Cost audit rules amended to integrate GST into cost statements and overhead classification, with revised CRA 1 and CRA 3 formats.
The amendment revises cost-reporting formats and overhead classification to integrate Goods and Services Tax, exempts companies that already filed CRA 4 for 2017-18 from refiling, substitutes detailed functional overhead classifications (works, administration, selling and distribution), treats operating lease rentals as administrative overheads and finance-lease finance as finance cost, mandates amortisation for long term selling/distribution benefits, deletes paragraph on administrative overheads, expands cost statements for quantitative reconciliation with excise/GST records and indirect tax reconciliation, and inserts a company-level GST reconciliation Table 6(B) effective 01.07.2017.

E commerce shipment via foreign post offices permitted under Export by Post Regulations; MEIS benefits limited by per consignment value ceiling.
E commerce exports are permitted via notified foreign post offices under the Exports by Post Regulations, 2018, which prescribe Postal Bill of Export I for e commerce and Postal Bill of Export II for non e commerce shipments; a Circular clarifies procedural treatment for postal exports and imports. MEIS benefits for e commerce exports are restricted to notified goods subject to an FOB value ceiling per consignment as set by the Department of Commerce notification.

Anti-dumping duty imposed on imported stainless steel products to counter dumping and protect domestic industry.
The Government imposed anti-dumping duty on specified imported stainless-steel flat products for five years under the statutory anti dumping framework, with rates varying by exporting territory and, in some instances, by specific producer/exporter. Duties are fixed as a percentage of landed value or as per metric tonne amounts and are determined to correspond to the calculated dumping margin, with provisions for review on continuation or recurrence of dumping and injury.

Sustainable water use: prioritise reuse and recharge, mandate treated industrial effluent and limit potable supply to drinking.
Imminent national water scarcity requires prioritisation of sustainable use across agricultural, industrial and municipal sectors: improve agricultural water-use efficiency and curb excessive groundwater extraction; increase surface-water storage by recharging aquifers and water bodies; and mandate treatment and reuse of industrial and municipal wastewater so potable supplies are reserved for drinking while protecting water quality from contamination.

Concessional financing support for Indian bidders in strategic overseas infrastructure projects ensures interest equalization and counter guarantee.
Extension of the Concessional Financing Scheme continues authorisation for concessional credit to support Indian entities bidding for strategic overseas infrastructure projects, preserving the mechanism where the Government provides a counter guarantee and interest equalisation support while EXIM Bank raises funds to on lend on concessional terms. Project selection is made by the Ministry of External Affairs and strategic eligibility is determined by an inter departmental Committee chaired by the Secretary, DEA; DEA issues formal approval to EXIM Bank. EXIM Bank's lending is subject to capped margins above LIBOR and loans are secured by repayment guarantees from the foreign government.

Advance Pricing Agreements expand as more unilateral APAs are signed, enhancing certainty and resolving transfer pricing issues.
The Central Board of Direct Taxes entered into nine additional Unilateral Advance Pricing Agreements in July 2018, raising total APAs to 232 (including 20 bilateral agreements). The UAPAs cover varied sectors and international transactions-software services, manufacturing and sale of engineering goods, import of raw materials, royalty and AMP payments-and resolve transfer pricing issues like capacity utilization adjustments and the treatment of AMP expenses, reflecting maturation of the APA Scheme and an emphasis on a non-adversarial tax regime.

Qualified institutions placement enables fresh equity issuance by state-owned copper miner, diluting government stake and funding expansion.
Approval was granted for issue of fresh equity by Hindustan Copper Limited through the Qualified Institutions Placement (QIP) route under SEBI and applicable guidelines, raising fresh shares equal to fifteen percent of paid-up equity, diluting Government shareholding from 76.05% to 66.13% and increasing paid-up capital; proceeds are designated for HCL's expansion and capital expenditure programme.

Monetary policy: repo rate raised to manage rising inflation pressures while supporting growth.
The MPC raised the policy repo rate by 25 basis points to 6.5 per cent, maintaining a neutral stance to achieve the medium term CPI inflation target of 4 per cent while supporting growth, citing global trade tensions, volatile oil and commodity prices, firming domestic inflation from fuel and input costs, domestic activity indicators, liquidity conditions, external sector developments, and key risks including MSP increases, monsoon distribution, inflation expectations, and fiscal and HRA impacts.

Raw cashew production rise risks a demand-supply gap; policy emphasizes area expansion and replacing senile plantations.
Raw cashew production reached an all time high in 2017-18 at 8.17 lakh metric tonnes yet remains below the estimated domestic requirement of 17 lakh metric tonnes, producing a potential demand-supply gap. Government horticulture programmes propose massive area expansion and replacement of senile plantations with high yielding varieties to increase domestic supply; accompanying production, export and import statistics for recent years are reported, with 2017-18 trade figures provisional.

