eznews.inIndia's crude oil imports from Russia remained stable at 1.45 million barrels per day (mb/d) in October 2024, according to energy intelligence firm Vortexa. While overall crude imports fell by 8% month-on-month and 6% year-on-year to 4.31 mb/d, shipments of the Urals grade increased by 10% year-on-year, attributed to reduced refinery maintenance in Russia. The share of Russian crude in India's total imports rose to 39.56%, while Middle Eastern suppliers' share declined to 44.85%. Vortexa's APAC Analysis Head, Serena Huang, noted that the recent geopolitical tensions in the Middle East initially raised concerns about supply disruptions, prompting refiners to secure more crude, but these fears have since subsided. Additionally, imports from the US dropped for the second consecutive month, as narrowing arbitrage made US crude less appealing compared to abundant Middle Eastern and Russian supplies. 
Published: Nov 10 2024, 7 pmeznews.inThe vehicle scrappage policy in India has seen a mixed response, with Rajasthan leading the way with 40,000 subscribers, while Karnataka and Delhi also offer incentives to encourage participation. Despite these state-level initiatives, the overall uptake remains tepid, as the scheme has yet to be implemented nationwide. Industry experts attribute the sluggish response to limited space for scrapping vehicles in urban areas, which hampers progress. Transport Minister Nitin Gadkari has announced that automakers will provide discounts of 4 to 6 percent on new vehicles for those scrapping their old ones, further incentivizing consumers. However, experts argue that the current incentives may not be compelling enough to motivate vehicle owners to part with their old cars. As the policy rolls out, stakeholders are hopeful that increased state support will drive greater participation in the scrappage initiative.
Published: Nov 10 2024, 8 pmeznews.inThe 29th Conference of Parties (COP29) to the UN Framework Convention on Climate Change commenced in Baku, Azerbaijan, with a focus on establishing a new collective quantified goal (NCQG) for climate finance aimed at supporting developing nations in combating the impacts of global warming. This meeting, running until November 22, seeks to replace the unmet $100 billion annual target set in 2009. Key discussions will revolve around the structure and funding priorities of the NCQG, as well as the contentious 'loss and damage' fund, which aims to assist countries recovering from climate-related disasters. Additionally, COP29 will address carbon markets and the Paris Agreement Credit Mechanism, which facilitates international emissions trading. Countries will also prepare for the submission of Biennial Transparency Reports and discuss updates to their Nationally Determined Contributions (NDCs), with current commitments falling short of the targets needed to limit global warming to 1.5 to 2 degrees Celsius.
Published: Nov 10 2024, 8 pmeznews.inThe Prime Minister's Office (PMO) is advocating for the increased use of sweet sorghum as an alternative feedstock for ethanol production, addressing concerns over the inconsistent availability of sugarcane, rice, and maize. Following a review meeting in August, efforts are underway to promote varieties developed by the Indian Institute of Millets Research (IIMR) in Hyderabad. The Bhagwan Ram Trust has conducted trials in Chhattisgarh, successfully utilizing the crop for feed, syrup, and flour. The newly released CSV 58SS variety boasts a juice yield of 15,000-16,000 litres per hectare, surpassing earlier varieties. Sweet sorghum's advantages include a shorter growth cycle of 125 days and lower water requirements compared to sugarcane. However, the lack of a fixed pricing policy for sweet sorghum ethanol remains a barrier to its adoption among farmers, who require assured buyers to incentivize cultivation.
