Page 4 - Trade

SC upholds trade tax on ink, chemicals used in printing lottery tickets

The Supreme Court on Tuesday upheld the levy of trade tax on ink and processing materials used by a firm in printing lottery tickets, while deciding an over 25-year-old matter. A bench comprising Justices J B Pardiwala and K V Viswanathan held that ink and processing materials used in printing lottery tickets form part of the goods transferred in the execution of a works contract under Section 3F of the Uttar Pradesh Trade Tax Act, 1948. The verdict came on an appeal of Ghaziabad-based printing company, M/s Aristo Printers Pvt Ltd, against a 2010 verdict of the Allahabad High Court which had allowed the revenue department's revision petitions and restored the tax demand. The firm undertook printing of lottery tickets using paper supplied by its clients and procured its own ink, processing chemicals and other materials for carrying out the printing work. The Trade Tax Officer, Ghaziabad, had in assessment orders dated October 28, 1999, levied trade tax on the value of ink, chemicals

India, Qatar likely to finalise trade pact by third quarter of 2026: Goyal

India and Qatar will soon finalise the contours to negotiate a free trade agreement and the pact is expected to be concluded by the middle or third quarter of next year, Commerce and Industry Minister Piyush Goyal said on Monday. The minister is here for a two-day visit. He is leading a business delegation to increase trade and investments between the two countries. "I would think that sometime by the middle of next year, or third quarter of next year, we will be able to finalise an FTA (free trade agreement), if not earlier," he told reporters here. Qatar is an important trading partner of India in the Gulf Cooperation Council (GCC) with bilateral trade of over USD 14.15 billion in 2024-25. GCC members are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). India already has a trade pact with the UAE. A similar deal is likely to be signed with Oman soon. Goyal said that he held discussions with Sheikh Faisal bin Thani bin Faisal Al Thani, Minister of

India-EFTA agreement kicks in, Goyal says deal offers predictability

This is also India's first trade agreement with any European nation or bloc coming into effect

DGTR initiates probe into import of solar cell component from China

The Commerce Ministry's arm DGTR has initiated an anti-dumping probe into the import of a solar component and mobile covers from China, following complaints by RenewSys India and All India Mobile Cover Manufacturer Association. The applicant has alleged that the industry is impacted due to the dumped imports of "Solar Encapsulants, excluding EVA Encapsulants" from China. The item is used in the manufacturing of solar PV modules. "The authority, hereby, initiates an anti-dumping investigation to determine the existence, degree and effect of the dumping," DGTR said in a notification on Monday. If it is established that the dumping has caused material injury to domestic players, the DGTR would recommend the imposition of the levy on imports. The finance ministry takes the final decision to impose duties. Anti-dumping probes are conducted by countries to determine whether domestic industries have been hurt because of a surge in cheap imports. As a countermeasure, they impose these d

Trade shows to be held in all 75 UP districts from October 9: UP Minister

The Uttar Pradesh government on Sunday announced that eight-day trade shows will be organised across all 75 districts of the state from October 9 to 16, where entrepreneurs will be provided free stalls to showcase and promote their products on a wider scale. Khadi and Village Industries Minister Rakesh Sachan made this announcement during a seminar on Khadi for Nation, Khadi for Fashion held on the fourth day of the UP International Trade Show (UPITS) in Greater Noida, an official statement said. Highlighting the significance of GST reforms, Rakesh Sachan stated that for the first time since the introduction of GST, such a large-scale relief has been implemented, bringing fresh momentum to the MSME sector. "Earlier, trade shows were restricted to the divisional level, but in view of the success of UPITS, the government has now decided to expand them to every district. Entrepreneurs from diverse sectors, including Khadi, textiles, and ODOP, will participate, with officials already ..

Watch: Tariff is my 5th favourite word; it's making us rich, says Trump | Trump tariffs | Trade war

Donald Trump at a White House press brief said that tariff is the most beautiful word in the dictionary. He said he loves the word tariff which is fifth most favourite word.