Restrictions on gold imports tighten licensing and impose self use and export limits, reducing gold import volumes.
Measures impose targeted controls on gold imports through: restriction on duty free imports under India Korea CEPA; a self use condition on designated trading houses authorised to import directly; conditioning refinery import licences on a valid BIS licence via DGFT notices; and restriction on export of jewellery above 22 carats (excluding legal tender). DGFT notifications and trade notices implement these administrative controls and reported trade data are cited to show a reduction in imports in Apr-May 2018 compared with the prior year period.

Services sector growth driving export expansion with targeted support for champion sectors and a dedicated fund.
India's exports showed strong growth in 2017-18 and the services sector is identified as the chief driver of future expansion. The Commerce Ministry has named a set of champion services sectors and the Cabinet approved a dedicated fund to support sectoral initiatives. Policy measures include market diversification, trade facilitation for services exports, and enabling professional mobility to ensure high quality delivery of exported services.

Exchange rate determination establishes official conversion rates for import and export valuation under customs law, effective as notified.
Determination of exchange rates for valuation of imported and export goods under the Customs Act fixes distinct rupee equivalents for listed foreign currencies, set out in two annexed schedules that distinguish single unit and hundred unit quotations. The notification supersedes the prior board notification except for past actions and prescribes an effective date from which the specified rates govern customs conversion, requiring customs authorities and stakeholders to adopt those schedule rates for duties, declarations, and other customs processes dependent on foreign currency conversion.

Export commodity status of Indian coffee drives market prices as rising international demand increases export revenues.
Indian coffee is chiefly an export commodity with rising shipments and export revenues over a three-year period; exports constitute the majority of production while domestic consumption is about one-quarter to one-third and does not materially affect domestic prices. The account, including annual export quantities and values and noted demand from various foreign markets, was provided in a ministerial written reply in the legislature.

Trade facilitation aims to reduce customs transaction costs while strengthening risk management and cross-border security.
India assumed the Vice Chair of the Asia Pacific Region for the WCO, committing to advance trade facilitation by reducing customs transaction costs and delays, while strengthening risk management and supply chain security. The operative measures emphasised include adoption of AEO, Direct Port Delivery and advance import filing, harnessing technology and WCO tools, and implementing the National Trade Facilitation Action Plan to improve connectivity, consensus and efficient cargo clearance across the region.

Bilateral economic cooperation: India and Oman pursue expanded investment, trade and sectoral partnerships to deepen commercial ties.
The 8th India Oman Joint Commission Meeting focused on deepening bilateral economic cooperation by promoting cross border investment and expanding trade across priority sectors-energy, renewable energy, space, health, infrastructure, tourism, services, SMEs, start ups, and food security-while encouraging private sector engagement and people to people links. It recorded trade growth, noted the presence of Indian financial institutions and public sector enterprises in Oman, and described the India Oman Joint Investment Fund as an operational special purpose vehicle that completed its initial corpus and has raised further funds for subsequent investment tranches.

Customs leadership secures regional vice chair role, advancing trade facilitation and e commerce standards across Asia Pacific administrations.
India assumed the Vice Chair role for the Asia Pacific Region of the World Customs Organization to promote regional leadership in trade facilitation and cross border security. A ceremony and seminar convened customs delegations, partner agencies and trade representatives to discuss WCO led standards addressing e commerce parcel flows, clearance efficiency, and cooperative measures for customs administrations.

Trade deficit widened as imports-especially oil-outpaced export growth, increasing the overall trade imbalance.
Merchandise exports in June 2018 and cumulatively for April-June 2018-19 rose year on year in dollar and rupee terms, with non petroleum and non gems & jewellery exports also increasing. Imports grew faster, led by a substantial rise in oil imports linked to higher Brent prices; non oil imports increased modestly. Services receipts and payments for May 2018 both declined in dollar terms, though services registered a net export. Overall, the combined merchandise and services trade deficit for April-June 2018-19 widened versus the prior year.

Selection of Technology Partner through open tender for conducting computer-based examinations; RFP available on public procurement portal.
Selection of a Technology Partner via open tender to provide technical and infrastructural support for conducting computer based examinations; bidders are invited under a Request for Proposal available on the public procurement portal with specified submission procedures and a bid deadline.

National policy on e commerce: Task Force to prepare recommendations on data flows, taxation and competition.
A Task Force has been constituted to develop a national policy on e commerce, organized into nine sub groups to prepare recommendations on cross border data flows, taxation, trade facilitation and logistics, consumer confidence and protection, intellectual property and emerging technologies, foreign direct investment, and competition issues, with inputs from multiple ministries, industry representatives and experts; the Task Force's suggestions will be submitted to the Think Tank for consideration.

Exchange rate determination for import and export goods establishes official currency conversion rates for customs valuation.
Exchange rate determination under the Customs Act prescribes distinct rupee conversion rates for listed foreign currencies for import and export goods, set out in two schedules: Schedule I with multiple currencies showing separate import and export rates, and Schedule II providing the rate for the Japanese yen per one hundred units; the notification supersedes the earlier notification except as to prior actions and applies for customs valuation and related statutory purposes.