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    TMI Tax Updates e-Newsletter
    Jun 03,2025

    📋
    Contents
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    50 Highlights / Catch Notes Toggle
    7 Articles Toggle
    By: Bimal jain
    Summary : The Karnataka High Court set aside an order blocking a company's Electronic Credit Ledger (ECrL) due to lack of pre-decisional hearing and absence of independent, cogent reasons. The court found the order was based solely on enforcement authority reports, which is impermissible. The ruling emphasized the importance of principles of natural justice, noting that a post-decisional hearing cannot substitute a pre-decisional hearing, especially when actions have significant civil consequences.
    By: K Balasubramanian
    Summary : Taxpayers are increasingly challenging GST-related detentions in high courts due to improper application of Sections 129 and 130 of the CGST Act. A recent court case highlighted systemic issues with goods seizures, emphasizing the need for proper procedural compliance. The court recommended that tax authorities conduct training to ensure correct implementation of legal provisions, reduce unnecessary writs, and prevent potential injustices during goods interception and taxation processes.
    By: YAGAY andSUN
    Summary : Green hydrogen is a renewable energy technology produced by using solar or wind electricity to split water through electrolysis, creating zero-emission hydrogen. It offers promising solutions for decarbonizing hard-to-electrify sectors like steel, transport, and industrial processes. Despite challenges including high production costs and infrastructure limitations, global stakeholders are increasingly investing in green hydrogen as a potential transformative clean energy solution with significant climate change mitigation potential.
    By: YAGAY andSUN
    Summary : A comprehensive overview of ten advanced technologies combating climate change, including carbon capture, green hydrogen, advanced nuclear reactors, energy storage, smart grids, precision agriculture, electric vehicles, biotechnology, ocean-based carbon removal, and energy-efficient building technologies. These innovations aim to reduce greenhouse gas emissions, enhance energy efficiency, and remove carbon from the atmosphere through diverse technological approaches across multiple sectors.
    By: YAGAY andSUN
    Summary : A comprehensive leadership effectiveness diagnostic tool designed to assess organizational leadership across seven key dimensions: vision, communication, emotional intelligence, decision-making, team development, performance, and culture. The tool provides a structured 5-point rating system for evaluating leadership performance, with scoring guidelines and recommendations for implementation through self-assessment, team feedback, and 360-degree reviews.
    By: YAGAY andSUN
    Summary : Organizations can assess leadership effectiveness by examining key performance indicators. Critical red flags include high employee turnover, low engagement, declining productivity, increasing workplace conflicts, reduced innovation, poor customer satisfaction, and lack of strategic vision. These symptoms suggest potential leadership failures that can significantly impact organizational health. Addressing these issues requires comprehensive evaluation, leadership training, and proactive cultural interventions to mitigate potential long-term performance and talent retention challenges.
    By: YAGAY andSUN
    Summary : Ineffective leadership creates substantial hidden organizational costs beyond immediate financial metrics. Poor management leads to employee disengagement, reduced innovation, talent drain, toxic workplace culture, and strategic drift. These subtle consequences progressively erode organizational performance, employee morale, and competitive advantage. The impact extends to decreased customer satisfaction, increased burnout, and damaged reputation, ultimately compromising long-term sustainability and growth potential.
    15 News Toggle
    Summary : DRI intercepted a vehicle in Tripura, seizing 7 kg of methamphetamine tablets valued at Rs. 7 crore. Two individuals were arrested during the operation near Teliamura while transporting the contraband. The drugs were hidden under the car's bonnet and seized under the Narcotic Drugs and Psychotropic Substances Act. Since January, DRI has seized similar drugs worth Rs. 28.74 crore in the region.
    Summary : Government reduces import duty on crude edible oils by 10 percent, leading to expected 5-6 percent retail price drop in cooking oils. The policy change will benefit households by lowering food expenses and provide opportunities for domestic oil refiners. Prices are anticipated to decrease across imported and domestic oil varieties, potentially improving industry capacity utilization and reducing import dependency.
    Summary : Wall Street experienced market volatility due to escalating Russia-Ukraine conflict and rising oil prices. Stock futures declined, with oil prices climbing after OPEC+ limited production increases. Steel company stocks surged following proposed tariff increases on steel and aluminum imports. Asian markets showed mixed performance, with tensions between China and the US impacting trading sentiment. Global markets reflected uncertainty from geopolitical and economic challenges.
