
ET Graphics: India–UK trade pact set to boost exports from key states with tariff cuts, better UK access
(You can now subscribe to our Economic Times WhatsApp channel
Following are the highlights of anticipated economic benefits for major Indian states as a result of India–UK Comprehensive Economic and Trade Agreement (CETA), focusing on sectors that are expected to see significant export growth due to tariff eliminations & improved market access in UK.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)

Business Standard
25 minutes ago
- Business Standard
SCL fabricates 20 indigenous semiconductor chips designed by students
36 more chips designed by students in the pipeline Aashish Aryan New Delhi Listen to This Article The Semiconductor Lab (SCL) at Mohali has completed the fabrication of 20 semiconductor chips designed by students from across 17 Indian engineering institutes, including the Indian Institute of Technology at Jammu and Indore, sources said. These chips are now ready for tape-out and will soon be tested, the sources told Business Standard. In addition to these, 36 more chips designed in India by students are at various stages of fabrication at SCL, and are likely to be ready for tape-out in the next six months, they added. SCL Mohali had started offering end-to-end fabrication, testing and packaging support for chip


Time of India
37 minutes ago
- Time of India
Good if US trade pact sealed by August 1, but nation first: Piyush Goyal
Commerce and industry minister Piyush Goyal on Sunday said it would be good if India and the US can do a trade agreement before August 1 but New Delhi's priority is to protect its national and public interests. "Koi deadline ke hisab se Bharat negotiate nahi karta (India doesn't negotiate its trade agreements based on deadlines)," Goyal added at an event in Mumbai on the opportunities for exports in the UK market following the bilateral free trade agreement. Explore courses from Top Institutes in Please select course: Select a Course Category Product Management Management Healthcare Data Analytics Data Science healthcare Design Thinking Public Policy Leadership Degree Operations Management Digital Marketing PGDM Artificial Intelligence Data Science Technology Others CXO Project Management Finance Cybersecurity MBA others MCA Skills you'll gain: Product Strategy & Roadmapping User-Centric Product Design Agile Product Development Market Analysis & Product Launch Duration: 24 Weeks Indian School of Business Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Skills you'll gain: Product Strategy & Competitive Advantage Tactics Product Development Processes & Market Orientations Product Analytics & Data-Driven Decision Making Agile Development, Design Thinking, & Product Leadership Duration: 40 Weeks IIM Kozhikode Professional Certificate in Product Management Starts on Jun 26, 2024 Get Details Skills you'll gain: Creating Effective Product Roadmap User Research & Translating it to Product Design Key Metrics via Product Analytics Hand-On Projects Using Cutting Edge Tools Duration: 12 Weeks Indian School of Business ISB Product Management Starts on May 14, 2024 Get Details He was responding to a question about the August 1 deadline when the US' reciprocal tariffs imposed on most countries, including India, are expected to come into force. The minister said the talks are going well with the US and India will do a good bilateral trade agreement (BTA) by October-November. American trade negotiators are slated to visit India in August for the next round of negotiations for the proposed BTA, the first tranche of which is aimed to be concluded by October. The fifth round of talks concluded in Washington last week. The countries aim to more than double bilateral trade to $500 billion. The two sides were working to finalise an interim trade deal before August 1. "Our discussions with the United States are progressing very well. I am fully confident that by the October-November 2025 timeline, we will secure a good agreement," Goyal said. This was his first outreach programme with industry after the India-UK Comprehensive Economic and Trade Agreement (CETA) was signed on July 24. Exporters from gems and jewellery and marine sectors, among others, participated in the event. "It is the most comprehensive free trade agreement India has ever entered with 30 chapters, including environment, gender, anti-corruption," Goyal said about CETA. "It has so many positives and new things that today the world wants to do business with India." He said India is in the process of finalising trade agreements with developed countries with whom it doesn't compete but complement. Whether it is New Zealand, Oman, the US, or the EU, India's agreements will be made with a "well-thought-out strategy" as the country negotiates from a position of strength and confidence, the minister said. He alleged that the previous UPA government had left Indian trade, farmers and fishermen to the mercy of a non-market economy by its move to join the Regional Comprehensive Economic Partnership (RCEP), a free trade agreement between Asean countries and China, Japan, South Korea, Australia and New Zealand.


