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India's direct tax collections showed a positive trend in September, with net collections rising over 9% to ₹10.82 lakh crore, marking the first increase in four months, according to the Income Tax Department. Corporate tax collections grew nearly 5% to ₹4.72 lakh crore, while non-corporate tax (NCT) surged 13.7% to ₹5.84 lakh crore, which includes taxes from individuals and various entities. However, Securities Transaction Tax (STT) remained stable at ₹26,000 crore. Advance tax collections were mixed; corporate advance tax increased by over 6% to ₹3.52 lakh crore, while NCT advance tax fell by more than 7% to under ₹1 lakh crore. For the current fiscal year, the government has set a direct tax collection target of ₹25.20 lakh crore, anticipating a growth of 12.35% from revised estimates of ₹22.37 lakh crore for FY25, with experts remaining optimistic about achieving this goal. 
Published: Sep 19 2025, 6 ameznews.inRajasekhar Thadepalli, president of the All India Federation of Timber and Allied Industries, has called for the establishment of a National Timber Board to formulate a comprehensive strategy for timber production, trade, and exports in India. Highlighting the surge in timber imports since 2010, driven by a boom in residential construction, Thadepalli noted that India accounted for 97% of global round wood imports and 26% of sawn timber imports in 2022. He emphasized the need for a reduction in the Goods and Services Tax (GST) on timber from 18% to 5%, arguing that this would make timber more affordable and promote its use over environmentally harmful alternatives. Thadepalli also advocated for public-private partnerships to incentivize large-scale plantations, suggesting that with the right support, India could become self-reliant in timber production and even export high-quality timber in the near future.
Published: Sep 19 2025, 8 ameznews.inThe ICAR-Central Marine Fisheries Research Institute (CMFRI) has established a special committee to investigate shark fishing and trade in India, following amendments to the Wildlife (Protection) Act, 1972, which took effect in 2022. These amendments have classified various shark and ray species under strict regulations, causing concern among fishermen who often catch these species as bycatch. CMFRI Director Grinson George emphasized the need for a science-based approach to balance species protection with the livelihoods of coastal communities. The committee will assess the biological, ecological, and socioeconomic impacts of the conservation laws. In response to recent confusion over thresher sharks in Kanyakumari, CMFRI clarified that these sharks are listed under Schedule IV, allowing for domestic trade. To facilitate compliance, CMFRI proposed training for enforcement agencies, community monitoring, and the development of Non-Detriment Findings to guide sustainable trade practices.
Published: Sep 19 2025, 8 ameznews.inThe Ministry of Corporate Affairs has called for public suggestions regarding the establishment of Indian Multi-Disciplinary Partnership (MDP) firms, aimed at bolstering domestic accounting, auditing, and consulting firms against global competitors. This initiative follows discussions at the Prime Minister’s Office in June, highlighting the need for Indian firms to overcome structural and regulatory barriers that hinder their growth in a global consulting market valued at approximately $240 billion. The Ministry's memorandum identifies six key challenges, including advertising restrictions and fragmented licensing, that must be addressed to enhance competitiveness. Additionally, it poses nine questions to stakeholders, seeking input on regulatory changes, safeguards, and best practices from successful MDP models abroad. The government is committed to amending relevant laws to facilitate the growth of large Indian firms capable of competing internationally, thereby strengthening their position in both domestic and global markets.
Published: Sep 19 2025, 7 ameznews.inDuring the 35th Conference of State Finance Secretaries in Mumbai, Reserve Bank of India (RBI) Governor Sanjay Malhotra highlighted the critical need for states to uphold fiscal discipline to drive economic growth. His remarks come amid ongoing discussions about the potential fiscal impacts of Goods and Services Tax (GST) rate rationalisation, which could affect both central and state revenues. Malhotra urged states to enhance the quality of their expenditures and exercise caution regarding off-budget borrowings. He also called for improved coordination between state governments and the RBI to effectively implement initiatives related to currency management and financial inclusion. The conference, themed "Journey towards Economic Prosperity through the Path of Fiscal Consolidation," reviewed state cash management and market borrowings, with ICRA estimating that the initial revenue loss from GST changes could reach ₹14,200 crore for the Centre and ₹33,800 crore for states in the second half of FY2026.
