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HP CM meets Finance Commission chief, calls for separate 'green fund' for hill states

A state chief minister met with the finance commission chairman requesting establishment of a separate 'Green Fund' with annual allocations for hill states. The chief minister argued that hill states face higher expenditures than other states and requested devolution at least twice their population share. Key demands included continuation of Revenue Deficit Grant, citing topographical disadvantages and limited revenue-raising capacity. The state leader highlighted financial crisis due to reduced grants from the previous finance commission and sought support for disaster management, debt relief, and local body grants. The commission chairman assured possible assistance to the state.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49467 Jul 15, 2025, 03:45 PM

Australian Prime Minister complains to President Xi about Chinese live-fire exercises

The Australian Prime Minister met with China's President during a state visit to Beijing, raising concerns about Chinese naval live-fire exercises conducted near Australia in February. The Chinese flotilla partially circumnavigated Australia in international waters, forcing commercial aircraft to reroute. While acknowledging no international law breach occurred, the Australian leader expressed concern about notification procedures. The Chinese President defended the exercises as routine military activities. Both leaders discussed maintaining the Taiwan status quo and agreed to review their decade-old free trade agreement. The visit represents ongoing efforts to balance economic ties with China against security concerns shared with the United States.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49466 Jul 15, 2025, 03:45 PM

Inputs on Draft Internal Compliance Programme Document for adoption by Industry for export of dual use(SCOMET) items

The Directorate General of Foreign Trade issued a trade notice seeking stakeholder inputs on a draft Internal Compliance Programme document for dual-use SCOMET item exports. The draft establishes management system requirements based on ISO standards and international best practices from export control regimes including Wassenaar Arrangement and MTCR. Organizations must implement comprehensive compliance frameworks covering leadership commitment, risk assessment, transaction screening, employee training, documentation, and performance evaluation. The programme requires appointment of Chief Export Control Officers, item classification procedures, end-user screening, red flag identification, and corrective action protocols. Key elements include management commitment statements, service quality policies, competence requirements, documented information control, internal audits, and continual improvement processes. The framework aims to prevent unauthorized dual-use item transfers while ensuring regulatory compliance. Stakeholders have ten days to submit feedback on the proposed requirements, which will standardize compliance elements for exporters seeking general authorization schemes.


Categories: Customs, Circulars, TaxLaws, TaxTMI
Source: https://www.taxtmi.com/circulars?id=68706 Jul 15, 2025, 03:45 PM

Power to provisionally attach property during tax proceedings : Clause 500 of the Income Tax Bill, 2025 Vs. Section 281B of the Income-tax Act, 1961

The Income Tax Bill 2025's Clause 500 empowers tax authorities to provisionally attach taxpayer property during assessment or penalty proceedings exceeding two crore rupees, requiring prior approval from competent authorities. Attachments automatically cease after six months but may be extended up to two years with recorded reasons. Taxpayers can substitute bank guarantees for attached property, with mandatory revocation within specified timeframes. The provision includes valuation procedures, guarantee invocation mechanisms, and release requirements. Clause 500 largely mirrors existing Section 281B of the Income-tax Act 1961, maintaining essential safeguards while updating procedural references and streamlining the framework for provisional attachment powers.


Categories: Bills, Notes, TaxLaws, TaxTMI
Source: https://www.taxtmi.com/tmi_notes?id=2054 Jul 15, 2025, 03:45 PM

Vanya Steels to invest Rs 100 cr in 10 MW green power plant in Karnataka

A steel company subsidiary announced a Rs 100 crore investment to establish a 10 MW captive power plant at its facility in Karnataka. The project utilizes Waste Heat Recovery Boiler technology to convert industrial waste heat from steelmaking processes into clean electricity. Expected to be commissioned by July 31, 2025, the facility will reduce grid electricity dependence, lower operational costs, and cut carbon emissions. The initiative will create 60 jobs and represents one of Karnataka's leading industrial-scale waste heat utilization projects in the steel sector, supporting sustainable manufacturing goals.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49465 Jul 15, 2025, 03:45 PM

Hindustan Coca-Cola Beverages Names New CEO

A beverage company announced the appointment of a new CEO for its India-based bottling subsidiary, effective September 8. The incoming executive, currently serving as business unit president for southeast Asia at a multinational food company, will succeed the current CEO who is transitioning to another role within the beverage system. The new leader brings nine years of experience with the food company and previously held senior positions at various organizations including telecommunications, food manufacturing, and technology companies. The bottling subsidiary is the largest bottler for the brand in India.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49464 Jul 15, 2025, 03:45 PM

Bihar Idea Festival Portal Goes Live: A New Dawn for Bihar Startups

The Bihar government launched the Bihar Idea Festival portal to support emerging startups across the state's 38 districts. The initiative, developed by the Department of Industries and YourStory Media with partner institutions, aims to collect over 10,000 grassroots ideas from youth, students, self-help groups, artisans and farmers. Selected startups will receive seed funding up to Rs 10 lakh under the Bihar Startup Policy and acceleration support up to Rs 3 lakh. The program includes district-level events, masterclasses, mentorship, and market linkages. The state currently has 1,500 registered startups, tripling from 500 one year ago.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49463 Jul 15, 2025, 03:45 PM

Sparsh CCTV, Innoviz Technologies and Cron AI partner to offer Security and Intelligent Transport System (ITS) Solution Across India

Three technology companies have partnered to deploy an integrated LiDAR-camera perception platform for security and intelligent transport systems across India. The collaboration combines LiDAR technology, deep learning 3D perception, and smart camera solutions to provide real-time monitoring for critical infrastructure, railways, and perimeter security. The edge-native system processes data locally without cloud dependency, designed for Indian environmental conditions including heat, dust, and electrical instability. With one partner's network spanning 120+ cities and 2,000+ partners, the platform targets India's growing perimeter security market valued at USD 3.23 billion and intelligent transport sector worth USD 1.44 billion.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49462 Jul 15, 2025, 03:45 PM

Moglix Forays into the Energy Sector with DRG Industries 'Next-Gen Bitumen Facility

A major B2B e-commerce and supply chain technology company has inaugurated a greenfield bitumen processing facility through its manufacturing arm in Kosi Kalan, Mathura, commencing commercial production in July 2025. The 3.5-acre facility features advanced automation, sustainable biomass-fueled heating systems, and 28,000+ MT monthly capacity. The company will produce high-performance bitumen products including polymer-modified bitumen and microsurfacing-grade emulsions designed to extend road life and reduce carbon emissions. The facility serves northern and central India markets while supporting infrastructure development and generating local employment opportunities.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49461 Jul 15, 2025, 03:45 PM

Crafting Bharat – S2, powered by AWS Startups and an initiative by NewsReach, launches its tenth episode with Amit Kumar, Director and CTO of Easebuzz.

A fintech executive discusses how their payment solutions company scaled operations during regulatory changes affecting major payment aggregators. The platform serves over 90 million online businesses across sectors including education, real estate, and e-commerce, offering industry-specific payment processing solutions. Using cloud infrastructure, the company scaled from thousands to over one million daily transactions while developing AI-powered customer support tools. The executive highlights opportunities in embedded finance and cross-border payments as India's digital payment systems expand internationally. The company now partners with over 20 banks and focuses on compliance-driven solutions tailored to specific industry requirements.


Categories: TaxLaws, News, TaxTMI
Source: https://www.taxtmi.com/news?id=49460 Jul 15, 2025, 03:45 PM