The government on Friday announced an extension of the deadline for filing Goods and Services Tax (GST) returns in the forms GSTR-3B and GSTR-1 for December 2024 and the October-December quarter of FY25. According to the notification issued by the Central Board of Indirect Taxes and Customs (CBIC), the deadline has been extended to January 22, 2025, for those required to file returns under sub-section (1) of section 39 of the Central Goods and Services Tax Act, 2017. FORM GSTR-3B is a monthly self-declaration form that registered taxpayers in India must file to report their summary of sales, purchases, tax liability, and input tax credit under the GST regime. Additionally, the deadline for the October-December 2024 quarter has also been adjusted, with varying due dates for different classes of registered persons. Registered persons operating in several states, including Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, and others, are now required to file their returns by January 24, 2025. Meanwhile, those whose principal place of business is in states such as Himachal Pradesh, Punjab, Haryana, and others must submit their returns by January 26, 2025. Further, to assist taxpayers facing technical difficulties, the deadline for filing FORM GSTR-1 (statement of outward supplies) for the December 2024 tax period has been extended to January 13, 2025. Additionally, taxpayers enrolled in the QRMP Scheme now have until January 15, 2025, to submit their FORM GSTR-1 for the tax period covering October to December 2024.
Source: Business Standard
India's industrial output, measured by the Index of Industrial Production (IIP), reached a six-month high of 5.2 per cent in November 2024, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Friday. The factory output during the same month in 2023 saw a growth of 2.5 per cent. This also marks a significant improvement from the 3.5 per cent growth recorded in October 2024, indicating a positive trend in the country's industrial activities. In May 2024, IIP growth rose to 5.9 per cent, before dropping to 4.2 per cent in June.
In the April-November period, the IIP registered a growth of 4.1 per cent, a decline from 6.5 per cent in the same period last year.
Manufacturing sector drives growth
The growth was driven by a strong performance in the manufacturing sector which saw notable increase of 5.8 per cent, up from 4.1 per cent in October. Within the sector, 18 out of 23 industry groups in the National Industrial Classification, recorded a positive growth in November 2024 compared to November 2023. Top three contributors included basic metals, electrical equipment, and non-metallic mineral products, respectively. The electricity sector also showed healthy growth, rising by 4.4 per cent in November 2024, up from 2 per cent the previous month. Meanwhile, the mining sector, while still positive, posted a more modest growth rate of 1.9 per cent, up from 0.9 per cent.
Release of the December 2024's IIP will be on Wednesday, February 12, 2025, the ministry said.
Source: Business Standard
Synopsis Finance Minister Nirmala Sitharaman may announce an Amnesty Scheme for customs in the upcoming Budget to reduce litigation and foster ease of doing business. This potential scheme aligns with the government's objective to lessen court cases and improve customs processes. The industry supports this move as it may help resolve long-standing disputes and support the Make in India initiative. In a bid to reduce litigation, Finance Minister Nirmala Sitharaman in the upcoming Budget may announce an Amnesty Scheme for customs to foster ease of doing business. "The main asks of the industry would certainly be aligned with the objectives of the government and one objective of the government has been litigation reduction. On that front, having an amnesty scheme for customs especially covering pre-GST legacy taxes like additional duty, special additional duty has been one of the asks of the industry," Price Waterhouse & Co LLP managing director Anurag Sehgal said. The government had in the past announced amnesty schemes for excise and service tax and even for the income tax but not for customs. There are estimates that over 40,000 cases were pending in various courts and tribunals pertaining to customs duty alone. Another consultancy rm EY India said customs litigations are pending at various forums for a very long time and the same require time and eort to be spent by both the taxpayer and the government in resolving them. EY India also suggested that a one-time dispute/litigation resolution/settlement scheme should be introduced under the Customs Law to settle and resolve pending disputes. According to Deloitte India partner Mahesh Jaising, the government should end long-drawn litigation to resolve long-standing disputes, alleviate the burdened judicial pipeline and upgrade the law to keep pace with technological advancements and international best practices. "An amnesty scheme, along the lines of Sab ka Vishwas, will be a welcome decision. The industry has been waiting for such a scheme for years to address pending litigation matters under customs. This will especially help small businesses avoid past disputes and move ahead with a clean slate," Jaising said. Another important Wishlist of the industry on customs would be rate rationalization to support the Make in India initiative, Sehgal said. "You have PLI, Phased Manufacturing Programme coming up in many sectors. So rate rationalization would help promote investment in India," he said. Besides, he said, the industry is expecting the review of exemptions. Review of exemptions is very important because there are certain exemptions with sunset dates, which are very critical for sectors like, sustainability, green tech, maybe MSMEs, healthcare where industry wants that they should be reviewed and extended, he added. Asked about the increase in duty on gold in view of rising import, Sehgal said, it was reduced only in the July Budget so tinkering with rate on this high value and sensitive item may not come so quickly. However, he said, customs duty-related decisions can happen anytime and are not limited to the Budget.
