Corporate tax & MAT rates slashed :
Reviving Growth & boosting ‘Make in India’

Finance Minister Nirmala Sitharaman announced a big reduction in income tax rates for the corporates. The government slashed basic corporate tax rate to 22% from 30%, while for new manufacturing companies it has been cut down to 15% from 25%.

GST Council reduced GST on various items :
Fillip provided to the Export sector, Hospitality & other industries

Finance Minister Nirmala Sitharaman announced the reduction of GST rates on a slew of items, benefitting sectors like hotels, gems & jewellery, defence and automobiles. The rate changes would be effective from 1 October, 2019.

Relief to MSMEs :
GST Annual filing waived off for taxpayers below Rs 2 cr turnover

The GST Council, in its 37th meeting held at Goa provided relief to MSMEs by allowing them waiver to file GSTR 9 and GSTR-9A. The new return system which was to be introduced from October 2019, will now be introduced from April, 2020. There is also an extension of last date for filing of appeals against the orders of Appellate Authority before the GST Appellate Tribunal as the Appellate Tribunals are yet not functional.

7th meeting of the UAE-India High Level Joint Task Force on Investments (HLTFI) held on 22nd September 2019 in Abu Dhabi

The two sides reviewed & expressed satisfaction on the significant achievements & progress made by the Task Force, including renegotiation of Bilateral Investment Treaty (BIT), the UAE’s contribution to India’s strategic petroleum reserve and ADIA’s participation in India’s National Infrastructure Investment Fund as the first foreign institutional investor.

Indonesia to import Indian rice & sugar to push trade volume to $50 billion by 2025

The decision came in the backdrop of India providing a level playing field to Indonesian palm oil by charging same duties on Malaysian palm oil. A Multi Product Road Show, focusing on exports of Bovine Meat, Rice and Sugar from India to Indonesia, was also hosted on Sept. 16 in Jakarta by the Agricultural and Processed Food Products Export Development Authority (APEDA) & the Embassy of India in Jakarta, in partnership with the Ministry of Trade of Government of Indonesia.

Huge export potential in Chemicals & allied sector : Piyush Goyal

Speaking on the occasion of Chemical and Allied Export Promotion Council of India’s (CAPEXIL) Export Awards, Commerce & Industry Minister Piyush Goyal said that CAPEXIL sector industries must embrace new technology and explore new markets, make value addition to the products that are being manufactured and not just remain in their comfort zone as manufacturers and exporters of raw and basic products

Toward $5 trillion Economy, India needs to focus on Domestic Manufacturing - Piyush Goyal

Delivering a lecture on ‘India’s Importance in Global Economy’ at the 92nd Foundation day of Maharashtra Chamber of Commerce, Industry, Railway & Agriculture (MACCIA) in Mumbai, Union Minister for Commerce, Industry & Railways Piyush Goyal said that India has a keen interest to adopt new technology & new manufacturing policies and a corruption-free India is the very first step that needs to be implemented to achieve $ 5 trillion economy target.

FDI liberalised :
New rules for single brand retail, coal mining, contract manufacturing & digital media notified

Ministry of Commerce & Industry, vide its Press Note No. 4 (2019 Series), notified the decisions taken by the Cabinet regarding changes in foreign direct investment regulations on single brand retail, coal mining, contract manufacturing and digital media. The changes are aimed at making India a more attractive destination, leading to benefits of increased investments, employment and growth.

16th Session of the Joint Economic Commission (JECƑ between India & Belgium Luxembourg Economic Union (BLEU) held at New Delhi on 17th September, 2019

The Indian and BLEU side reiterated the importance of the JEC towards the development of bilateral economic and trade relations through facilitating dialogue and enhancing cooperation on a wide range of issues of mutual interest, such as, transportation and logistics, renewable energy, aerospace and satellites, audio and visual industry, agro and food processing industry, life sciences, ICT, traditional medicine, Ayurveda and yoga, and tourism.