Imports from related parties are generally subjected to valuation under the Customs Act, 1962 as well as Transfer Pricing (‘TP’) under the Income-tax Act, 1961. While both regulations aim to arrive at an appropriate price, the outlook is different. Where one prevents excessive price for imports recorded in the books, the other prevents under-pricing. There is even similarity in the methods that are used to arrive at the appropriate price. However, in absence of a legal binding, businesses struggle to make a case before the revenue authorities. The PreambleThe TP Regulations and the tax authorities, through the Arm’s Length Price (‘ALP’) approach, examine the transaction price to ensure that the profit as well as the tax payable on the profit earned from the imported goods, is not understated. On the other hand, Customs law and the customs authorities, through Fair Value (‘FV’) approach, ensures that the price is not understated to reduce the … [Read more...] about Valuation Under Transfer Pricing & Customs – Will They Ever Converge?
Customs prohibited imports regulations 1956
On the boundary situation, China’s Ministry of Foreign Affairs said on Wednesday both sides were in communication on resolving the on-going stand-off along the Line of Actual Control. “China’s position on the boundary issue is consistent and clear,” spokesperson Zhao Lijian said. “We have been earnestly implementing the important consensus reached by the leaders of the two countries, strictly abiding by the relevant agreements signed by the two countries, and committed to safeguarding China’s territorial sovereignty and security as well as peace and stability in the China-India border areas. At present, the overall situation in the China-India border areas is stable and controllable. On border-related issues, there are sound mechanisms and channels of communication between China and India, and the two sides are capable of properly resolving relevant issues through dialogue and consultation.” … [Read more...] about Citing swine fever, China bans pork imports from India
NEW DELHI: Food safety regulator FSSAI today said there is still confusion among consumers about nutraceuticals because of misinformation, and called for adoption of self-regulation by industry players. Food Safety and Standards Authority of India (FSSA) Chairman Ashish Bahuguna said the industry has bigger responsibility to ensure quality and safe products to consumers. Nuraceuticals are product of food origin with extra health benefits in addition to the basic nutritional value of the food. These can be viewed as non-specific bilogical therapies that promote general health, control symptoms and prevent malignant processes. Addressing an Assocham event here, Bahuguna said, "Everyone expects the acceptability of nutraceuticals to grow. I feel the first challenge is that consumers have 'bramh' (confusion). There is so much misinformation." There are also false claims about the products. The consumers want claims on labels to be clear. The industry should clarify the difference … [Read more...] about FSSAI asks nutraceuticals industry to adopt self-regulation
The regulator said adequate availability of numbering resources is threatened because of an increase in the range of services and massive growth in the number of connections, especially in the mobile segment. The ongoing plan implemented in 2003, was developed keeping in mind the projections till the year 2033. The total number of telephone subscribers in India stands at 1,177.02 million with a tele-density of 87.45% at the end of January 2020. … [Read more...] about Telecom regulator mootsnational numbering plan
“As a result, we find ourselves in a situation where we need to review the utilisation of the numbering resources and make some policy decisions to ensure that adequate resources are available for sustainable growth of the telecommunication services,” it said. … [Read more...] about Telecom regulator moots national numbering plan