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The Central Board of Indirect Taxes and Customs (CBIC) has announced that insurance companies will not be able to claim Input Tax Credit (ITC) on commissions or brokerages related to individual health and life insurance policies. This decision follows a recommendation from the GST Council to exempt individual and family floater health and life insurance services from GST. Consequently, insurers will need to reverse ITC on other inputs and services, as these output services are now exempt. Additionally, hotels charging less than ₹7,500 per room per day will be required to apply a mandatory GST rate of 5% without ITC. The board clarified that service providers must not claim ITC on goods or services used exclusively for these exempt services. Furthermore, e-commerce operators will be liable for GST on local delivery services if the supplier is not registered, while leasing services will continue to be taxed at rates applicable to similar goods. 
Published: Sep 16 2025, 8 pmeznews.inTrade negotiations between India and the US, led by chief negotiators Brendan Lynch and Rajesh Agarwal, resumed with "positive and forward-looking" discussions aimed at revitalizing the stalled bilateral trade agreement (BTA). Following a day of talks, the teams agreed to continue virtual discussions to address contentious issues, including India's agricultural red lines and the US's penalty tariffs related to Russian oil purchases. The last round of negotiations, held in July, failed to yield a mini-deal, primarily due to India's resistance to US demands on market access for sensitive agricultural products and steep duty cuts in the automotive sector. The US has imposed a total of 50% tariffs on Indian goods, with officials asserting that these penalties are linked to India's oil purchases from Russia. As tensions persist, US Commerce Secretary Howard Lutnick criticized India's stance on agricultural imports, highlighting ongoing challenges in reaching a mutually beneficial agreement.
Published: Sep 16 2025, 9 pmeznews.inFertilizer availability dominated discussions at the annual Rabi conference, with states urging the government to ensure sufficient supplies for the upcoming winter sowing season starting in October. Agriculture Minister Shivraj Singh Chouhan confirmed that seed availability exceeds demand, with 25 million tonnes available against a requirement of 22.9 million tonnes. However, he withheld specific fertilizer demand figures, citing ongoing discussions with states. The Centre has set a foodgrain production target of 171.14 million tonnes for the Rabi season, including 119 million tonnes of wheat. Concerns over fertilizer shortages were raised by Uttar Pradesh's Agriculture Minister Surya Pratap Shahi, who suggested increasing urea prices to stabilize the market. Meanwhile, Karnataka and Telangana called for the procurement of Kharif pulses and oilseeds to be streamlined. The Viksit Krishi Sankalp Abhiyan, aimed at reaching millions of farmers, will commence on October 3.
Published: Sep 16 2025, 9 pmeznews.inGems and jewellery exports from India rose by 5% last month to $2.12 billion, reflecting a 10% increase in rupee terms to ₹18,529 crore, according to the Gems and Jewellery Export Promotion Council. This surge is attributed to exporters rushing to meet orders before the anticipated punitive tariffs from the US, alongside positive influences from Free Trade Agreements like the India-UAE CEPA and reduced import duties on raw materials. However, exports of cut and polished diamonds fell by 6% to $972 million, impacted by sluggish luxury spending in the US and Europe, as well as rising demand for lab-grown diamonds. Despite a slight increase in overall gross imports to $1.47 billion, imports of cut and polished diamonds dropped by 4%. In contrast, gold jewellery shipments soared by 63% to $419 million, driven by strong demand in West Asia and the US, particularly for wedding purchases.
Published: Sep 16 2025, 8 pmeznews.inBudget airline SpiceJet is set to expand its network to Vietnam and various Middle Eastern destinations, following the induction of 18 new Boeing 737 aircraft. The airline has approached regulators for permission to launch both domestic and international flights in the upcoming winter schedule, with plans to restart operations to Sharjah and increase frequencies to Jeddah. Additionally, SpiceJet aims to lease A340 aircraft for high-traffic international routes. The new aircraft are expected to join the fleet starting October 2025, coinciding with rising travel demand during the festive season. SpiceJet recently secured an $89.5 million liquidity boost through a settlement with Carlyle Aviation Partners, which includes cash maintenance reserves and credits to help offset lease obligations. Despite a net loss of ₹238 crore in Q1 2025-26, the airline is working to bring grounded aircraft back into service. Currently, only 21 of its 53 aircraft are operational.
