eznews.inIn a landmark ruling, the Tripura High Court has determined that bona fide purchasers cannot be denied Input Tax Credit (ITC) under Section 16(2)(c) of the CGST Act, 2017, even if their suppliers fail to deposit the Goods and Services Tax (GST) with the government. The court emphasized that valid tax invoices and reasonable precautions taken by the purchaser should suffice to claim ITC, as denying it would violate constitutional rights related to equality and property. The ruling arose from a case involving a petitioner engaged in rubber trading, who faced demands for ITC reversal after the supplier's tax non-compliance was discovered. Legal experts suggest that while this decision offers relief to genuine taxpayers, the matter may ultimately be resolved by the Supreme Court, given conflicting interpretations of the law by various High Courts. 
Published: Jan 09 2026, 7 pmeznews.inIn 2025, total assets under management (AUM) in gold exchange-traded funds (ETFs) surged globally, more than doubling to $558.9 billion, with India experiencing an even more remarkable increase, nearly tripling its AUM to $14 billion. According to the World Gold Council (WGC), global demand for gold investments rose by 25%, driven by geopolitical tensions and the US Federal Reserve's interest rate cuts. Indian ETF investments reached $4.37 billion, making it the third highest globally after the US and China. Gold holdings in India rose by 65% to 95 tonnes, while global gold holdings increased by 801 tonnes to 4,025.4 tonnes. Central banks also showed strong demand, with net purchases of 45 tonnes in November alone. As of January 2026, gold prices remained robust, reflecting ongoing investor interest amid market volatility.
Published: Jan 09 2026, 7 pmeznews.inIndia is closely monitoring a proposed US legislation that could impose tariffs of up to 500% on countries purchasing Russian crude oil, a move backed by Senator Lindsey Graham and reportedly approved by President Donald Trump. As major buyers of Russian oil, India and China could be significantly affected. India's External Affairs Ministry emphasized that its procurement of Russian oil is driven by market dynamics and the need to secure energy for its 1.4 billion citizens. Senator Graham stated that the bill aims to penalize nations that continue to buy Russian oil, which he claims funds Russia's military actions in Ukraine. He noted a productive discussion with Trump regarding the bill, which has been in development for months. India's oil imports from Russia surged from 1.7% in 2019-20 to 35.1% in 2024-25, as the country sought discounted oil following Western sanctions on Moscow.
Published: Jan 09 2026, 7 pmeznews.inTexmaco Rail & Engineering Ltd has announced a significant order worth Rs 64 crore from APL Logistics Vascor Automotive for the manufacture and supply of specialised ACT-1 freight wagons and BVCM-type brake vans. This contract underscores Texmaco's commitment to enhancing its presence in the specialised freight rolling stock market, as stated by Managing Director Sudipta Mukherjee. The ACT-1 wagons are specifically designed for the safe transportation of finished automobiles and related cargo, aligning with the growing demand for customised rail logistics solutions that improve safety and operational efficiency. The wagons will be produced in compliance with the latest specifications from the Research Design and Standards Organisation (RDSO), focusing on higher payload efficiency and enhanced cargo safety, which are crucial for the automotive and logistics sectors. This development is expected to support faster turnaround times for high-value freight movement.
Published: Jan 09 2026, 6 pmeznews.inUnion Minister of State for Minority Affairs, Fisheries, Animal Husbandry, and Dairying, George Kurian, inaugurated the Silver Jubilee celebrations of the National Institute for Rubber Training (NIRT) in Kottayam, emphasizing the need for traceability in domestic natural rubber production to meet European Union Deforestation Regulations and enhance export potential. Despite Kerala's status as a leading natural rubber producer, Kurian noted the state's underdevelopment in rubber-based industries and called for their expansion. He reported an increase in rubber cultivation and production nationwide, while also addressing the government's efforts to reduce rubber imports. Chandy Oommen, MLA, raised concerns about youth migration impacting local rubber cultivation. M. Vasanthagesan, Executive Director of the Rubber Board, praised NIRT's achievements and reaffirmed the Institute's commitment to supporting the rubber industry's needs across the supply chain.