    Summary : A leading animal health company has secured stock exchange approvals for merging with a pharmaceutical firm. The merger will create a stronger entity with expanded global reach, increased R&D capabilities, and enhanced manufacturing capacity. Shareholders of the target company will receive 56 shares for every 100 shares held. The combined business will operate across over 150 countries, with improved financial performance and strategic growth potential.
    Summary : A senior government tax officer and an associate were arrested by CBI for demanding and accepting a bribe of Rs 25 lakh from a complainant. The accused allegedly sought Rs 45 lakh in total for providing favorable treatment, accompanied by threats of legal action. CBI caught the private person red-handed while receiving the bribe at the public servant's residence. Searches are ongoing at multiple locations, and the investigation continues.
    Summary : An all-party Indian delegation visited multiple countries, emphasizing India's stance against terrorism and seeking international support. Diplomatic efforts focused on bilateral trade discussions with the US and Oman, while tensions persisted with Pakistan. China criticized US trade restrictions, and peace talks between Russia and Ukraine continued with limited expectations of resolution.
    Summary : Government financial report released detailing Goods and Services Tax (GST) revenue collections for May 2025. The document provides gross and net revenue figures, offering insights into tax collection performance for the specified month. Official press release highlights fiscal data through standard administrative communication.
    Summary : A special economic zone in Odisha has joined the World Economic Forum's Transitioning Industrial Clusters Initiative to reduce carbon emissions and promote green energy. The industrial park aims to support India's National Green Hydrogen Mission by developing green hydrogen and ammonia projects. With 25% of its land dedicated to renewable energy sectors, the park expects to contribute 10% of India's green hydrogen production target by 2030.
    Summary : The Indian rupee appreciated 16 paise to close at 85.39 against the US dollar, influenced by a weak American currency and potential interest rate reduction expectations. Market dynamics were tempered by volatile equity markets, foreign fund outflows, and rising crude oil prices. The movement occurred ahead of the Reserve Bank's upcoming monetary policy meeting, with manufacturing sector growth showing a slight slowdown in May.
    Summary : China accused the US of violating a recent trade truce by implementing restrictive measures including AI chip export controls, halting chip design software sales, and revoking student visas. The US claimed China breached the Geneva agreement, while China denied these allegations and warned of potential retaliatory actions. Both nations had previously agreed to reduce tariffs, but tensions remain high over trade and technology restrictions.
    Summary : A proposed 50 percent tariff increase by the US on steel and aluminum imports could significantly impact India's engineering exports, potentially affecting USD 5 billion in annual shipments. The existing 25 percent tariff has already created challenges for Indian exporters, disrupting trade flows and global competition. Industry representatives suggest seeking a tariff exemption during ongoing bilateral trade negotiations.
    Summary : Global financial markets experienced volatility due to geopolitical tensions and trade uncertainties. Stock indices in major markets like Hong Kong, Germany, and the US showed declines. Oil prices increased after OPEC+ decided on modest output increases. Ongoing conflicts, trade disputes between major powers, and potential tariff impacts contributed to market instability. Tensions between global economic powers and regional conflicts continued to influence investor sentiment and market performance.
    Summary : A strategic report highlights the emerging significance of Tier-II and Tier-III cities in India's real estate landscape. The analysis identifies cities like Raipur, Salem, Ayodhya, and others as potential growth centers, driven by infrastructure development, improved connectivity, and rising local aspirations. The report suggests these cities will contribute significantly to India's real estate economy, moving beyond traditional metropolitan markets by offering affordable opportunities and integrated living ecosystems.
    Summary : Kings Infra Ventures Ltd. reported strong financial performance in fiscal year 2025, with revenue increasing 37.56% to 124.63 crore and profit after tax rising 69.24% to 13.15 crore. The company is focusing on BlueTech transformation, investing in AI-driven indoor aquaculture, expanding shrimp farming capacity, and strengthening export and domestic market presence through technology-enabled sustainable practices.
    Summary : Trade negotiations between India and Oman for a free trade agreement are progressing well, with potential good news expected soon. The Comprehensive Economic Partnership Agreement aims to reduce customs duties and ease trade norms. Bilateral trade currently stands at USD 10.5 billion, with Oman being India's third-largest export destination in the Gulf Cooperation Council. The minister highlighted that such agreements promote trade, strengthen supply chains, and enhance business confidence between the two countries.
    4 Notifications Toggle

