eznews.in
Tax experts warn that the government's insistence on the significance of a recent amendment to the Central Goods and Services Tax (CGST) Act, despite the Supreme Court's dismissal of a review petition, could spark further legal disputes. The Supreme Court's ruling on October 3, 2024, determined that buildings used for services like renting could be classified as "plant," thus qualifying for input tax credit (ITC) under GST. This decision upheld an earlier Odisha High Court ruling, which allowed taxpayers to claim ITC on construction costs. However, following the ruling, the government enacted a retrospective amendment through the Finance Act 2025, altering the definition of "plant or machinery" to "plant and machinery" in Section 17(5)(d), effective from July 1, 2017. This change aims to counter the implications of the Supreme Court's decision, potentially requiring taxpayers to repay claimed ITC, raising concerns of ongoing litigation. 
Published: Jun 05 2025, 7 pmeznews.inIndira Gandhi International Airport (IGI) in Delhi is set to close its 'Runway 10/28' for three months starting June 15, 2025, to upgrade it to an instrument landing system (ILS) compliant with CAT III-B standards, enhancing operations during foggy conditions. This upgrade will enable landings in visibility as low as 50 metres and takeoffs at 125 metres. The closure is expected to affect around 100 flights, with 57 departures cancelled and 43 flights rescheduled, representing a 7.5% reduction in the airport's total capacity of 1,450 daily aircraft movements. Delhi International Airport Limited (DIAL) has coordinated with airlines to minimize connectivity disruptions, focusing cancellations on routes with multiple connections. This marks DIAL's second attempt to shut the runway for upgrades, following a previous closure in April 2025 that was reversed due to passenger complaints.
Published: Jun 06 2025, 8 pmeznews.inThe Reserve Bank of India's recent decision to cut the repo rate by 50 basis points is set to invigorate the automotive sector, which is currently facing challenges due to a rare earth mineral crisis. Shailesh Chandra, President of the Society of Indian Automobile Manufacturers, highlighted that this reduction will enhance loan accessibility, fostering positive consumer sentiment. However, industry experts caution that the benefits depend on how swiftly banks and non-banking financial companies (NBFCs) implement these lower rates. Maruti Suzuki's Partho Banerjee noted that while some banks have already adjusted their rates, others are lagging. Shradha Suri Marwah from the Automotive Component Manufacturers Association praised the RBI's move as timely, anticipating it will lower borrowing costs and stimulate demand. Anish Shah, CEO of Mahindra Group, echoed this sentiment, asserting that the rate cut will serve as a catalyst for growth in interest-sensitive sectors, including automobiles.
Published: Jun 06 2025, 9 pmeznews.inThe United States is working to reduce its trade deficit of over $40 billion with India by negotiating significant tariff cuts across various sectors, including automobiles, motorcycles, alcoholic beverages, and agriculture. In parallel, India is advocating for the removal of US tariffs on steel, aluminum, and automobiles, as well as addressing a proposed 3.5% tax on foreign remittances that could impact its economy. A US delegation, led by the Additional US Trade Representative, is currently in India to advance discussions on a bilateral trade agreement (BTA), following productive talks in May. Both nations are focused on enhancing market access and reducing trade barriers, with an initial deadline for the BTA set for July 9, 2025, coinciding with the expiration of a 90-day pause on reciprocal tariffs imposed by the Trump administration. The outcome of these negotiations is crucial for Indian exporters facing significant challenges due to existing tariffs.
Published: Jun 06 2025, 9 pmeznews.inIn the fiscal year 2024-25, Air India reported a significant milestone, carrying 44 million passengers and achieving a 9.9% annual growth rate. The airline, under Tata Sons, posted an operating profit for the first time in years, bolstered by lower fuel costs and increased passenger numbers. Sources indicated that the merger with Vistara contributed to enhanced operational efficiency and cost savings, with EBITDAR soaring over 150%. Revenue also rose by nearly 14% to ₹61,000 crore. Notably, Air India's net loss was halved from ₹11,387.96 crore in FY23 to ₹4,444.10 crore in FY24. The airline's transformation initiative, Vihaan.AI, is reportedly on track, with plans to upgrade its fleet, including an order for 570 new aircraft. Currently, Air India operates over 300 aircraft, serving 55 domestic and 48 international destinations, employing more than 30,000 staff.
Published: Jun 06 2025, 8 pmeznews.inGlobal sugar prices are expected to face downward pressure in the 2025-26 season, starting in October, as production in India and Thailand is set to rise, alongside robust output projections from Brazil. Research agency BMI, part of Fitch Solutions, noted that raw sugar futures have fallen to a four-year low of 16.44 US cents per pound, with white sugar prices also declining. Despite a net long position in raw sugar, bearish sentiment has grown, driven by a significant increase in short holdings among money managers. While India's sugar production is projected to surge by 26.3% year-on-year, Brazil's output estimates have been revised downwards due to slow harvesting. Additionally, India's export restrictions may limit the impact of its increased production on global supplies. Overall, while optimism exists for higher production, challenges could still lead to price volatility amid tight global stocks.
