Red Sea Crisis: No disruption in oil flows to India, only freight up, says HPCL head
The attacks on shipping vessels in the Red Sea by Houthi militants have not affected India's crude oil supply, according to Hindustan Petroleum Corporation Ltd (HPCL) Chairman Pushp Kumar Joshi. He mentioned that although Russian ships and cargoes are not primary targets of the attacks, the rerouting of ships around the Cape of Good Hope has led to longer voyages, causing a shortage of ships and an increase in freight charges. Key Points
Economic TimesCalls mount to let aid in to besieged Gaza
Aid agencies are urgently calling for humanitarian supplies to be allowed into the Gaza Strip as water, food, and fuel stocks are running dangerously low. Israel's bombing of Gaza has intensified, causing widespread destruction and a mounting death toll. The Israeli government has also requested that nearly half of the population evacuate the north of the enclave, further exacerbating the dire situation. Key Points
Economic TimesIndia to step up coking coal shipments from Russia
India is set to increase coking coal imports from Russia as supplies from Australia, its top supplier, drop and steel mills grapple with rising prices. Indian steel mills have faced challenges due to erratic supplies from Australia, which usually accounts for over half of India's annual coking coal imports of about 70 million tonnes. Key Points
Economic Times‘Non-power sales rise is positive for CIL earnings’
Coal India’s first half FY24 production at 333 MT rose 11.3% year-on-year while total supplies also shot up to 360.7 MT during first half, marking 8.6% y-o-y growth. Key Points
mintIndia looks elsewhere for oil as US sanctions crimp Russia trade
India's oil trade with Russia is being impacted by the tightening of US sanctions, prompting refiners to explore alternative supplies. While Russia remains the dominant supplier, Indian refiners are increasingly buying more from Saudi Arabia. Refiners are eager to increase purchases of Russian oil, but require US approval to do so. Key Points
Economic Times
India stays optimistic about growth: Finance minister Nirmala Sitharaman
She pledged more steps to boost supplies of essential commodities like pulses, tomato and onion to curb food inflation on top measures already taken by the government. Her comments came on a day when the Reserve Bank of India (RBI) raised retail inflation forecast for FY24 by 30 basis points to 5.4%. Key Points
Economic TimesFormer unit of Russian energy giant Gazprom commits four LNG cargoes to India
A former unit of Russian energy giant Gazprom will supply four shiploads of LNG to State-owned GAIL (India) Limited for the first time since it halted supplies in May last year, Union Minister Rameswar Teli said on March 23. Sefe Marketing and Trading Singapore Pte Limted (SMTS), erstwhile Gazprom Marketing and Trading Singapore Pte Limted, will “supply two cargoes in March 2023 and two in April 2023,” Minister of State for Petroleum and Natural Gas Teli said in a written reply to a question in Lok Sabha. Key Points
The HinduGSTR-1 vs GSTR-3B vs GSTR-9: How do three returns differ for businesses
Ease of doing business for MSMEs: There are around 22 types of GST returns, of which around 4 are suspended and eight are view-only in format. The remaining 11 have to be filed depending on the taxpayer category. Key Points
FinancialexpressPerishable items' prices within tolerance band: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman addressed concerns about rising perishable commodity prices, citing government measures like importing pulses and offering essential items at concessional rates. Importing over 879,000 tonnes of tur dal and 1.51 million tonnes of masoor dal in 2023 aimed to stabilize domestic supplies. Initiatives like 'Bharat Dal' provide pulses at reduced prices, with 297,000 tonnes of chana sold cheaper. Additionally, 396,000 tonnes of onions were released at concessional rates to curb inflation. Key Points
Economic TimesKerala HC ruling may bring relief to companies in GST litigation
In its judgement dated September 20, the court sent the case back to the assessing authority to examine the evidence provided by the petitioner irrespective of the difference in GSTR-2A and GSTR-3B forms. Following the assessment of the evidence provided by the petitioner, the court directed the assessing authority to pass orders in accordance with law. Key Points
Economic Times
Exempt small suppliers making inter-state supplies on e-commerce platforms from GST registration: GTRI
Small suppliers on e-commerce platforms should be allowed to conduct inter-state supplies devoid of GST registration if their turnover does not go beyond a certain level, recommends think tank Global Trade Research Initiative. The GST Council has exempted small businesses when it comes to taking GST registration concerning intra-state supplies via e-commerce platforms if their turnover is under Rs 40 lakh in relation to goods and Rs 20 lakh in relation to services. Key Points
Economic TimesWherehouse? Spice, dry fruit importers facing GST heat
The Goods and Services Tax (GST) authorities have issued notices to around 50 importers of spices, dry fruits, processed food, and poultry for storing products at warehouses different from the actual place of supply. They seek additional tax payments of approximately Rs 1,000 crore. Some importers have also been warned of registration cancellation. Key Points
Economic TimesVideo: Biden's war gaffe, says will airdrop food into 'Ukraine' instead of Gaza
US President Joe Biden on Friday mistakenly said that the country would be airdropping food and supplies into 'Ukraine' when he actually meant the Gaza city. A video of the incident has gone viral on social media. Key Points
India TodayAsia feels the sting of India's onion export ban
India's ban on onion exports has led to soaring prices for Asian buyers, causing them to seek cheaper alternatives. Traditional importers, including Bangladesh, Malaysia, Nepal, and the UAE, are grappling with high prices as India, the largest exporter of onions, faces a domestic shortage. The ban, imposed due to doubled domestic prices, is unlikely to be lifted before India's general elections next year. Key Points
Economic Times‘All our belongings under rubble’: Nepal quake survivors out in the cold, await aid
Authorities are pressing on with efforts to bring food and other supplies to the remote villages in Nepal days after a magnitude 5.6 earthquake devastated the Himalayan nation and left many out in the cold. Key Points
India TodayOil jumps 3% as steep US crude stocks draw adds to supply concerns
By Arathy Somasekhar HOUSTON (Reuters) -Oil prices surged 3% on Wednesday, after U.S. crude stocks fell more than expected, adding to worries of tight global supplies. Brent crude futures breached $97 Key Points
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