coffee but once the regulation comes into play.
ECONOMY
Principal Purpose Test (PPT)
The Central Board of Direct Taxes (CBDT) has given the revised guidance on how the Principal Purpose Test (PPT) will be applied to India Double Taxation Avoidance Agreements (DTAAs).
It not only exempts some of the provisions of India-Cyprus DTAA, India-Mauritius DTAA and India-Singapore DTAA.
PPT is one of the provisions of international tax which are designed to discourage the abuse of tax treaties.
It is one of the important provisions provided by Multilateral Convention to implement Tax treaty related provisions regarding prevention of Base Erosion and Profit Shifting (BEPS).
The DTAAs are bilateral agreements which attempt to ensure that the avoidance of a case of the existence of a situation where a certain income has been taxed two or more times.
CBIC, Temporary Identification Number – CBIC
Central Board of Indirect Taxes and Customs (CBIC) issued a latest change in GST rules.
It is set to issue TIN to the entities that are not bound to be registered under GST Act but must finish making payments under some particular provision.
GST rule requires a registration of an establishment which has an annual turnover of 40 lakh rupees and 20 lakh rupees in the manufacturing and services sector, respectively.
eCoO 2.0 system
The form eCoO 2.0 System has been introduced by the Directorate General of Foreign Trade (DGFT).
It is a massive revamp to make certification easier to the exporters and increase efficiency of trade.
This new and advanced platform comes with a number of user-end capabilities including the provision of the multi-user access, whereby, the exporters would be able to grant multiple users the access through a single Importer Exporter Code (IEC).
Since 1 st January 2025, it is a requirement to file Non-Preferential Certificates of Origin in electronic format at the eCoO 2.0 platform.
The Certificates of Origin (CoO) attests to the exported products.
RBI 5 Billion DollarRupee Swap Auction
The swap auction is the component of the latest measures of the central bank to provide Rupee liquidity of approximately Rs 1.50 lakh crore in the banking system.
Against the announced amount of $5 billion,