Published: Jun 06 2025, 8 pmeznews.inIn May, sales of Di-Ammonium Phosphate (DAP) fertilizer fell to approximately 5 lakh tonnes, significantly below the estimated demand of 9.41 lakh tonnes, marking a second consecutive month of shortfall. April's sales were similarly low at 2.2 lakh tonnes against a demand of 7.81 lakh tonnes. As sowing season begins, farmers may be forced to turn to more expensive complex fertilizers due to inadequate DAP supply. Punjab's Agriculture Minister Gurmeet Singh Khuddian raised concerns over the shortage with Union Agriculture Minister Shivraj Singh Chouhan, urging for expedited supply. Despite domestic DAP production reaching a recent high of 3.84 lakh tonnes in May, imports have reportedly declined compared to last year. The government aims to ensure timely fertilizer availability to support crop productivity, while also promoting sustainable agricultural practices through the PM-PRANAM initiative, which incentivizes reduced chemical fertilizer usage.
Published: Jun 06 2025, 8 pmeznews.inOn June 5, the National Academy of Agricultural Sciences (NAAS) celebrated its Foundation Day by honoring _businessline_’s Deputy Editor, Prabhudatta Mishra, for his significant contributions to agricultural journalism. NAAS President Himanshu Pathak highlighted Mishra's nearly three-decade career, during which he has extensively reported on critical issues such as agricultural trade, food security, and policy matters, effectively bringing these topics to the forefront of media discourse. The event also recognized other notable figures, including Harvir Singh, Editor-in-Chief of Rural Voice, and two Padma awardees, alongside NAAS fellows and distinguished agricultural scientists. This recognition underscores the vital role of journalism in addressing and promoting awareness of agricultural challenges in India.
Published: Jun 06 2025, 8 pmeznews.inThe Indian government is actively exploring ways to enhance the capabilities of home-grown accounting, audit, and advisory firms, as highlighted by Rakesh Nangia, Managing Partner of Nangia & Co LLP. He emphasized the strategic importance of fostering large-scale Indian firms to align more closely with the local regulatory and business landscape, akin to the success of the IT sector. Nangia pointed out that Indian firms possess a competitive edge through their understanding of local regulations and client needs, enabling them to provide agile, customized solutions. He called for policy measures such as promoting Indian firms in public sector procurement, ensuring regulatory parity, and investing in talent development to help these firms scale and compete globally. With the right support, Indian audit and advisory firms could emerge as significant players in the global market, aiming for a 35% year-on-year growth while focusing on innovation and quality service delivery.
Published: Jun 06 2025, 7 pmeznews.inThe recent reduction in import duty on edible oils, including palm, soya, and sunflower, is expected to benefit FMCG companies by improving their margins and stabilizing input costs, experts say. Palm oil, a crucial ingredient for many food products and soaps, constitutes 25-30% of raw material costs for food companies, and the duty cut is anticipated to help mitigate consumer inflation. Mayank Shah, VP of Parle Products, noted that while consumer prices may not change significantly, the reduction will help maintain current pricing levels. The government’s decision, effective May 31, 2025, aims to lower food prices and comes as global palm oil prices show signs of softening. Companies like Godrej Consumer Products and others in the food sector, including Britannia and Nestle, are poised to benefit from this move, which follows a period of rising input costs that pressured FMCG gross margins.
Published: Jun 06 2025, 7 pmeznews.inThe Indian Navy is set to commission its first Anti-Submarine Warfare Shallow Water Craft (ASW-SWC), named 'Arnala', on June 28 at Naval Dockyard, Visakhapatnam. Delivered on May 8, Arnala was jointly produced by Garden Reach Shipbuilders & Engineers (GRSE) and L&T Shipbuilders, under the guidance of the Directorate of Ship Production. The warship, named after the historic Arnala Fort in Maharashtra, embodies India's maritime heritage and is designed to maintain a formidable presence at sea. With over 80% indigenous content, Arnala integrates advanced systems from leading Indian defence firms and has involved over 55 Micro, Small, and Medium Enterprises, bolstering domestic industry. Measuring 77.6 meters in length and weighing over 1,490 tonnes, it is the largest Indian Naval vessel powered by a Diesel Engine-Waterjet combination, equipped for various operations including subsurface surveillance and search and rescue missions.
Published: Jun 06 2025, 7 pm
For the fastest, latest, not so wokest news, 'experts say' you need to visit Eznews
India
World
Economy
Science
Health
Showbiz
Contact