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As India’s Goods and Services Tax (GST) marks its eighth anniversary, corporate confidence has surged, with a recent Deloitte survey revealing an increase of 26 percentage points in three years, bringing confidence levels to 85% in 2025, up from 59% in 2022. This positive sentiment is attributed to enhanced transparency and simplification in tax processes, improved Input Tax Credit (ITC) flow, and the removal of legacy taxes and state check posts. However, nearly 10% of respondents reported a neutral experience, indicating areas for improvement, particularly in expense management and ITC accessibility. Concerns were also raised regarding clarity on new proposals and the handling of GST audits. Deloitte's Mahesh Jaising emphasized the need for forward-looking reforms, including AI-driven compliance tools and a robust dispute resolution mechanism, to fully realize the potential of GST 2.0 and foster a more agile tax ecosystem. 
Published: Jun 23 2025, 6 pmeznews.inDisruptions in shipping traffic through the Strait of Hormuz (SoH) are creating opportunities for Indian refiners, particularly in the aviation turbine fuel (ATF) sector, as European markets may offer better prices amid supply shortages. According to Kpler, only 44,000 barrels per day of Indian refined exports rely on the SoH, allowing India to explore lucrative deals, especially as the ongoing Iran-Israel conflict tightens the refined product landscape. With 58% of Northwest Europe's jet fuel imports dependent on Middle Eastern supplies via the SoH, any disruption could severely impact European aviation logistics. Indian refiners, including Reliance Industries and Nayara Energy, are well-positioned as net exporters of diesel and jet fuel to Europe and other regions. However, rising crude prices due to regional tensions may offset some margin gains, prompting Indian refiners to pivot towards European and West African markets, potentially tightening diesel supply in Asia.
Published: Jun 23 2025, 9 pmeznews.inThe United States is pushing for significant tariff reductions across a variety of products in ongoing bilateral trade agreement (BTA) negotiations with India, which are aimed at reaching an interim deal before the July 9 deadline. A senior Indian official emphasized that protecting India's interests remains paramount, particularly amid sensitivities surrounding recent India-Pakistan tensions. While the US has imposed a 26% tariff on India, alongside a 10% baseline tariff, India is seeking a rollback of these tariffs, including sector-specific rates on steel, aluminium, and automobiles. However, the US is demanding steep cuts and concessions on sensitive agricultural items, including genetically modified crops, complicating negotiations. Despite the challenges, both sides are hopeful for progress, with Indian officials planning to travel to Washington for further discussions, although the US may lack the authority to reduce its most-favored-nation tariffs until a more comprehensive agreement is reached, potentially in Fall 2025.
Published: Jun 23 2025, 9 pmeznews.inThe Commerce Department is closely monitoring freight rates amid concerns over the ongoing Iran-Israel conflict, particularly the potential closure of the Strait of Hormuz by Iran, which could significantly disrupt shipping routes and inflate prices. Currently, shipping rates from India remain stable, but officials warn that a blockade could lead to major disruptions in freight movement through West Asia, impacting India's energy security as approximately 60-65% of its crude imports transit through this vital corridor. The government is in contact with various stakeholders, including air cargo companies and insurance firms, to prepare for any escalation. With the U.S. involvement in the conflict and Iran's parliament approving the potential closure of the strait, Indian exporters and importers are increasingly anxious. A wider regional conflict could also jeopardize India's substantial trade with West Asian nations, valued at $41.7 billion in exports and imports combined.
Published: Jun 23 2025, 9 pmeznews.inThe ongoing review of the India-ASEAN Free Trade Agreement (FTA) is facing significant delays, with officials accusing ASEAN countries of "stonewalling" progress towards a balanced and sustainable pact. The ASEAN-India trade in goods agreement (AITIGA), implemented in 2010, has led to a widening trade deficit for India, which ballooned from $8 billion in 2010 to $45.2 billion in FY25. Despite nine rounds of negotiations initiated in 2023, little advancement has been made, with India’s exports to ASEAN declining by 5.7% to $38.96 billion, while imports rose by 5.6% to $84.16 billion. Commerce and Industry Minister Piyush Goyal criticized the FTA, suggesting it was unwise to engage with competitors, as it inadvertently opens Indian markets to goods from China. The ten-member ASEAN bloc includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Published: Jun 23 2025, 9 pmeznews.inUnion Minister for Finance and Corporate Affairs Nirmala Sitharaman convened a conclave in New Delhi with Principal Chief Commissioners and Directors General of Income Tax, urging the department to expedite the resolution of disputed tax demands. She emphasized the need to withdraw appeals below the newly established monetary thresholds within three months, as part of efforts to reduce a backlog of approximately 5.49 lakh pending appeals, amounting to ₹18.16 lakh crore. The revised thresholds, announced in the Union Budget 2024-25, are ₹60 lakhs for the Income Tax Appellate Tribunal, ₹2 crore for high courts, and ₹5 crore for the Supreme Court. Sitharaman also highlighted the importance of timely tax refunds and proactive grievance resolution, directing the department to analyze and address the root causes of taxpayer complaints. She called for simplified compliance processes and encouraged the adoption of best practices from regions with superior service delivery to enhance overall taxpayer experience.