Source: Economic Times
Synopsis The Centre has released ₹1.73 lakh crore to state governments, significantly up from December 2024's ₹89,086 crore. This stimulus aims to boost the economy through state capital spending. Major beneficiaries include Uttar Pradesh, Uttarakhand, and Bihar, receiving ₹31,039.84 crore, ₹17,403.36 crore, and ₹13,017.06 crore respectively, to aid infrastructure development and social welfare programs. New Delhi: The Centre on Friday released ₹1.73 lakh crore to state governments, marking a significant increase from the ₹89,086 crore transfer in December 2024, an official statement said. The move is expected to provide a much-needed stimulus to the economy, as state capital spending has a multiplier effect on driving growth. It is expected to support states in financing their development and welfare-related expenditures. The increased devolution is also seen as a strategic step to support states in their efforts to accelerate infrastructure development and social welfare programmes. Uttar Pradesh, Uttarakhand and Bihar have received the largest shares of funds, with allocations of ₹31,039.84 crore, ₹17,403.36 crore and ₹13,017.06 crore, respectively.
Source : Economic Times
India’s largest state-owned container port, Jawaharlal Nehru Port Authority (JNPA), is aiming to become the country’s first port with a capacity of 10 million twenty-foot equivalent unit (TEU), said UNMESH WAGH, chairperson of JNPA, and chairman and managing director of Vadhvan Port Project, in an interaction with Prachi Pisal in Raigad. JNPA is expected to maintain steady growth, focusing partly on the under-construction Vadhvan Port, which is estimated to become one of the top 10 container-handling ports globally, with a capacity of 23.2 million TEU once completed. Edited excerpts:
India's largest state-owned container port, Jawaharlal Nehru Port Authority (JNPA), is aiming to become the country's first port with a capacity of 10 million twenty-foot equivalent unit (TEU), said UNMESH WAGH, chairperson of JNPA, and chairman and managing director of Vadhvan Port Project, in an interaction with Prachi Pisal in Raigad (Maharashtra). JNPA is expected to maintain steady growth, focusing partly on the under-construction Vadhvan Port, which is estimated to become one of the top 10 containerhandling ports globally, with a capacity of 23.2 million TEU once completed. Edited excerpts: In 2024, JNPA handled 7.05 million TEU, the highest ever in its history. What were the factors that contributed to this achievement?
The trade at JNPA is very balanced; our export-import (exim) is almost the same. JNPA is a gateway, not a transshipment port. Hence, when our hinterland grows, JNPA grows. We made our ecosystem very strong and efficient and reduced a lot of unnecessary costs. Doing business with JNPA means there is certainty regarding time, cost, schedule, and assurance that there are no hidden costs. We are known for our efficiency, and we have zero tolerance for any inefficiency.