Govt will 'positively' consider wheat product export demands: Pralhad Joshi

Food Minister Pralhad Joshi on Wednesday said the government will "positively" consider industry demands to allow exports of wheat products such as flour and semolina, while maintaining that food security remains the top priority. Speaking at the 85th annual general meeting of the Roller Flour Millers' Federation of India (RFMF), Joshi said multiple ministries are involved in export decisions and emphasised the need to consider next year's wheat production. "Keeping consumer interest and food security in mind, we will positively look into it," Joshi said. "The government's top priority is ensuring the country's food security." India, the world's second-largest wheat producer after China, banned exports of wheat grain and subsequently wheat products in 2022 due to concerns over domestic food security, a smaller harvest, and rising inflation. The minister's comments came as the country achieved record wheat production of 117.5 million tonnes in the 2024-25 rabi season. "You are ask

Trade, Tariffs, H-1B shock: What did Jaishankar and Rubio discuss? | Trump tariffs | India-US trade

External Affairs Minister S Jaishankar met US Secretary of State Marco Rubio in New York for the first time since Washington doubled tariffs on Indian imports.

Marco Rubio cites progress in ongoing US, India trade talks this week

India's trade minister had been scheduled to visit Washington this week in an effort to accelerate talks after negotiations resumed last week

DGTR recommends anti-dumping duty on Chinese electrical steel for 5 years

The commerce ministry's investigation arm DGTR has recommended imposition of anti-dumping duty for five years on imports of cold rolled non-oriented electrical steel from China, with an aim to guard domestic players from cheap inbound shipments. In its final findings, the Directorate General of Trade Remedies (DGTR) has concluded that the product has been exported to India at a price below the normal value, resulting in dumping. The recommended duty on certain Chinese firms is USD 223.82 per tonne, while on a few others USD 414.92 per tonne. "The authority recommends imposition of anti-dumping duty... for a period of five years," the DGTR has said in a notification. While the DGTR recommends the duty, the finance ministry takes the final decision to impose the same. Anti-dumping probes are conducted by countries to determine whether domestic industries have been hurt because of a surge in cheap imports. As a countermeasure, they impose these duties under the multilateral regime o

Smartphone exports to US decline 58% to $964.8 million: GTRI report

India's smartphone exports to its largest market, the US, fell 58 per cent from USD 2.29 billion in May to USD 964.8 million in August, think tank GTRI said on Monday. It said that the development is alarming and counter-intuitive as there are no tariffs on smartphones. "This demands urgent investigation to uncover the real reasons that are driving the fall," the Global Trade Research Initiative (GTRI) said. Smartphone exports, India's largest export to the US, plunged 58 per cent from USD 2.29 billion in May 2025 to USD 964.8 million in August, it said, adding the fall was steady month by month. It was USD 2 billion in June and USD 1.52 billion in July. In FY2025, the US remained India's top smartphone market with USD 10.6 billion imports (44 per cent of India's global exports of USD 24.1 billion), followed by the EU at USD 7.1 billion (29.5 per cent). It added that tariff-free products, which account for 28.5 per cent of India's August exports, posted the sharpest contraction o

EU looks to accelerate ban on Russian LNG in new sanctions package

The new push follows a call between European Commission chief Ursula von der Leyen and U.S. President Donald Trump on Tuesday

India will not allow rerouting of domestic goods from UAE to US, says Goyal

Commerce and Industry Minister Piyush Goyal on Thursday said India will not encourage or allow rerouting of domestic goods from the UAE to the US. He said that if Indian goods come to the UAE and are sent to other Asian countries or African nations, or other parts of the region, declaring that they are made in India, it will be a very welcome step. India will be looking at creating such pathways, he told reporters here. Goyal is here for the 13th India-UAE High Level Task Force on Investments (HLJTFI). "We do not encourage any Indian exporters to trans-ship goods to America. So at no point in time would we like to see or encourage or even allow Indian exports to go to America from the UAE," he said. The remarks are important as the US has imposed a steep 50 per cent tariff on Indian goods entering Washington. It is expected to impact exports of Indian goods from labour-intensive sectors such as shrimp, leather and textiles. Earlier, the commerce ministry had suggested to Indian .

