This clarification by the tax department comes after many startups had raised concerns about receiving scrutiny notices for angel tax.
After two years of rapid economic growth in 2021 and 2022, the Indian economy has continued to show sustained strong growth during the 2023 calendar year.
According to industry insiders, high under-recoveries in effect dash the hopes of a cut in petrol and diesel prices, at least for the time being.
Analysts said the positive sentiment was fuelled by unabated inflow of foreign funds on the back of robust sentiment built up over favourable macroeconomic data in the previous week.
Nayara Energy, which operates a 20 million tonne a year oil refinery at Vadinar in Gujarat, exported 4.57 million tonne of petroleum products including jet fuel, gasoil (diesel) and gasoline (petrol) between January-September 2023.
India is likely to grow 6-6.3 per cent in the current fiscal year ending March 31, 2024, Deloitte India said in its economic outlook, forecasting growth surpassing 7 per cent over the next two years if global uncertainties recede.
The Council, chaired by Union finance minister and comprising state ministers, will also decide on GST exemption for satellite launch services provided by private players.
India is trying to curb cheap quality imports from countries such as China with the use of several policy measures including quality control orders (QCOs).
The government has amended the GST law, making it mandatory for overseas online gaming companies to register in India from October 1.
For now, under the import management system, the government will ask companies to register themselves and share how many laptops and computers are being imported, and from which sources.