Also, once someone comes to JNPA, they don't leave, even if they have to pay more for transportation. For example, we don't have the dedicated freight corridor (DFC) here yet, which is in Mundra. Hence, the haulage charges are 25 per cent cheaper in that region. Still, many entities from the National Capital Region (NCR) prefer JNPA because there are no hidden charges. Our charges for the allied activities, which are required to be paid at the terminals, are almost negligible.
Source: Business Standard
This insightful quote highlights the essence of breakthroughs: when challenges intersect with fresh perspectives, and technology serves as the bridge to new solutions. In industries like textiles, this synergy is transforming traditional methods, driving sustainability, and unlocking new opportunities. The growing environmental awareness and supportive government policies are accelerating the use of bast fibers as reinforcements in composite materials, catering to the needs of a growing population. Their biodegradability and abundance make bast fibers ideal for applications in the automotive industry, structural composites, pulping, and textiles, marking a shift toward eco-friendly innovation.
Milkweed fibre, a natural marvel, is poised to revolutionize India's textile landscape and contribute significantly to Prime Minister Narendra Modi's vision of Atmanirbhar Bharat. With its promising qualities, sustainable cultivation, and immense potential to uplift farmers' livelihoods, milkweed is the answer to the pressing demand for alternative fibres with the growing population that align with India's socio-economic and environmental goals.
Milkweed is no ordinary fibre. Derived from the silky, hollow filaments encased within its seed pods, this lightweight fibre possesses exceptional properties that make it a frontrunner in the quest for sustainable materials. Its hollow structure lends it high compressibility and superior thermal insulation, with a thermal value nearly double that of 100% polyester nonwoven fabric. When blended with other fibres like polyester, wool, viscose or cotton, milkweed enhances the fabric's softness, breathability, and warmth, creating products that are not only comfortable but also of premium quality.
Fibre Physical Properties Comparison
Beyond its technical attributes, milkweed's cultivation presents a transformative opportunity for India's farming community. This perennial crop requires minimal inputs, thrives in diverse soil conditions, and adapts well to changing climates. Once planted, it continues to yield for up to 10 years, with production increasing annually. Farmers can expect a net profit of approximately ₹1.5-2 lakh per acre, a substantial income boost compared to traditional crops like cotton. This not only ensures financial stability but also reduces dependency on resource-intensive crops, making it a sustainable and lucrative choice.
Nonwoven Fabric Comprising
(30% Milkweed Fibre)
India, with a sheep population of more than 7.4 crore, produces 3.69 crore kilograms of carpet-grade wool annually but heavily relies on imports worth approximately ₹1,800 crore as per the financial year 2023-24 for fine-grade wool, such as Merino, used in apparel. The wool produced domestically is generally not of superior quality, often causing discomfort and lacking skin-friendliness. While Pashmina wool, with a micron value below 20, is of exceptional quality, its production remains limited. Government initiatives like the Pashmina Wool Development Scheme and the Integrated Wool Development Programme have strengthened sheep rearing, pashmina production, and infrastructure in regions such as Ladakh, Jammu and Kashmir, and Rajasthan. The sector supports 35 lakh livelihoods and bolsters India’s exports of woollen carpets, fabrics, and garments to global markets. The milkweed-wool blend emerges as a sustainable solution, reducing import dependency while enhancing fibre quality. Recent advancements by the Northern India Textile Research Association (NITRA) in collaboration with industry stakeholders have showcased the industrial viability of an innovative 80:20 wool-milkweed blend. This blend surpasses 100% wool in thermal insulation, lightweight properties, and softness, positioning it as a premium choice for high-end and functional textiles. Milkweed's versatility extends to a wide range of applications. From apparel, home textiles and hygiene products, its potential to replace conventional fibres in various products is vast. During my visit to Ladakh, I had the privilege of experiencing firsthand the exceptional quality of products made from milkweed fibre. I tested a quilt crafted from this fibre and found it remarkably warm and comfortable—I didn’t even need to use any heating appliances. I also tried a cap and jacket also developed by NITRA, which efficiently kept me warm throughout the trip. This winter, I have been regularly wearing milkweed products to personally evaluate their durability and performance. Based on my experience, I am confident that milkweed fibre is a promising alternative that can significantly contribute to employment generation and the nation’s growth.
