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Will leave no stone unturned to make India the best investment destination: PM Modi In his recent interview, PM Modi said he wants to motivate the industrialists to believe in the India story and in the long term potential of the Indian market. They should carry on their business and complete their investment plan without any confusion. He assured of all honest and law abiding businesses of all possible support from the government's end.
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Commerce & Industry Minister led a high power delegation to Vladivostok, Russia - MoUs signed to expand trade, economy, investment, scientific and technical cooperation Commerce and Industry Minister, Piyush Goyal led a high power delegation of Chief Ministers of Haryana, Gujarat, Uttar Pradesh & Goa and about 140 Indian companies to Vladivostok, Russia from August 11 13, 2019. In the Plenary Session attended by close to 400 delegates, Russia's Deputy Prime Minister, Yuri Trutnev and Commerce Minister of India underlined the need to diversify and deepen trade links in priority sectors, in order to meet the trade target of USD 30 billion by 2025.
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Income Tax department relaxes assessment and scrutiny norms for start-ups In cases where start ups are recognised by the DPIIT but scrutiny involves wider issues, the I T dept has asked its field formations not to pursue the issue of angel tax during assessment proceedings. This clarification will help start-ups that are under scrutiny and will also give a clear direction to assessing officers on procedure to be followed in such cases.
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PM Modi's four initiatives making Indian e-commerce world's fastest growing; set to grow 8-fold by 2026 As per a report by CARE Rating, Indian e-commerce is growing at a stellar rate and is the fastest growing online business industry in the world. Government's Initiatives such as Digital India, Skill India, Startup India and Make in India are contributing to the growth of the online trade. The industry has witnessed an annual growth rate of 51%, which is the highest globally, and from $24 billion in 2018, the industry is expected to touch $200 billion by 2026.
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Income tax appeal limit hiked: Will reduce litigation, help government focus on high-value cases The CBDT has increased the monetary limits for the filing of income tax appeals by the Tax Department before the Tribunal, High Courts and Supreme Court. This will further help in de-clogging the courts and also help the Department in focussing its resources on high value/complex appeals. Reducing the pending litigation under the existing income-tax law would also ensure a smoother transition into the new Direct Tax Code.
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