Published: Sep 19 2025, 6 ameznews.inThe recent decision by the GST Council to lower tax rates on various mass-consumption products to 5% has been hailed as a win for consumers, but it poses challenges for the fast-moving consumer goods (FMCG) supply chain. While shoppers enjoy reduced prices, manufacturers, distributors, and retailers are grappling with input tax credit (ITC) restrictions and rising embedded costs, which are straining their profit margins and tying up working capital. Industry experts highlight that while ITC remains available for goods taxed at 5%, certain services still face restrictions, complicating financial dynamics. As businesses navigate these challenges, the government anticipates that increased consumer spending will ultimately bolster tax revenues, despite the short-term cash flow pressures. Analysts suggest that while consumers may benefit from lower prices, the complexities of the supply chain could lead to increased costs being absorbed or passed on by manufacturers.
Published: Sep 18 2025, 10 pmeznews.inIndia's Minister for Electronics and IT, Ashwini Vaishnaw, announced that the government will unveil an Artificial Intelligence (AI) governance framework by September 28, aimed at defining safety boundaries to protect citizens from AI-related harm. The framework, developed through over 3,000 consultations, will not be "prescriptive" but will establish necessary checks and balances. Vaishnaw emphasized the importance of AI safety, particularly in light of challenges posed by synthetic content and deepfakes, and highlighted the upcoming AI Impact Summit scheduled for February 19-20, 2026, which will be inaugurated by Prime Minister Narendra Modi. The summit aims to foster a global consensus on AI governance, with discussions on inviting countries like China, which previously did not attend similar international summits. The minister reiterated India's commitment to balancing innovation with regulation, ensuring that necessary safety measures are eventually codified into law.
Published: Sep 18 2025, 8 pmeznews.inA high-level delegation of ambassadors and senior diplomats from the European Union and 17 European nations visited the Vizhinjam International Seaport, gaining insights into its strategic capabilities and future initiatives. The delegation, which included representatives from countries such as Germany, France, and Spain, was briefed by Divya S. Iyer, Director of VISL, and Pradeep Jayaraman, CEO of Adani Vizhinjam Port Pvt. Ltd., on the port's status as India’s first semi-automated container port, equipped with advanced technologies like an AI-powered Vessel Traffic Management System. The visit also highlighted the port's commitment to community development, including ₹114 crore in compensation for local residents and a ₹250 crore modern fishing harbour project. Additionally, discussions focused on the port's sustainability roadmap, featuring projects on green hydrogen and eco-friendly infrastructure, aligning with India’s Green Shipping Revolution. This visit underscores Vizhinjam's growing significance in global trade and its role in shaping India's maritime future.
Published: Sep 18 2025, 9 pmeznews.inThe US State Department has revoked a sanctions exception for Iran, initially granted in 2018 for Afghanistan reconstruction, effective September 29, 2025. This move poses a significant threat to India's investments in the Chabahar port and related projects. The Department's statement warned that individuals involved in Chabahar operations could face sanctions under the Iran Freedom and Counter-Proliferation Act (IFCA). This decision aligns with former President Donald Trump's strategy to isolate Iran. In May 2024, India had signed a 10-year agreement to manage Chabahar Port, investing approximately $120 million, with an additional $250 million to be raised as debt. This agreement aimed to enhance connectivity between India, Afghanistan, and Central Asia, bypassing Pakistan. Cargo handling at the port has been increasing, with volumes reaching 80,000 twenty-foot equivalent units and 3 million tonnes of bulk cargo in FY25. India has also supplied $24 million worth of port equipment for its development.
Published: Sep 18 2025, 9 pmeznews.inFinance Minister Nirmala Sitharaman announced on Thursday that various sectors are committed to passing on the benefits of recent Goods and Services Tax (GST) rate cuts to consumers, which she believes will stimulate demand and create jobs. Speaking at the "Next-Gen GST Reforms" event in Kolkata, she highlighted that many businesses have publicly pledged to ensure these savings reach customers, potentially leading to increased production and employment. Sitharaman asserted that the impact of the GST cuts would be significantly greater than benefits from the Production Linked Incentive (PLI) scheme, estimating an injection of nearly ₹2 lakh crore into the economy. However, she clarified that the Centre will not provide compensation to states for any revenue losses resulting from the rate cuts, emphasizing that both the Centre and states share the financial impact equally. The GST Council operates on principles of equality, with revenue distribution affecting both levels of government.
Published: Sep 18 2025, 9 pm
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