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India Gazette
13-07-2025
- Business
- India Gazette
Digital infrastructure transforms India's tax administration, refunds surge 474%
By Shailesh Yadav New Delhi [India], July 13 (ANI): India's tax administration has undergone a dramatic transformation over the past decade, with taxpayer refunds growing at nearly double the pace of tax collections, Ministry of Finance sources told ANI. The numbers paint a striking picture of administrative efficiency gains. Between 2013-14 and 2024-25, refunds issued to taxpayers have skyrocketed by 474 per cent, rising from Rs 83,008 crores to Rs 4,76,743 crores. This growth significantly outpaces the 274 per cent increase in gross direct tax collections during the same period, which rose from Rs 7,21,604 crores to Rs 27,02,974 crores. Perhaps most impressive is the speed of refund processing. The average time to issue tax refunds has plummeted from 93 days in 2013 to just 17 days in 2024 - an 81 per cent reduction that reflects the success of digital modernization efforts. The transformation is largely attributed to comprehensive digitization of tax processes. The introduction of end-to-end online filing systems, faceless assessments, and automated refund processing has eliminated traditional bottlenecks that previously delayed taxpayer services. 'The adoption of digital infrastructure including pre-filled returns, real-time TDS adjustments, and online grievance redress mechanisms has fundamentally changed how we serve taxpayers,' a senior CBDT official familiar with the modernisation program told ANI. The taxpayer base has also expanded significantly, with income tax returns filed growing from 3.8 crores in 2013 to 8.89 crores in 2024 - a 133 per cent increase that demonstrates growing formalisation of India's economy. The proportion of refunds relative to gross tax collections has risen from 11.5 per cent in 2013-14 to 17.6 per cent in 2024-25. 'Growing refunds reflect increased voluntary compliance and the deepening of advance tax payment mechanisms,' said another senior Income Tax offcial. 'As more taxpayers participate in formal tax processes and TDS coverage expands, excess remittances naturally become more common,' the official added. The surge in refunds and their faster processing carry significant economic implications. Quicker refund turnaround time improves cash flow for businesses and individuals, while the growth in refund volumes signals expanding participation in India's formal economy. The data suggests that India's tax ecosystem has achieved what officials describe as 'systemic maturity' - a state where efficiency, transparency, and taxpayer facilitation have become embedded principles rather than aspirational goals. (ANI)
India Gazette
06-07-2025
- Business
- India Gazette
Industry ready if US trade deal doesn't materialise: CII President
By Shailesh Yadav New Delhi [India], July 6 (ANI): Indian industry is prepared for any outcome regarding the proposed bilateral trade agreement with the United States, according to Confederation of Indian Industry (CII) President Rajiv Memani, who emphasised that the country's business sector will not pursue deals that compromise national interests. In an interview with ANI, Memani praised the government's extensive consultation process with industry stakeholders before positioning India in trade negotiations. 'The Indian government has given considerable time to understand industry concerns, issues and opportunities. Every industry, every size of industry has been consulted to understand how India should be positioned,' he said. The CII President emphasized that there is no compulsion to conclude a deal at any cost. 'There is no doubt that India will only do this deal when it is in India's interest and America's interest. Until it is not in the interest of both countries, this deal will not happen. There is no compulsion in this regard,' Memani stated. Expressing readiness for either possibilty, Memani outlined the conditions under which industry would support the Free Trade Agreement (FTA). 'If you ask industry whether they want this FTA on favourable terms and if we get relatively better terms compared to other countries, then industry desires this FTA,' he explained. The potential benefits are significant, particularly regarding tariff reduction. 'The 26 per cent tariff that has been imposed will come down and industry will get opportunities to operate there. We will remain more competitive compared to other countries,' Memani noted. The CII President also highlighted the broader strategic messaging that an FTA would send: 'When two countries have an FTA, it also sends a message that both countries are ready to work together.' Memani acknowledged that certain sectors would face difficulties if the trade deal (with US) doesn't materialize, but emphasized industry's commitment to national interests. 