export growth in the districts.

Districts-wise Export Action Plans are prepared for identified products and services for overseas markets, which include specific actions required to support local exporters and manufacturers in producing and manufacturing identified products in adequate quantity and with the requisite quality for reaching potential buyers. These plans also include identifying and addressing challenges for exports of such identified products and services, improving supply chains, market accessibility and handholding for increasing exports.

Representations have been received seeking clarification on the following issues:
1. Rate of GST applicable on supply of ice-cream by ice-cream parlors during the period from 01.07.2017 to 05.10.2021;
2. Applicability of GST on application fee charged for entrance or the fee charged for issuance of eligibility certificate for admission or for issuance of migration certificate by educational institutions;
3. Whether storage or warehousing of cotton in baled or ginned form is covered under entry 24B of Notification No. 12/2017-Central Tax (Rate) which exempted services by way of storage and warehousing of raw vegetable fibres such as cotton before 18.07.2022;
4. Whether exemption under Sl. No. 9B of notification No. 12/2017- Central Tax (Rate) dated 28.06.2017 covers services associated with transit cargo both to and from Nepal and Bhutan;
5. Applicability of GST on sanitation and conservancy services supplied to Army and other Central and State Government departments;
6. Whether the activity of selling of space for advertisement in souvenirs is eligible for concessional rate of 5%;
7. Taxability and applicable rate of GST on transport of minerals from mining pit head to railway siding, beneficiation plant etc., by vehicles deployed with driver for a specific duration of time;
8. Whether location charges or preferential location charges (PLC) collected in addition to the lease premium for long term lease of land constitute part of the lease premium or upfront amount charged for long term lease of land and are eligible for the same tax treatment;
9. Applicability of GST on payment of honorarium to the Guest Anchors;
10. Whether the additional toll fees collected in the form of higher toll charges from vehicles not having fastag is exempt from GST;
11. Applicability of GST on services in the form of Assisted Reproductive Technology (ART)/In vitro fertilization (IVF);
12. Whether sale of land after levelling, laying down of drainage lines etc., is taxable under GST;
13. Situations in which corporate recipients are liable to pay GST on renting of motor vehicles designed to carry passengers;
14. Whether hiring of vehicles by firms for transportation of their employees to and from work
is exempt under Sr. No. 15(b) of Notification No. 12/2017-Central Tax (Rate) transport of passengers by non-air conditioned contract carriage;
15. Whether supply of service of construction, supply, installation and commissioning of dairy plant on turn-key basis constitutes a composite supply of works contract service and is eligible for concessional rate of GST prior to 18.07.2022;
16. Applicability of GST on tickets of private ferry used for passenger transportation.

The government has halved the windfall tax on the export of diesel and scrapped the levy on jet fuel (ATF) shipments but raised the tax on domestically produced crude oil to Rs 17,750 per tonne from Rs 17,000 in a move that will hit a move that will hit producers like ONGC and Vedanta Ltd.

The tax on the export of diesel was cut to Rs 5 per litre from Rs 11, according to an official notification issued on Tuesday evening. Export of petrol will continue to attract nil tax.

The cut in taxes – the second in as many weeks – came as India’s trade gap swelled to a record.

The measures come hours after data showed India’s trade deficit ballooned to a record high in July, as elevated commodity prices and a weak rupee inflated the country’s import bill.

The gap between exports and imports widened to USD 31.02 billion in July from USD 26.18 billion in June. This, as a result of exports falling and elevated commodity prices together with a weak rupee, is inflating the import bill.

Imports jumped 43.59 per cent in July from the year-ago month, while exports dropped 0.76 per cent.

India first imposed windfall taxes on July 1, joining a growing number of nations that taxes supernormal profits of energy companies. But international oil prices have cooled since then, eroding profit margins at both oil producers and refiners.

On July 1, export duties of Rs 6 per litre (USD 12 per barrel) were levied on petrol and ATF and a Rs 13 a litre tax on the export of diesel (USD 26 a barrel). A Rs 23,250 per tonne windfall tax on domestic crude production (USD 40 per barrel) was also levied.

Thereafter, in the first fortnightly review on July 20, the Rs 6 a litre export duty on petrol was scrapped, and the tax on the export of diesel and jet fuel (ATF) was cut by Rs 2 per litre each to Rs 11 and Rs 4, respectively. The tax on domestically produced crude was also cut to Rs 17,000 per tonne.

Now, the export tax on diesel and ATF has been cut following a drop in refinery cracks or margins. But the levy on domestically produced crude oil has been raised in line with a marginal increase in international crude prices.

India has achieved a landmark milestone of 75,000startups in the country which have been recognised by the Department for Promotion of Industry and Internal Trade (DPIIT). This, according to Union Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textile, Piyush Goyal is a milestone that coincides with the 75th year of independence.

Out of the total recognised startups, around 12% cater to IT services, 9% to Healthcare and Life Sciences, 7% to education, 5% to professional and commercial services and 5% to agriculture. Around 7.46 lakh jobs have been created by the Indian startup ecosystem, so far, which has been a 110% yearly increase over the last six years. Further, about 49% of the startups are from Tier II & Tier III today, a validation of the tremendous potential of the country’s youth.

The Minister said that while the initial ten thousand startups were recognised in 808 days, the latest ten thousand were achieved in only 156 days. With more than 80 Startups getting recognised per day, this is the highest rate in the world.

The Startup India programme, an initiative of the Government of India, was primarily set up to provide an enabling environment for startups. Today, it has evolved into a launchpad providing sustainable economic growth and assistance such as providing funding, tax incentives, support for intellectual property rights, eased public procurement, enabling regulatory reforms and access to international festivals and events, Startup India program has become synonymous with sustainable economic growth.

Service tax cannot be levied on Composite Works Contracts prior to the introduction of the Finance Act, 2007