The Foreign Trade Policy (FTP) is traditionally laid out for a period of five years. The current FTP of 2015-2020 was extended till September 2021 on account of Covid-19 pandemic.
The Customs Excise and Service Tax Appellate Tribunal (“Tribunal”), Bangalore bench vide order dated 1 July 2021 in ICICI Econet and Internet Technology Fund v Commissioner of Central Tax [Service Tax Appeal No 2900 of 2012] confirmed service tax liability on expenses incurred by a venture capital fund (“VCF”) incorporated as a trust, as consideration received towards asset management services.
India is fighting the second wave of the COVID-19 pandemic. Businesses, charitable institutions, public-spirited individuals as well as friendly nations are all doing their bit to mitigate the effects of this contagion.