'It is certain that some sectors and some industries will face difficulties, but industries do not want to work in a way that harms the country. Industry wants to do this in a way that benefits the country,' he said. The CII President specifically identified potential competitive challenges, particularly in the automotive sector. 'If you look at auto companies, Mexico has a trade deal where tariff is almost 0 per cent. If there's a 25 per cent gap, then Mexico becomes most competitive,' he explained. Memani predicted that Mexico would be the primary beneficiary if India fails to secure favorable terms, with some potential gains for Vietnam as well. 'The maximum alternative replacement will come from Mexico, with some possibility from Vietnam,' he said. The textiles and garments industry could face particular challenges due to Vietnam's existing advantages. 'The garments industry could become slightly less competitive because Vietnam has a 20 per cent tariff,' Memani observed, highlighting how existing trade relationships could impact Indian competitiveness. Memani cautioned against expecting immediate benefits even if a deal is concluded, describing trade agreements as 'a long game.' He emphasised that both countries would need to make adjustments to maximize benefits. 'Many American companies may also invest in India to export from India. Indian companies will also have to focus on their competitiveness,' he noted, suggesting that the government might need to implement reforms and support measures to help industries become more competitive. The CII President's comments reflect a mature approach to international trade negotiations, where industry supports government efforts to secure favorable terms while remaining prepared for alternative scenarios. 'Trade deals are two-way. Some things will be good, while some sectors may face challenges,' Memani said acknowledging the complex nature of international trade agreements and their varied impacts across different sectors of the economy. (ANI)
India Gazette
30-06-2025
- Business
- India Gazette
India strengthens agricultural position as critical US trade negotiations continue
By Shailesh Yadav New Delhi [India], June 30 (ANI): India has adopted a firmer stance on agricultural matters as high-stakes trade negotiations with the United States reach a pivotal moment, government sources said on Monday. The Indian delegation, led by Chief Negotiator Rajesh Agrawal, has extended its stay in Washington, as reported by ANI earlier. The two negotiations were scheduled on Thursday and Friday, but have been extended as both nations work urgently to finalise an interim trade agreement before a crucial July 9 deadline. The extended negotiations come as both countries face the looming return of suspended 26% reciprocal tariffs. These punitive measures, imposed initially during the Trump administration on April 2, were temporarily suspended for 90 days but will automatically resume if no agreement is reached. 'The failure of these trade discussions would trigger the immediate reimplementation of the 26% tariff structure,' warned a senior official. India's hardened position reflects the politically sensitive nature of its agricultural sector. The country's farming landscape is dominated by small-scale subsistence farmers with limited land holdings, making agricultural concessions particularly challenging from both economic and political perspectives. Notably, India has never opened its dairy sector to foreign competition in any previous free trade agreement -- a precedent it appears reluctant to break even under US pressure. The United States is pushing for reduced duties on agricultural products, including apples, tree nuts, and genetically modified crops. Meanwhile, India seeks preferential access for its labour-intensive exports, such as textiles and garments, Gems and jewellery, Leather goods, and agricultural products like shrimp, oilseeds, grapes, and bananas. Beyond the immediate interim agreement, both nations are working toward a comprehensive bilateral trade agreement (BTA) with the first phase targeted for completion by fall 2024. The ultimate goal is ambitious: more than doubling bilateral trade from the current $191 billion to $500 billion by 2030. (ANI)
India Gazette
23-06-2025
- Business
- India Gazette
Indian industry expresses anguish over slow pace of ASEAN FTA renegotiation
