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In a landmark decision, the Bombay High Court has allowed the transfer of unutilised Input Tax Credit (ITC) from a company in Goa to a Maharashtra-based firm following their amalgamation. The ruling, which came in response to a petition from Umicore Autocat, challenges the Tax Administration's restrictions on cross-state ITC transfers during mergers. The court urged the GST Council and GST Network to establish a regular mechanism for such transfers, highlighting that current regulations do not explicitly prohibit them. While the court approved the transfer of Integrated Goods and Services Tax (IGST) and Central Goods and Services Tax (CGST), it denied the transfer of State Goods and Services Tax (SGST) to prevent financial losses for Goa. The bench emphasized that the existing GSTN portal limitations should not hinder the rightful benefits under the law. 
Published: Jul 19 2025, 3 pmeznews.inThe SRM College of Agricultural Sciences, part of the SRM Institute of Science and Technology, is set to launch a range of crop growth promoters under the "SRM" brand within a year, pending government approvals. These products, designed for lady’s finger, chilli, black matpe, and groundnut, aim to enhance key physiological traits such as photosynthetic efficiency and stress tolerance, potentially increasing crop yields by 20-30%. Dean M Jawaharlal emphasized their cost-effectiveness for farmers, while Assistant Professors R Nagajothi and P Chandrasekaran noted that the formulations are backed by collaborative research and pending patent applications. The innovative products address common agricultural challenges, including nutrient deficiencies and environmental hazards from excessive fertilizer use. The college, established in 2018 and now situated on a 400-acre campus, offers various undergraduate and postgraduate programs in agriculture and horticulture, contributing to sustainable crop production solutions.
Published: Jul 21 2025, 9 ameznews.inDespite positive macroeconomic indicators such as income tax cuts, easing lending rates, and above-normal rainfall, the Indian automobile sector has not seen a revival in vehicle demand, according to a report by Incred Equities. The report noted a 5% year-on-year decline in domestic automobile dispatch volumes for the April-June 2025 quarter, with motorcycles and passenger cars being the hardest hit. While tractors experienced a 10% growth and SUVs showed some resilience, overall performance was disappointing. Exports, however, rose by 22%, providing some relief to the industry. The report anticipates year-on-year growth in EBITDA for about 70% of major companies, driven by lower commodity costs and a favorable product mix. Nonetheless, it highlighted regulatory challenges in commercial vehicles and two-wheelers, cautioning against optimism in the auto sector, particularly given the Nifty Auto Index's underperformance relative to broader market indices.
Published: Jul 21 2025, 9 ameznews.inIndian rice millers and exporters are optimistic about Bangladesh's plan to import 900,000 tonnes of rice, which is expected to drive demand and enhance prices for the staple. India, which supplies 46% of global rice exports, is poised to benefit significantly due to its proximity and competitive pricing. The Bangladeshi government will procure 400,000 tonnes through international tenders, while private traders will import the remaining 500,000 tonnes. This decision comes earlier than usual, prompted by concerns over potential crop losses from heavy rains affecting the Amon paddy season. Stakeholders anticipate that 30-40% of private imports will come from West Bengal mills, with popular varieties like 'Swarna' and 'Miniket' expected to see price increases. Bangladesh's early import strategy reflects precautionary measures against possible floods, while its food assistance program aims to support 5.5 million families with subsidized rice.
Published: Jul 20 2025, 9 pmeznews.inThe Directorate General of Shipping (DGS) has implemented a ban on Indian seafarers holding certificates of competency (CoC) issued by Central American nations, including Honduras and Belize, following revelations of fraudulent practices in their issuance. This regulatory action aims to combat recruitment malpractices and protect seafarers from being deceived or abandoned at sea. Investigations uncovered that unapproved entities were issuing CoCs, allowing junior seamen to fraudulently obtain higher-ranking certifications. The move has sparked concern among seafarer unions, which argue it jeopardizes the livelihoods of thousands. They have called for a grace period to allow affected seafarers to regularize their certifications. In response, a DGS official dismissed fears of job losses, asserting that seafarers can continue working with valid Indian certificates. The DGS is also taking steps to address the issue of fake certifications and has filed police complaints against fraudulent practices.
Published: Jul 20 2025, 7 pmeznews.inThe Securities and Exchange Board of India (SEBI) is contemplating further relaxations to its technical glitch reporting framework for brokers, following ongoing pushback from the broking industry and discussions with stock exchanges. Key issues from earlier relaxations in March remain unresolved, prompting brokers to request changes to the definition of a technical glitch, currently set at five minutes. They argue this timeframe is too short and are advocating for an extension to at least 15 minutes. Additionally, brokers seek to exclude customer service complaints from the definition of material complaints that require reporting. They are also pushing for a materiality threshold, suggesting that only glitches affecting at least 10% of orders or clients should be reported. While SEBI has made some concessions in the past, including the exclusion of non-core tool disruptions from reporting requirements, the regulator remains cautious about compromising risk management and system integrity.