    Customs

    1.
    40/2025 - dated - 31-5-2025 - Cus (NT)
    Sea Cargo Manifest and Transshipment (Third Amendment) Regulations, 2025
    Summary : The notification amends the Sea Cargo Manifest and Transshipment Regulations, 2018, specifically modifying the date in Table entry for Sr. No. 6 to 30.09.2025. Issued by the Central Board of Indirect Taxes and Customs under the Customs Act, 1962, the amendment will take effect upon publication in the Official Gazette, extending a regulatory timeline for cargo manifest procedures.
    2.
    39/2025 - dated - 30-5-2025 - Cus (NT)
    Assignment of 700 cases of pending Appeals to the Commissioner of Customs (Appeals), Mumbai Zone-I by the CBIC
    Summary : The notification assigns 700 pending customs appeals from Mumbai Customs Zone-II to the Commissioner of Customs (Appeals), Mumbai Customs Zone-I. The appeals span various companies and dates from November 2022 to May 2023, covering different order types and bill of entry numbers. The assignment is made under sections 3, 4, and 5 of the Customs Act, 1962, and will take effect from the date of publication in the Official Gazette.

    DGFT

    3.
    16/2025-26 - dated - 31-5-2025 - FTP
    Extension in Import Period for Yellow Peas under ITC (HS) Code 07131010 of Chapter 07 of ITC (HS) 2022, Schedule -I (Import Policy)
    Summary : A government notification extends the import policy for yellow peas under specific trade classification code until 31 March 2026. The import remains "Free" without minimum import price or port restrictions, subject to online import monitoring system registration. The extension applies to import consignments with bills of lading issued on or before the specified date, maintaining previous notification terms.

    Income Tax

    4.
    52/2025 - dated - 30-5-2025 - IT
    Zero Coupon Bond - Specified bond notified u/s 2(48) of the Income-tax Act, 1961
    Summary : A government notification specifies a zero coupon bond issued by REC Ltd. with a ten-year six-month duration, to be issued by March 31, 2027. The bond's maturity value is Rs. 5,000 crores, with a discount of Rs. 2,200 crores, and involves five lakhs bonds. The specification is made under Section 2(48) of the Income-tax Act, 1961.
    2 Circulars / Instructions / Orders Toggle

    SEBI

    1.
    SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/80 - dated 2-6-2025
    Investor Charter for Investment Advisers
    Summary : SEBI issued an updated Investor Charter for Investment Advisers to enhance financial consumer protection and inclusion. The circular mandates investment advisers to disclose comprehensive information about their services, provide transparent grievance redressal mechanisms, and ensure client protection. Key requirements include risk profiling, conflict of interest disclosure, confidentiality, fair treatment, and maintaining detailed complaint records. The charter outlines investor rights, responsibilities, and expectations for engaging with investment advisory services.

    Customs

    2.
    Instruction No. 13/2025 - dated 2-6-2025
    Removal of Port Restrictions and Testing Requirements for Export of Finished Leather, Wet Blue Leather, El Tanned Leather and Crust Leather
    Summary : A government circular from the Central Board of Indirect Taxes & Customs removes port restrictions and testing requirements for leather exports. The directive eliminates previous inspection procedures for finished leather, wet blue leather, el tanned leather, and crust leather. Export conditions related to port restrictions and mandatory certification by the Central Leather Research Institute are revoked with immediate effect. The previous instruction from 2013 is withdrawn.
    75 Case Laws Toggle
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    Topics

    ActsIncome Tax