By Shailesh Yadav New Delhi [India], June 24 (ANI): Indian industry is growing increasingly frustrated with the extremely slow progress in renegotiating the ASEAN Free Trade Agreement. Government sources reveal that nine rounds of talks since November 2019 have failed to address fundamental concerns about the lopsided nature of the original deal. Government sources said the sluggish pace of negotiations, originally scheduled to conclude by 2025, has amplified industry anguish over what many consider an unfavourable trade arrangement that has significantly disadvantaged Indian manufacturers and exporters. 'We are reflecting the anguish of Indian industry as the industry is suffering,' a senior government source said. 'The progress in FTA negotiations has been very slow, and this is causing serious concern across various sectors.' The renegotiation efforts have revealed several structural problems with the original ASEAN FTA that have created lasting disadvantages for Indian industry. Most notably, India opened 71 per cent of its tariff lines under the agreement, while key ASEAN partners offered far less reciprocal access--Indonesia opened only 41 per cent, Vietnam 66.5 per cent, and Thailand 67 per cent. The prolonged renegotiation process has left Indian industry in a state of uncertainty, with many sectors continuing to face unfair competition while waiting for more balanced terms. The government's acknowledgement of industry anguish signals a commitment to addressing these long-standing grievances, but the slow pace of talks with ASEAN partners suggests that relief may still be some time away. This asymmetry has raised questions about the original negotiation strategy, particularly given that India had a lower per capita income compared to several ASEAN nations when the deal was signed. The consequences of these imbalances have become starkly apparent over the 15-year lifespan of the agreement. While India's exports to ASEAN doubled during this period, the trade deficit has ballooned by a staggering $86 billion as imports from the ASEAN bloc tripled, creating an unsustainable trade relationship. India is now seeking fairer terms in the renegotiation, citing the rising trade deficit, limited export gains, and uneven tariff cuts that have consistently favoured ASEAN partners over Indian exporters. A major area of concern has been the routing of Chinese goods through ASEAN countries, which has undermined the intended benefits of the FTA for Indian industry. Government sources indicated that concerns are mounting over this practice, along with non-tariff barriers that continue to impede Indian exports to ASEAN markets. The government has been forced to take corrective measures, including imposing anti-dumping duties for the first time and implementing safeguard duties on 12 per cent of relevant imports to protect the domestic industry from unfair competition. The steel sector has been particularly affected, with subsidised goods from third countries being dumped in the Indian market until anti-dumping measures were implemented. The government has also cracked down on steel import dumping through safeguard duties, highlighting that the original FTA lacked crucial provisions like a 'melt-and-pour' clause that could have prevented such practices. (ANI)
India Gazette
17-06-2025
- Automotive
- India Gazette
Maruti's Manesar railway siding to cut 65,000 truck trips annually
By Shailesh Yadav Manesar (Haryana) [India], June 17 (ANI): Maruti Suzuki's new railway siding at its Manesar plant will eliminate approximately 65,000 truck trips annually, translating to 232 fewer truck journeys per day based on 280 working days, Senior Executive Director, Corporate Affairs, Rahul Bharti announced on Tuesday. Speaking to ANI at the Manesar facility, Bharti highlighted that the railway terminal will dispatch seven popular models including Celerio, WagonR, SPresso, Dzire, Brezza, Ertiga and XL6, while export vehicles will be transported to Pipavav and Mundra ports through the new facility. The Manesar railway siding represents India's largest automobile GatiShakti Multi-Modal Cargo Terminal, capable of dispatching 450,000 vehicles annually at full capacity. Spread across 46 acres within the Manesar facility, the terminal features a fully electrified 8.2-kilometer corridor with four full-length tracks plus one engine escape track, a two-floor station building, and comprehensive support infrastructure. The project, executed through a joint venture with Haryana Orbital Rail Corporation Ltd (HORCL) at a total cost of Rs 1,170.91 crore, marks the company's second such facility following the Gujarat plant's inaugural railway siding. Maruti Suzuki's green logistics transformation has been remarkable since FY 2014-15, with railway dispatches growing nearly eight-fold from 5 per cent to 24.3 per cent of total vehicle dispatches in FY 2024-25. The company dispatched a record 5.18 lakh vehicles through railways last fiscal year, contributing to a cumulative 25 lakh vehicles transported via rail since the initiative began. Currently operating over 40 flexi-deck rakes with 300-vehicle capacity each, the automaker serves more than 600 cities across India through 21 distribution hubs. The environmental impact of this logistics strategy is substantial, with the Manesar facility alone expected to avoid 175,000 tonnes of CO2 equivalent emissions and save 60 million litres of fuel annually at full capacity. As Maruti Suzuki prepares to scale production to 4 million units by FY 2030-31, the company plans to increase railway usage to approximately 35 per cent of total dispatches over the next five to six years, reinforcing its commitment to sustainable transportation and reduced carbon footprint in the automotive sector. (ANI)
