India and Australia have begun negotiations on a 100% free trade agreement between the two nations. The free trade agreement will model the Comprehensive Economic Cooperation Agreement or CECA between India and other nations. A free trade deal between India and Australia will double the trade between them and almost 95% of Indian goods will receive a Zero-duty free access to the Australian Market. As of now, India and Australia have already signed the Economic Cooperation and Trade Agreement which is expected to come into effect by February 2023. With the ECTA coming into effect the tariffs between the two countries on the trade of minerals will sharply get reduced or completely eliminated.
Speaking at a public event, the Finance Minister highlighted the importance of 3 R’s for the efficient functioning of the Income Tax Department. The first R related to the Filing of Income Tax Returns, the process for which will be quicker, more efficient, and systematic with the introduction of newer technologies. The second R related to the Refunds of the tax returns, which can be improved to be speedier than before. The third R related to the redressal of grievance where pendency of cases can be avoided with the timely redressal of grievances. The principle of 3 R’s were brought up at an event where the Finance Minister was distributing awards to Income tax officers for their exceptional work.