Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
TRACE, launched prospectively from 20 February 2026 under the Export Promotion Mission, provides MSMEs involved in international value chains partial reimbursement for eligible conformity-assessment costs (testing, inspection, certification, audits, traceability systems) necessary for market access. Eligibility requires an active IEC and valid MSME Udyam registration and excludes denied entities, deemed exports and SEZ shipments. Assistance is uniform across MSME categories, subject to a per-IEC annual cap of Rs. 25 lakh; reimbursement rates vary by list (standard and priority) and are payable after certification outcomes. A two-stage online Intent-to-Claim and Reimbursement Claim process, post-disbursement verification, dynamic positive lists, pilot operationalisation and a Governance Sub-Committee are prescribed.
TRACE, launched prospectively from 20 February 2026 under the Export Promotion Mission, provides MSMEs involved in international value chains partial reimbursement for eligible conformity-assessment costs (testing, inspection, certification, audits, traceability systems) necessary for market access. Eligibility requires an active IEC and valid MSME Udyam registration and excludes denied entities, deemed exports and SEZ shipments. Assistance is uniform across MSME categories, subject to a per-IEC annual cap of Rs. 25 lakh; reimbursement rates vary by list (standard and priority) and are payable after certification outcomes. A two-stage online Intent-to-Claim and Reimbursement Claim process, post-disbursement verification, dynamic positive lists, pilot operationalisation and a Governance Sub-Committee are prescribed.
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