eznews.in
In a significant ruling, the Kerala bench of the GST Authority for Advance Ruling (AAR) has determined that the concessionaire agreement between the Airports Authority of India (AAI) and Adani Thiruvananthapuram International Airport Ltd does not constitute a 'transfer of business' and is therefore subject to Goods and Services Tax (GST). This decision contrasts sharply with previous rulings from Rajasthan and Gujarat, which exempted similar airport transfers from GST, classifying them as 'going concern' transactions. The AAR clarified that the agreement involves the supply of services rather than a business transfer, and GST will apply to various fees and reimbursements associated with the operation and management of the airport. Experts have noted that this inconsistency in GST interpretations across states highlights the need for clearer national guidelines to ensure uniform tax treatment for similar transactions. 
Published: Nov 10 2024, 3 pmeznews.inNomura has expressed concerns over rising downside risks to India's GDP growth projections, estimating a year-on-year growth of 6.7% for FY25 and 6.8% for FY26. The report highlights that inflation peaked in October but is expected to decline, with headline inflation averaging 5.6% in Q4 2024 and moderating to 4.6% in the first half of 2025. Recent data indicates a slight retraction in vegetable prices after a two-month surge, while edible oil prices continue to rise, albeit at a slower pace. The report notes mixed demand during the festive season, with offline retail lagging behind online sales, particularly in tier-2 and tier-3 cities. Additionally, while two-wheeler sales reflect steady rural demand, passenger and commercial vehicle sales remain subdued, indicating softening urban consumption and prompting companies to reduce salary expenditures.
Published: Nov 13 2024, 10 ameznews.inInsecticides (India) Ltd, a prominent player in crop protection and nutrition, reported a profit after tax of ₹61 crore for Q2 of 2024-25, up from ₹53 crore in the same period last year. The company's Managing Director, Rajesh Aggarwal, highlighted a robust performance, with a total net profit of ₹111 crore in the first half of the fiscal year, surpassing the full FY24 profit of ₹102 crore. Despite challenges such as rising raw material costs and delayed farmer activities due to excessive rainfall, which impacted revenue, the company launched a new herbicide, Torry Super, aimed at maize crops, receiving positive feedback. In a strategic move, Insecticides completed a buyback of 500,000 equity shares at ₹1,000 each, totaling ₹50 crore. Aggarwal expressed optimism for continued growth, focusing on premium products and efficient capital management as the company navigates favorable market conditions.
Published: Nov 13 2024, 10 ameznews.inHyFun Foods, a Gujarat-based frozen snacks company, has leveraged its strong agricultural network and the disruptions caused by the COVID-19 pandemic to expand its global reach. Founded by Asandas and Sons, HyFun has successfully exported its potato products, including French fries and hash browns, to 40 countries, meeting international standards. CEO S. Soundararadjane highlighted the company's commitment to quality through its HyFarm initiative, which engages over 6,000 farmers in contract farming and employs advanced agricultural practices. The firm has established 30 "Paathshalas" to educate farmers on regenerative practices and launched the "Farmoji" app for real-time support. With revenues soaring to ₹1,320 crore in 2023-24, HyFun plans to invest ₹1,000 crore over the next three years, aiming to establish new processing plants and expand its footprint in Madhya Pradesh and Uttar Pradesh by 2026 and 2027, respectively.
Published: Nov 13 2024, 9 ameznews.inThe Indian Army is advancing its air defence capabilities with the phased induction of the fully automated 'Project Akashteer', designed to integrate ground-based sensors across the armed forces for a more effective response to aerial threats. Out of a total requirement of 455 Akashteer systems, 107 have already been deployed along the Northern and Eastern Commands, which guard against China and Pakistan, with an additional 105 expected by March 2025. The system enhances situational awareness by consolidating data from various radars and weapon systems, allowing for rapid engagement decisions without manual input. This decentralisation is crucial for frontline units, ensuring timely responses to fast-moving threats. Akashteer also features robust communication capabilities and is adaptable for future technological advancements, reinforcing India's defence strategy across multiple fronts. A recent validation exercise showcased its effectiveness in simulating future combat scenarios, highlighting its potential to secure India's airspace.
Published: Nov 13 2024, 9 ameznews.inA recent report by Grant Thornton Bharat, in collaboration with the Confederation of Indian Industry, reveals that 667 UK-owned companies in India generated over ₹5,08,200 crores (£47.5 billion) in revenue in 2023, employing more than 523,000 people. Vedanta emerged as the largest UK company in India, with a revenue of over ₹1,50,100 crores and 87,513 employees. The report highlights that 15 UK firms achieved triple-digit turnover growth, while the average growth rate among companies in the Growth Tracker rose to 71%. Maharashtra hosts 36% of these UK companies, with Delhi NCR, Karnataka, and Tamil Nadu also significant hubs. The UK-India trade relationship, valued at £42 billion, is expected to expand further, particularly with the anticipated India-UK Free Trade Agreement. Harjinder Kang, His Majesty’s Trade Commissioner for South Asia, emphasized the immense growth potential, particularly in sectors like AI, healthcare, and net zero initiatives.
