The Indian Cabinet has approved a ₹23,000 crore PLI scheme to boost electronics component manufacturing. The Indian government has taken a massive leap towards strengthening its ‘Make in India’ initiative. In a major policy push, the Union Cabinet has approved a ₹22,990 crore Production Linked Incentive (PLI) scheme for electronics component manufacturing, aiming to reduce […]
INTRODUCTION In a landmark move to modernize India’s customs regime, the Union Budget 2025 has proposed the introduction of Section 18A into the Customs Act, 1962 (‘the Act’). This amendment introduces a structured mechanism enabling importers and exporters to voluntarily rectify errors in their Bill of Entry or Shipping Bill even after goods have cleared […]
The solar industry received a significant legal reprieve after the Delhi High Court quashed the Instruction No.13/2022-Customs, issued on July 09, 2022. This judicial intervention has substantial implications for the import and warehousing of solar panels and related equipment under the Manufacture and Other Operations in Warehouse (No.2) Regulations, 2019 (MOOWR). Background of the Case: […]
Dubai, known for its ultramodern architecture and booming real estate market, attracts investors from around the globe, including a significant number from India. With its strategic location, tax-free living, and high standards of living, Dubai offers a plethora of opportunities for foreign investors in the real estate sector. But can an Indian resident actually purchase […]
There have been numerous concerns from our NRI client list based out of United Kingdom on the new tax regime announced by the UK Government to be implemented from April 2025. This article provides a detailed examination of these changes and their implications, particularly for non-resident Indians (NRIs) who have historically benefited from the non-dom […]
Vote on Account Union Budget 2024 budget is pivotal, aiming to stimulate economic growth, enhance infrastructure development, and ensure inclusive welfare for all sectors of society. The government’s strategies and allocations in the Budget 2024 reflect its priorities towards building a resilient economy and achieving inclusive development. We have deep-dived into the amendments made in […]
The government announced the RoDTEP Scheme as a duty remission initiative for exports, effective from 1 January 2021. This scheme offers a systematic procedure for reimbursing taxes, duties, and levies that aren’t presently refunded under any alternative provisions. These costs, stemming from the central, state, and local tiers, are borne by exporters during the manufacture […]
DGFT vide Notification No. 23/2023 dated 3rd August 2023 has amended the import policy of Laptops, Tablets, All-in-one Personal Computers, and Ultra Small Form Factor Computers and Servers (HSN 8471) to ‘RESTRICTED CATEGORY’ with effect from 1st November 2023. Therefore, pursuant to the policy, a restricted license from DGFT (Exim facilitation Committee) is required before importing […]
An increase in Tax collected at Source to 20% on the remittance of money under Liberalised Remittance Scheme (LRS) has been a major amendment in the Union Budget 2023. In addition, vide Notification dated 16th May 2023, it removed the exemption given to the use of international credit cards for meeting his/her expenses by a […]
On 16th May 2023, Department of Economic Affairs, Ministry of Finance issued a notification making an amendment to the Foreign Exchange Management (Current Account Transactions) Rules, 2000. The notification omitted Rule 7 of the Foreign Exchange Management (Current Account Transactions) Rules, 2000. Rule 7 of the Rules provided exemption on the use of International Credit […]