Published: Nov 10 2024, 7 pmeznews.inAn independent committee appointed by the High Court of Bangladesh is reviewing 11 contracts, including one with Adani Power, amid rising pressure from Indian entities for overdue payments. Muhammad Fouzul Kabir Khan, adviser to the Ministry of Power, Energy and Mineral Resources, stated that payments to creditors are being made according to a structured plan, despite ongoing financial strains. Adani Power had set a deadline of November 7 for the Bangladesh Power Development Board (BPDB) to settle outstanding dues, which amount to approximately $850 million. Recently, Dhaka issued a $173 million Letter of Credit to Adani Power, while also prioritizing payments of around $160 million due to foreign reserve constraints. Other Indian power exporters, such as SEIL Energy India, are similarly affected by delayed payments. The committee's findings may lead to renegotiations of some contracts originally signed under the Quick Enhancement Act of 2010, aimed at improving electricity supply in Bangladesh.
Published: Nov 10 2024, 5 pmeznews.inKerala is set to enhance its tourism sector with the launch of seaplane services, marking a significant milestone in its connectivity efforts. The trial run of the 'de Havilland Canada' seaplane, which landed at Cochin International Airport from Vijayawada, will be officially flagged off by Tourism Minister PA Mohamed Riyas on Monday. This initiative, part of the Regional Connectivity Scheme (RCS)-UDAN, aims to link the state's airports with its extensive waterways, making destinations more accessible. The service, operated by a Switzerland-based private company in collaboration with SpiceJet, follows successful trials in Andhra Pradesh and Karnataka. Kerala's Aviation Secretary, Biju Prabhakar, highlighted the potential to attract high-budget tourists, positioning the state as a competitive alternative to the Maldives. Future plans include establishing additional waterdromes in popular tourist areas, further bolstering Kerala's appeal as a premier travel destination.
Published: Nov 10 2024, 5 pmeznews.inIn a recent ruling, Kerala's Authority for Advance Ruling (KAAR) determined that various precooked and specially packaged ready-to-eat food products, including Kerala Chicken Curry, Chettinadu Chicken Curry, and several rice dishes, will be subject to an 18% Goods and Services Tax (GST). The ruling came after HIC-ABG Special Foods Private Limited sought clarification on the tax implications for 26 types of ready-to-eat and one ready-to-cook food item, emphasizing that their products, made using Japanese RETORT technology, are commercially sterile and require no further cooking. KAAR clarified that these items are classified as 'ready to eat packaged food' rather than 'prepared or preserved meat.' This decision highlights ongoing complexities in food product categorization for tax purposes, as seen in previous rulings regarding items like Malabar Parotta, which was later determined to attract a lower GST rate of 5% by the Kerala High Court.
Published: Nov 10 2024, 4 pmeznews.inAs Air India prepares for its merger with Vistara on November 11, tensions are rising among Air India pilots over differing retirement age policies. Currently, Air India has a retirement age of 58 for pilots and staff, while Vistara allows for retirement at 60. Sources indicate that the Air India management has yet to address this disparity, leading to dissatisfaction among pilots who feel disadvantaged compared to their Vistara counterparts. Although the management has made strides in aligning salary structures and working conditions, the retirement age issue remains unresolved. Under existing regulations, pilots can serve until 65, and Air India has announced plans to retain select pilots on contract post-retirement. Critics argue that the management must rectify this anomaly to ensure fairness, especially as many experienced Air India pilots find themselves junior in the new common seniority list.
Published: Nov 10 2024, 4 pmeznews.inBusinesses in India have until November 30, 2024, to claim pending Input Tax Credit (ITC) and rectify errors under the Goods and Services Tax (GST) framework, following a circular issued on October 15. The Central Goods and Services Tax (CGST) Law stipulates that registered persons cannot claim ITC for invoices or debit notes after this date, which coincides with the filing deadlines for GSTR-1 and GSTR-3B returns. Taxpayers must file GSTR-3B by November 20, while GSTR-1 is due on Mondays. Experts highlight four key amendments for FY24, including ITC availment and credit note issuance, which can be addressed through October returns or the annual return due by December 31. Notably, changes in the GST portal require vigilance from taxpayers to ensure compliance, especially in cases of ongoing investigations regarding ITC claims.
Published: Nov 10 2024, 3 pmeznews.inIn 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 pm
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