Published: Nov 13 2024, 9 ameznews.inIndia's inflation is projected to average between 4.8% and 4.9% for the financial year 2025, surpassing the Reserve Bank of India's (RBI) target of 4.5%, according to a report by SBI Research. The RBI is unlikely to implement an interest rate cut in February due to persistent inflation, although a slight easing is anticipated starting in January, primarily driven by base effects rather than a significant reduction in underlying price pressures. October's retail inflation stood at 6.21%, exceeding the RBI's upper tolerance limit, with food inflation notably high at 10.87%, particularly for vegetables at 42.18%. The report highlights stark disparities between urban and rural inflation rates, with rural households facing 1.07% higher inflation. As the currency market remains volatile, the report suggests that elevated inflation could deter the RBI from prematurely signaling a rate-easing cycle.
Published: Nov 13 2024, 9 ameznews.inIn a recent update, the Insolvency and Bankruptcy Board of India (IBBI) Chairman Ravi Mital highlighted that a focused strategy on recovering funds from avoidance transactions could enhance creditor recoveries by at least 10%. As of September 2024, 1,326 applications involving ₹3.76 lakh crore have been filed with the Adjudicating Authority (AA), with 338 cases settled, resulting in a clawback of ₹7,516 crore. Mital emphasized the need for the Committee of Creditors (CoC) to monitor these proceedings monthly and pursue necessary actions against fraudulent transactions by former promoters. Such avoidance transactions, deemed undervalued or fraudulent under the Insolvency and Bankruptcy Code (IBC), significantly contribute to corporate financial distress. Experts argue that rigorous follow-up on these transactions will not only improve recovery rates but also enhance credit discipline, deterring future misconduct among promoters.
Published: Nov 12 2024, 10 pmeznews.inThe Food Safety and Standards Authority of India (FSSAI) has mandated that quick-commerce and e-commerce platforms ensure a minimum shelf life of 45 days for food products at the time of delivery, amid rising concerns over food safety violations. In a recent meeting with over 200 stakeholders, FSSAI emphasized the need for strict adherence to expiry date regulations and proper labelling, warning against misleading health claims. The regulator also instructed platforms to provide comprehensive training for delivery personnel on food safety and hygiene protocols, and to maintain separate delivery for food and non-food items to prevent contamination. FSSAI reiterated that no e-commerce food business can operate without a valid license and announced plans to develop standard operating procedures to enhance compliance across the supply chain. Failure to comply with these regulations could result in significant penalties for violators.
Published: Nov 12 2024, 9 pmeznews.inDuring a two-day visit to India, Russia’s First Deputy Prime Minister Denis Manturov reaffirmed his country’s commitment to signing a free trade agreement with India and the Eurasian Economic Union (EAEU), aiming to boost bilateral trade to $100 billion by 2030. Co-chairing the India-Russia Inter-governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation, External Affairs Minister S. Jaishankar emphasized the need for a more balanced trade relationship, addressing current constraints, particularly in payments and logistics, exacerbated by Western sanctions on Russia. In the fiscal year 2024, bilateral trade reached $66 billion, heavily skewed by Russian oil exports. The proposed EAEU agreement is expected to enhance market access for Indian exporters in sectors like engineering and agriculture, while also helping India mitigate China's influence in the region. Both nations are also exploring enhanced connectivity projects to facilitate trade and cooperation.
Published: Nov 12 2024, 9 pmeznews.inThe National Financial Reporting Authority (NFRA) has approved a revised set of 40 auditing standards, with 38 accepted as recommended by the Institute of Chartered Accountants of India (ICAI), despite the latter's concerns regarding two key standards: SA 600 and SA 299. The NFRA's decision, made during a two-day meeting in New Delhi, aims to align these standards with international auditing norms. Notably, NFRA has maintained that joint auditors must be jointly and severally responsible, countering ICAI's proposal for a division of responsibility. Additionally, NFRA will mandate cross-reviews among joint auditors. The standards will be rebranded as Ind SAs to align with Indian Accounting Standards and are set to take effect on April 1, 2026. The NFRA's move reflects a significant shift in the auditing landscape, emphasizing accountability and international compliance.
Published: Nov 12 2024, 9 pm
For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews
India
World
Economy
Science
Health
Showbiz
Contact