Govt to unfold scrapping policy for automobiles sooner: FMFM announces change in auto policy - BS-IV vehicles registered prior to March 31, 2020 to be allowed full shelf life + Addl 15% Depreciation to be allowed till March 2020 + Ban on purchase of new cars replacing old vehicles by Govt Departments liftedGovt working on solutions for home buyers and real estate promoters stuck with fund problemsFM says tax officials to be instructed not to overreach taxpayers to meet targetsNBFCs to be allowed to use Aadhar-authenticated KYC of banks: FMGovt to amend MSME Act to give ONE definition for MSME; Cabinet approval to be taken soonBank loans - Online tracking option to be given to customers for ease of knowing status + Banks to introduce one time loan settlement policyGovt decides to withdraw Surcharge on capital gains made by FPIs + Surcharge on domestic investors also guillotinedFM says All notices, including summons, by Income Tax Department to be centralised & computer-generated from October 2019 + Old notices to be either clears before Oct or to be re-generated with DIN + all notices to be cleared within 3 monthsGST - Amritsar CGST holds Annual Return Mela with practitionersSC grants relief to Chidambaram in ED case till Monday but no succour in CBI casePradhan to launch commencement of work ceremony for 10th CGD Bidding Round (See 'TOG News')TP - Company engaged in manufacturing, assembling, servicing & software cannot be held as good comparable to trading segment: ITAT (See 'TOG Latest')I-T - Where 71% of the receipts of a trust are used in furtherance of its stated objectives the same is sufficient to infer that such trust exists: HC (See 'TOG Latest')Customs - Where assessee requests for speaking order & pays duty under protest, it cannot be inferred that assessee accepted enhanced value: CESTAT (See 'TOG Latest')Central Excise - Where assessee harbored bona fide belief in respect of an issue due to conflicting precedent judgments, then extended limitation cannot be invoked: HC (See 'TOG Latest')Sabka Vishwas Legacy Dispute Resolution Scheme to be effective from Sept 01 (See 'TOG News')TP - Similarity of functions/characteristic of services rendered by comparables are indispensable for their selection for purposes of benchmarking: ITAT (See 'TOG Latest')I-T - Holding more than 20% shares in two companies is in itself insufficient to infer that loan given by one company to the other is commercial transaction: HC (See 'TOG Latest')Central Excise - Clean Energy Cess bears nature of fee & is not any duty; hence assessee is not entitled to Cenvat credit on the same: CESTAT (See 'TOG Latest')Service Tax - If assessee claims refund in bona fide before wrong authority, then reasonable course of action is to transfer such claim to that authority having jurisdiction: CESTAT (See 'TOG Latest')EPF Board to move proposal for amend scheme (See 'TOG News')Naidu urges nations to adopt Comprehensive Convention on International Terrorism (See 'TOG News')
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Govt meets industry leaders to become favored R&D destination
By TOG News Service
Jul 19, 2019

TOG NEWS SERVICE, NEW DELHI, JULY 19, 2019: THE Principal Scientific Adviser (PSA) to the Government of India held a meeting with leading multi-national companies, who have substantial R&D presence in India here on July 16 to position India as a favoured destination for Research & Development (R&D) by MNC's in India. The interaction focused on suggestions from nearly 35 multi-national industry leaders from various sectors to address issues and challenges in establishing R&D operations and investments in India. Global best practices were shared to facilitate closer integration with the Indian research and innovation ecosystem. The discussion was chaired by Prof. K Vijay Raghavan, Principal Scientific Adviser to the Government of India along with other Government stakeholders, including Department of Science and Technology, NITI Aayog, Ministry of Human Resource Development,Ministry of Electronics and Information Technology, and Micro, Small & Medium Enterprises and was attended by over 70 participants.

The topics covered included deliberations on emerging areas of research and innovation, sharing of data on R&D investments, operational issues and challenges faced by MNCs in India, adoption of best global practices for establishing closer linkages with national R&D institutions and academia, talent development and sourcing, strategic partnerships to bolster R&D in India and integrating with the domestic start-up ecosystem. The key recommendations from the MNC perspective was to provide a single window support to industries to lessen the operational challenges in enhancing their R&D investments, inter-ministerial policy and programme to enable closer engagement of MNCs in national research and innovation eco-system, regular interaction platform between government and MNCs for scaling up of research and innovation partnerships.

The Office of the Principal Scientific Adviser, through the Prime Minister's Science, Technology and Innovation Advisory Council (PM-STIAC), plays an enabling role in synergizing cross-sectoral collaborations across scientific ministries, research institutions and industry partners to leverage science, technology and innovation for contributing to the knowledge economy and growth of the country.