Plan afoot to reclassify items for GST clarity in FMCG sector

The Central Board of Indirect Taxes and Customs (CBIC) is planning to prepare a list of products that end up in litigation due to classification issues. The fitment committee will investigate items with minor changes in composition but different tax slabs, creating confusion in tax liability, particularly in the fast-moving consumer goods (FMCG) sector.

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TEPA: Norway to eliminate customs duties for almost 98 pc of imports from India

The ambitious trade pact, signed between India and the European Free Trade Association (EFTA) comprising Norway, Switzerland, Iceland and Liechtenstein, aims to expand trade across a range of areas including pharmaceuticals, manufacturing, new technologies and machinery. After the EEA (European Economic Area) agreement, this could become one of the most important trade agreements Norway has ever entered, said Norwegian Prime Minister Jonas Gahr Stoere.

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US mulls blacklisting CXMT to curb China's chip advance

The United States is considering sanctions on Chinese tech companies, including ChangXin Memory Technologies, to restrict China's development of advanced semiconductors. ChangXin Memory Technologies complies with USexport regulations. The United States aims to prevent Beijing from acquiring advanced AI chips that could strengthen its military.

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Australian farmers rip out millions of vines amid wine glut

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Initiatives taken to boost R&D: Need to balance IPRs with development needs, says FM Sitharaman

“We are trying to make them (IPR laws) work as a facilitator, a booster, and not as a barrier to the process of R&D,” Sitharaman said on Saturday, asserting that India’s IP regime remains compliant with the Trade-Related Aspects of Intellectual Property Rights (TRIPS) framework of the World Trade Organization.

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Centre raises M&A thresholds for antitrust regulator's nod

According to a notification by the ministry, two domestic companies pursuing M&A plans will now have to seek the Competition Commission of India's (CCI's) clearance if their combined assets and annual turnover in India exceed ₹2,500 crore and ₹7,500 crore, respectively, compared with ₹2,000 crore and ₹6,000 crore earlier.

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Crop diversification to fetch farmers MSP for pulses, cotton

The Union government plans to procure pulses, maize, and cotton at the minimum support price (MSP) to encourage diversification from rice. It will sell subsidised urad dal under the brand 'Bharat'. The initiative aims to restore groundwater levels, benefit protesting farmers, and gather accurate data on cropping and yield estimates.

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Cabinet okays 4% DA hike for staff; outgo pegged at ₹12,900 crore

The union cabinet approved an additional instalment of 4% DA and DR for central government employees and pensioners effective from January 1. This would benefit over 10 million employees and 6.79 million pensioners, with a combined impact on the exchequer of Rs 12,869 crore per annum.

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Free trade pact with EFTA likely to be signed on March 10

The agreement has several chapters, including trade in goods, rules of origin, intellectual property rights, trade in services, investment promotion and cooperation, trade and sustainable development, and trade facilitation. New Delhi has sought $100 billion of committed investments from the grouping and is considering giving quota-based duty concessions on gold imports from Switzerland.

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