Published: Jun 23 2025, 9 pmeznews.inWest Asian airlines have issued warnings to customers about potential delays and schedule changes due to ongoing airspace closures in the region. While local carriers like Emirates and flydubai continue to operate flights to most destinations, they have suspended services to Iran and Iraq until June 30. The situation has led to some delays for flights bound for West Asia, including those departing from Chennai. In response, Dubai's government has activated support protocols at its airport to assist affected passengers. Qatar Airways has also indicated that it will adjust its schedules to enhance connectivity in Doha amid the evolving situation. The airspace restrictions follow a series of attacks that have prompted airlines to reroute flights to Europe and the US via Egypt. Major international carriers, including American Airlines and British Airways, have already cancelled flights to Dubai and Doha in light of the heightened tensions following a US attack on Iranian nuclear facilities.
Published: Jun 23 2025, 8 pmeznews.inIn a significant boost for India's aerospace manufacturing sector, JJG Aero is set to invest ₹500 crore in a new integrated facility in Bengaluru, which will house up to 1,000 machines and enhance capabilities in heat treatment, mechanical assemblies, and testing. Anuj Jhunjhunwala, Managing Director of JJG Aero, highlighted that while India currently exports over $2 billion in aircraft micro-assemblies, local value addition remains below 30%. However, with Indian mills gaining OEM approvals for materials like steel and titanium, the supply chain is evolving towards higher-value production. The company, which has recorded revenues of ₹110 crore in FY24 and serves clients such as Boeing and GE Aerospace, aims to shift its production mix from 98% built-to-print to more built-to-spec manufacturing. Recently, JJG Aero secured $12 million in funding from CX Partners to support its expansion and vertical integration efforts.
Published: Jun 23 2025, 8 pmeznews.inIn FY25, India’s tur imports soared to over 12.23 lakh tonnes, marking a 59% increase from the previous year's 7.71 lakh tonnes, significantly impacting tur dal prices. In key producing regions like Kalaburgi and Latur, prices have dipped below ₹100 per kg, the lowest in nearly three years, providing relief to consumers. The average price of tur dal is currently between ₹89-90 per kg, with premium quality at ₹104-105 per kg, reflecting a nearly 50% decrease from last year due to weak demand and ample supply. The government’s extension of the duty-free import window until March 2026 has contributed to this price moderation. Market sentiment remains weak, but prices may rise as demand increases ahead of the festive season. Additionally, the availability of cheaper yellow peas is influencing consumption patterns, prompting calls for extended procurement periods to support farmers.
Published: Jun 23 2025, 8 pmeznews.inSowing for kharif crops in India has commenced earlier than usual this year, with overall acreage increasing by 10% to 137.84 lakh hectares as of June 20, according to the Agriculture Ministry. The revival of the monsoon on June 15 has facilitated this surge, covering nearly the entire country except for parts of Punjab, Haryana, and north Rajasthan. Notably, paddy acreage has surged by 58% to 13.22 lakh hectares, while pulses have seen a 42% increase to 9.44 lakh hectares. However, oilseed coverage has declined by 2%, raising concerns for the government's Oilseeds Mission set for 2024. Cotton acreage has improved by 7% to 31.25 lakh hectares, but jute and mesta have decreased by 3%. Agriculture scientists warn that while early sowing may enhance yields, prolonged rainfall could lead to pest issues. Sugarcane planting remains stable at 55.07 lakh hectares.
Published: Jun 23 2025, 8 pmeznews.inAbout 100,000 tonnes of Basmati rice destined for Iran have become stranded at Indian ports, including Kandla and Mundra, amid the escalating Israel-Iran conflict. Experts suggest that India's Basmati rice exports to Iran may reach last year's level of 0.86 million tonnes, despite a significant drop in shipments due to the ongoing tensions. Iranian buyers have indicated they will accept shipments at their own risk, as Israeli bombings pose a delivery threat. The All India Rice Exporters Association noted that rice imports in Iran are regulated, with permits typically not issued from July to September to protect domestic crops. While Iran's domestic rice production has increased, it still relies on Basmati imports, which remain a preferred food item. Exporters are currently facing lower realisation rates, receiving an average of $881 per tonne from Iran, compared to $980 from other markets.
Published: Jun 23 2025, 7 pm
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