Published: Jul 20 2025, 6 pmeznews.inIndia is intensifying its efforts to diversify export markets in Latin America, particularly targeting Peru and Chile, as it seeks to reduce dependence on traditional partners like the US, EU, and China. However, the negotiations for free trade agreements (FTAs) with these nations are complicated by concerns over Chinese goods potentially being rerouted into India through these trade pacts. Indian officials are preparing for upcoming FTA talks, emphasizing the need for stringent rules of origin to prevent such practices. With India’s exports to Latin America currently at just 3.5% of total exports, the stakes are high. Both Peru and Chile are eager to finalize the agreements, but India must ensure that the demands from these countries genuinely reflect local production and do not mask Chinese interests. The challenge is further underscored by China's significant presence in the region, having established FTAs with both nations that facilitate low-duty access for its goods.
Published: Jul 20 2025, 6 pmeznews.inIn a swift policy reversal, India's Revenue Department rescinded a newly announced import duty exemption for polo horses just a day after its introduction. On July 18, 2025, the government amended a 1994 notification to allow duty-free imports for specific polo teams and individual players meeting certain criteria, aiming to support the sport's growth. However, the following day, the exemption was revoked, reinstating a 30% import duty, likely due to concerns over public perception and potential political backlash during the upcoming parliamentary session. The decision comes amid a notable increase in horse imports, with 47 horses valued at over ₹5 crore brought into the country in FY 2024-25, a significant rise from 22 horses worth ₹2.56 crore the previous year. The majority of these imports originated from renowned horse-breeding nations such as Argentina, France, and the UK.
Published: Jul 20 2025, 5 pmeznews.inThe Indian government is set to present the new Income Tax Bill, 2025, during the Monsoon Session, with the Select Committee's report scheduled for submission in Parliament on Monday. Chaired by BJP MP Baijayant Panda, the Committee has proposed 285 recommendations aimed at simplifying the tax framework, reducing litigation, and modernising tax administration. The new bill, significantly shorter than the 1961 Act, features 536 sections and 23 chapters, down from 819 and 47, respectively. Key changes include replacing the term "previous year" with "tax year" and eliminating the assessment year concept. Additionally, the bill seeks to clarify the definition of Non-Performing Assets (NPAs) and redefine the powers of tax authorities. The government aims for this comprehensive legislation to reflect contemporary economic realities and streamline compliance, ultimately replacing the outdated Income Tax Act of 1961.
Published: Jul 20 2025, 4 pmeznews.inThe India-UK Free Trade Agreement (FTA), finalized on May 6 after three years of negotiations, is set to boost bilateral trade by €25.5 billion annually, with tariff reductions on 90% of traded goods. Anna Shotbolt, Deputy Trade Commissioner for South Asia, emphasized that the FTA will not only lower tariffs but also enhance copyright protections for creative industries and benefit the services sector. The agreement includes a Double Taxation Avoidance Convention, promoting transparency for workers in both nations. Ranjeet Mehta of PHDCCI highlighted the importance of the social security clause for Indian professionals in the UK, while plans for a business delegation to the UK this September were announced. Experts noted the vast potential for collaboration, particularly in sectors like retail and toys, where India can leverage its competitive advantages. The FTA is seen as a pivotal step towards deeper economic ties and mutual investment opportunities between the two countries.
Published: Jul 20 2025, 2 pmeznews.inThe India Meteorological Department (IMD) has issued an 'orange alert' for nine districts in Kerala due to heavy rainfall that has led to rising water levels in rivers and dams, as well as waterlogging in low-lying areas. The affected districts include Ernakulam, Idukki, Thrissur, Palakkad, Malappuram, Kozhikode, Wayanad, Kannur, and Kasaragod, while a 'yellow alert' has been issued for the remaining five districts. An 'orange alert' signifies expected rainfall between 11 cm and 20 cm, whereas a 'yellow alert' indicates rainfall between 6 cm and 11 cm. In Palakkad, the district administration has opened the shutters of several dams, including Malampuzha and Mangalam, to manage excess water. Additionally, the Irrigation Design and Research Board has issued 'danger alerts' for the Manimala and Mogral rivers, urging residents along their banks to remain vigilant and prepared for potential evacuations.
Published: Jul 20 2025, 2 pm
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