Published: Sep 16 2025, 8 pmeznews.inThe Reserve Bank of India's recent report highlights the staggering accumulated losses of state-run electricity distribution companies (Discoms), which reached ₹6.5 lakh crore in FY23, equivalent to 2.4% of India's GDP. In response, a Group of Ministers (GoM), led by Power Minister Manohar Lal, has proposed a debt restructuring scheme to alleviate the financial burden on these utilities, suggesting that the debt should be recognized as a liability of state governments. The GoM emphasized the need for state electricity regulatory commissions to implement full cost tariffs, with potential subsidies from state governments. Despite a slight reduction in Aggregate Technical and Commercial (AT&C) losses from 25.7% in FY15 to 15.4% in FY23, the overall financial health of Discoms remains precarious, with total outstanding debt surpassing ₹7.5 lakh crore by FY24. The Supreme Court has also mandated the liquidation of regulatory assets within four years, further complicating the situation.
Published: Sep 16 2025, 8 pmeznews.inThe Karnataka government has announced a revised compensation package for land acquisition under Phase-3 of the Upper Krishna Project (UKP), aimed at providing irrigation to drought-prone districts in northern Karnataka, including Kalaburagi, Yadgir, Raichur, Vijayapura, and Bagalkot. Deputy Chief Minister D.K. Shivakumar revealed that landowners will receive ₹40 lakh per acre for irrigated land, ₹30 lakh for arid land, and ₹25 lakh for land designated for canals, significantly higher than previous offers. The project requires the acquisition of 1.33 lakh acres, with 75,563 acres submerged, 51,837 acres for canals, and 6,467 acres for rehabilitation. The compensation package, estimated to cost ₹70,000 crore, was developed in consultation with farmers and local representatives. The government aims to complete the acquisition within three years, resolving around 20,000 disputes through arbitration while establishing a new rehabilitation policy and a dedicated authority for land acquisition and compensation.
Published: Sep 16 2025, 8 pmeznews.inThe Central Board of Indirect Taxes and Customs (CBIC) has announced regulatory changes aimed at streamlining the 'Finalisation of Provisional Assessment,' a move that experts believe will significantly benefit importers and exporters. Under the new rules, tax officials will request necessary documents from businesses within 14 days, allowing a two-month window for submission. The timeframe for concluding assessments has been extended to 14 months, with a provisional duty finalisation expected within three months of receiving documents. Manoj Mishra from Grant Thornton Bharat LLP highlighted that these amendments promise quicker access to working capital, reduced compliance costs, and improved supply chain predictability. Saurabh Agarwal from EY India emphasized the importance of timely assessments for unlocking capital tied in duties and guarantees, urging businesses to maintain thorough documentation. The success of these regulations hinges on effective collaboration between the tax administration and the industry, ensuring a balance between revenue protection and trade facilitation.
Published: Sep 16 2025, 7 pmeznews.inThe Indian tyre industry is projected to experience a remarkable 12-fold revenue increase to ₹13,000 crore by 2047, driven by robust demand from original equipment manufacturers (OEMs), replacement tyres, and a surge in vehicle exports, according to a report released by the Automotive Tyre Manufacturers Association (ATMA) and PwC India. The report, titled “Viksit Bharat 2047: Vision and roadmap for the Indian tyre industry,” anticipates a fourfold increase in production volume over the same period. Key growth factors include a shift in revenue mix, premiumisation, rising raw material costs, and the electrification of vehicles. To achieve this vision, PwC India has introduced a CHARGE framework focusing on customer relevance, quality standards, adaptability, and sustainability. While the industry faces challenges such as natural rubber availability and regulatory hurdles, strong sales in passenger and commercial vehicles, alongside innovative export strategies, are expected to bolster growth.
Published: Sep 16 2025, 7 pmeznews.inM Rajakishore has been appointed as the new Airport Director of Chennai International Airport, effective Wednesday, as the airport embarks on its second phase of expansion and modernization. The T3 Terminal, a key component of this ₹2,500 crore project, is now expected to be completed by June 2026, slightly delayed from the original March 2026 target. A show cause notice has been issued to the contractor due to slow progress. The expansion aims to increase the airport's capacity to 35 million passengers per annum, adding facilities such as more check-in and immigration counters, automatic tray return systems, and additional baggage belts. The first phase, completed in July 2023, raised the airport's capacity from 23 million to 30 million passengers. Rajakishore plans to conduct a SWOT analysis of the airport and prioritize feedback from passengers to enhance services.
Published: Sep 16 2025, 7 pm
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