Published: Jan 09 2026, 5 pmeznews.inFollowing complaints regarding last year's onion procurement, inspection teams from both the State and Central governments have scrutinized stored stocks, revealing significant issues. Farmer leader Anil Ghanwat, a member of the Supreme Court-appointed committee on Farm Laws, has called for a comprehensive investigation into the procurement process under the price stabilization scheme. He alleges widespread corruption involving the National Agricultural Cooperative Marketing Federation of India (NAFED) and the National Cooperative Consumers' Federation (NCCF), claiming that a select few are misappropriating taxpayer funds while farmers and consumers suffer from poor pricing and quality. Reports indicate that 40 to 50 percent of the inspected onions were of inferior quality, prompting Ghanwat to demand a review of CCTV footage, verification of farmers listed on receipts, and an examination of transport records. He emphasized the need for transparency to ensure that the scheme benefits genuine farmers.
Published: Jan 09 2026, 5 pmeznews.inChilean Ambassador Juan Angulo announced on Friday that negotiations for the Comprehensive Economic Partnership Agreement (CEPA) between India and Chile have advanced significantly, with discussions underway to schedule a fifth and potentially final round. The CEPA, which encompasses over 20 chapters, aims to enhance trade, investment, and technology transfer between the two nations. Angulo highlighted that key issues such as market access and critical minerals are central to the ongoing talks. Additionally, both countries are finalizing a social security agreement to facilitate professional mobility and investments. Since the commencement of formal CEPA negotiations in May 2025, bilateral trade has surged to approximately USD 3.8 billion, with expectations of reaching USD 10 billion in the coming years. Angulo emphasized the balanced nature of the trade relationship, which he described as mutually beneficial.
Published: Jan 09 2026, 4 pmeznews.inThe first tea auction of the year in Kochi commenced with robust demand for both dust and leaf varieties, leading to an increase in average price realization to ₹181, up ₹7 from the previous week. Auctioneers Forbes, Ewart & Figgis reported that the CTC dust market saw prices rise by ₹4 to ₹5, achieving a remarkable 99% sales rate from 5,85,710 kg offered. Lower and medium plainer teas also experienced price increases of ₹5 to ₹10, with blenders purchasing 58% of the total CTC quantity. However, the orthodox dust market lagged, with only 59% of 8,000 kg sold. The orthodox leaf market fared better, with 92% of 2,59,426 kg sold, driven by strong demand from Russian buyers amid a crop shortage in Kolkata. Despite concerns over delayed payments from Iranian buyers due to unrest, demand for high-quality teas remains steady, according to Anil George, Chairman of the Tea Trade Association of Cochin.
Published: Jan 09 2026, 4 pmeznews.inIndia has responded to a proposed U.S. bill that aims to impose a 500% duty on countries purchasing Russian oil, emphasizing its commitment to securing "affordable energy" for its 1.4 billion citizens. Ministry of External Affairs spokesperson Randhir Jaiswal stated that India is closely monitoring the situation and reiterated that its energy sourcing decisions are driven by national security needs and market realities. This response follows U.S. Senator Lindsey Graham's announcement that President Trump has approved the bipartisan "Sanctioning of Russia Act 2025," which seeks to penalize nations like India, China, and Brazil for buying Russian oil, thereby supporting what Graham described as "Putin's war machine." The bill, which is expected to go to a bipartisan vote soon, includes significant penalties on goods and services imported from Russia, reflecting the U.S. government's stance amid ongoing peace negotiations regarding Ukraine.
Published: Jan 09 2026, 4 pmeznews.inIndia's Union Budget for the Financial Year 2026-27 is set to be unveiled on February 1, 2026, with stakeholders keenly observing potential changes, particularly in income tax slabs and interest rates for senior citizens. However, the government's ability to implement significant tax reforms may be constrained by a targeted fiscal deficit of 4.4% for FY26, amid global economic uncertainties, including potential US tariffs on Russian crude. Inflation has recently dipped to a historic low of 0.25% in October, slightly rising to 0.71% in November, allowing room for monetary easing. The economy is projected to grow at 7.4% in FY26, with expectations for FY27 ranging between 6.7% and 7.5%. Taxpayers hope for further relief to stimulate consumption, with speculation around adjustments to the new tax regime, which has seen over 75% adoption, potentially phasing out the old system.
Published: Jan 09 2026, 3 pm
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