'Hoped for more progress' in talks with India, says EU trade chief

The EU's key interests include cars, wines and spirits, and agriculture -- areas considered sensitive by India, and are still under negotiation

J&K landslides: Around 2,200 fruit-laden trucks evacuated via Mughal Road

More than 2,200 fruit-laden trucks were evacuated via the Mughal Road, the alternative road link between the valley and Jammu, during the past 24 hours, an official said on Tuesday. The trucks were stranded along the Srinagar-Jammu national highway due to its closure following landslides in the wake of incessant rains. The 270-km Jammu-Srinagar national highway, the only all-weather road linking Kashmir with the rest of the country, suffered extensive damage at several places, especially between Nashri and Udhampur, in the aftermath of record rainfall on August 26 and 27, leading to its closure for vehicular movement. The traffic on the highway was partially restored last week, but hundreds of trucks, including those carrying apples to different markets within and outside Jammu and Kashmir, remained stranded for days, causing extensive damage to the produce. In a major relief to fruit growers and traders of the valley, Divisional Commissioner (Div Com) Kashmir, Anshul Garg, informe

Denmark PM Frederiksen speaks to PM Modi; discusses trade, investment

Prime Minister Modi conveyed his best wishes for the success of Denmark's ongoing Presidency of the Council of the European Union and non-permanent membership of the United Nations Security Council

Sanctions complicate issues: China FM on US tariffs on Russian oil imports

China's Foreign Minister Wang Yi has rebuffed the US call to G7 countries to impose tariffs on countries purchasing oil from Russia, saying that war cannot solve problems and sanctions only complicate them. China does not participate in or plan wars, and what China does is to encourage peace talks and promote political settlement of hotspot issues through dialogue, Wang Yi said in an apparent reference to US Treasury Secretary Scott Bessent's call to G7 ministers to impose sanctions on countries importing oil from Russia to stop the Ukraine war. A US Treasury Department statement said on Saturday that Treasury Secretary Bessent during a call with G7 finance ministers, reiterated President Donald Trump's call to G7 countries that if they are truly committed to ending the war in Ukraine, they should join the US in imposing tariffs on countries purchasing oil from Russia. China is a responsible major country and also a country with the best record on peace and security issues, Wang sai

India doesn't buy even a small amount of US corn, says Howard Lutnick

India brags about having 1.4 billion people but won't buy even a small amount of American corn, Commerce Secretary Howard Lutnick has said, asserting that New Delhi must bring down its tariffs or face a tough time doing business with the US. Lutnick made the comments during an interview on Saturday when he was asked whether the US is mismanaging very valuable relationships with important allies like India, Canada and Brazil with the tariffs imposed on these countries. The relationship is one way, they sell to us and take advantage of us. They block us from their economy, and they sell to us while we are wide open for them to come in (and) take advantage, Lutnick said. The president says, fair and reciprocal trade', he added. India brags that they have 1.4 billion people. Why won't 1.4 billion people buy one bushel of US corn? Doesn't that rub you the wrong way that they sell everything to us and they won't buy our corn. They put tariffs on everything, Lutnick said. He added that ..

Trade deal, Quad, China: What Trump’s India envoy nominee, Sergio Gor, said

At his Senate confirmation hearing, Sergio Gor, President Trump’s nominee for US Ambassador to India, outlined a roadmap for closer ties.

Exporters seek loan relief, favorable rupee rate in meeting with RBI

India is preparing measures to help exporters deal with the crisis, even as the U.S. and India look at resuming negotiations to address the trade barriers, Reuters reported earlier