Time of India
39 minutes ago
- Time of India
Substance vs form: All eyes now on Tiger Global case after SC's verdict on global hospitality leader Hyatt International
Mumbai: After the Supreme Court verdict last week on the global hospitality leader Hyatt International, all eyes are on the high-stake Tiger Global case , whose outcome, expected in August, could sway the fortunes of many foreign investors and force them to change the way they run their shops to bet on India. But, can the Hyatt ruling have a rub-off on the verdict on Tiger? With the same bench of judges that ruled on Hyatt to decide on Tiger-the question has cropped up among legal eagles, tax experts, and MNCs as the battle between Tiger, an offshore investor, and India's tax office nears a closure. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo The question stems from the court's observation that "legal form does not override economic substance". This single observation, according to several practitioners, may link the two cases, even though they pertain to different issues. THE COMMON LINK Live Events The Hyatt feud was over whether the foreign firm, acting as a consultant to an Indian hotel group, had a ' permanent establishment ' (PE) in India. The court-while observing that "legal form does not override economic substance" -said it did as Hyatt was not a typical consultant but was deeply involved in running the hotel in India, thanks to the terms of the deal. A 'PE' status means the foreign party would pay tax here on the portion of its global earnings attributable to India - and not just the tax deducted from its fees. The Tiger case, on the other hand, relates to 'capital gains' on sale of stocks - whether a Mauritius entity could escape tax in India merely on the back of the ' tax residency certificate ' (TRC) it obtained from the Mauritian authorities under the treaty the country has with India. Here is how the 'substance versus form' argument comes up: is TRC, a piece of paper, good enough to avoid tax by a shell entity which has no office, hires few or no employees, and has no power to make decisions? While the TRC gives it 'legal form', in reality, it may just be a paper outfit lacking 'substance'. "The Hon'ble SC regarded utmost importance to 'substance over form principle' and in doing so did a deep dive into the documents to ascertain 'control of operations', actual activities of employees and commercial agreements (like revenue linked service fees) in the Hyatt International matter. Substance over form , control and management and commercial substance are important factors that take centre stage even in treaty eligibility cases and a ruling in the case of Tiger Global is expected soon," said Ashish Mehta, partner at the law firm Khaitan & Co. A COURT REMINDS It's widely believed that armed with TRCs, many overseas private equity houses save tax on sale of shares (acquired before 2017) while foreign portfolio investors avoid tax on profits from equity derivatives as their investing arms are incorporated in treaty jurisdictions like Mauritius and Singapore. Many such arrangements would come unstuck, if the SC points at inadequate substance to rule against Tiger. "Recent rulings, from Formula One to Nestle SA to Hyatt International, demonstrate a consistent judicial approach: for any tax structure, the legal framework must align with the actual, factual substance of the arrangement. If not, the court may not grant tax relief in such cases," said Ashish Karundia, founder of the CA firm Ashish Karundia & Co. He feels that post Hyatt, chances are that non-residents may also be required to satisfy a 'substance' test in addition to holding a TRC when seeking treaty benefits. "Considering the greater scrutiny faced nowadays, it is essential to understand that the degree of reliability assigned to TRC is that of sufficient evidence rather than an irrebuttable evidence. It is sufficient, to begin with, but neither sacrosanct nor infallible!," said Karundia. The tax office had questioned Tiger Global's stand of not paying tax when it sold shares of Flipkart Singapore (holding shares of an Indian company) to another foreign investor (linked to Walmart) on the grounds that Tiger's Mauritius arm (the actual seller owning the Singapore entity) was only a vehicle used to avoid tax. Agreeing on the possibility of the court putting matters under the 'substance' lens, Rahul Garg, managing partner of Asire Consulting, which advises MNCs on tax, finance, assurance, and regulatory matters, said, "The court examined the commercial and operational realities to evaluate the degree of control and supervision by the foreign entity. It reiterated that legal form does not override economic substance. Since it's a fundamental requirement that tax treaties need to be availed in good faith, these observations could further support the Revenue's case if it can prove that the parent was an active participant with significant control and supervision in the decision making on investments by the entity which recorded the capital gains." It isn't the first time the court held substance over form. But that it chose to give a subtle reminder in the Hyatt ruling is lending itself to interpretation.