Milkweed Jacket Milkweed Hiking Cap
At the heart of this initiative lies a commitment to Atmanirbhar Bharat—building a self-reliant India through indigenous resources and innovative technologies. By integrating milkweed into the textile value chain, India can reduce its dependence on imported fibres and establish itself as a global leader in sustainable textiles. This aligns with our vision on promoting and aligning NBS (Nature-Based Solutions) with technical textiles, creating a ripple effect of economic growth and social empowerment.
The environmental benefits of milkweed are equally compelling. Its cultivation requires less water, fertilizers, and pesticides than cotton, mitigating the environmental stress associated with conventional agriculture. Additionally, as a plant-based, biodegradable fibre, milkweed aligns seamlessly with the global push toward sustainability and circularity. It offers a viable alternative to synthetic fibres by embracing milkweed, India takes a significant step toward reducing its reliance on fossil-derived materials and promoting eco-friendly practices in the textile industry.
Other endeavours in this domain is our focus on new-age fibers like jute-bamboo, sisal, flax, and ramie are revolutionizing the textile industry by offering sustainable and eco-friendly alternatives. India, with its vast biodiversity, is uniquely positioned to lead this transformation. Sisal, with its xerophytic resilience, thrives in arid conditions, yielding durable fibers ideal for textiles, ropes, and composites. Ramie, known for high-yield and versatility, with its eco-friendly properties and high tensile strength is used in apparel. Similarly, the best grades of flax are used for linen fabrics such as damasks, lace and sheets. Currently, there is huge import dependence on flax fibre and 100% linen fabric, this initiative would open a new door of opportunities in the textiles sector. Coarser grades are used for the manufacture of twine and rope. Furthermore, the Jute-Bamboo fiber represents a groundbreaking innovation and a promising prospect for the textile industry, offering a sustainable alternative to synthetic fibers and another exceptional option for linen fabric. Natural fibers like bamboo, which spans 1.39 crore hectares and yields 1.4 crore tonnes annually, exemplify India's potential in sustainable production. These fibers are being utilized across the textile sector, from apparel to technical textiles, ropes, composites, and home furnishings. These fibres not only require minimal resources, adapt to diverse climates, and support rural livelihoods by boosting farmers’ income but also promote sustainability and circularity. The journey of milkweed, from a humble weed to a fibre of national significance, is a testament to India's ingenuity and resilience. With concerted efforts from researchers, farmers, and industry stakeholders, this fibre has the potential to redefine India's textile narrative. It symbolizes the convergence of tradition and innovation, where sustainable practices meet cutting-edge technology to create products that are not only world-class but also deeply rooted in India's ethos. In line with Prime Minister Narendra Modi's vision, "In the innovation index, we are going up. We must make India an attractive destination for innovation," India is poised to become a global hub for innovation. As the textile industry adapts to the challenges of a growing population and a changing climate, milkweed emerges as a symbol of sustainability, combining economic potential with environmental responsibility. By embracing milkweed, India is paving the way for a greener, more inclusive future—one where the ideals of Atmanirbhar Bharat are intricately woven into the nation’s progress. With dedicated efforts to expand cultivation, enhance processing, and accelerate R&D, India is leading a textile revolution that seamlessly merges tradition with innovation, responding to both global environmental needs and market demands.
Source: Brighter Kashmir
Pakistan is gearing up to make its largest-ever appearance at Heimtextil 2025, one of the world’s biggest home textile events, with over 270 companies participating.
The event, scheduled to take place from January 14 to 17 in Frankfurt, Germany, will provide a platform for Pakistani companies to showcase their sustainable textile products to global buyers. The Trade Development Authority of Pakistan (TDAP) will set up a Pakistani pavilion at the event to promote the country’s textile industry and provide opportunities for small and medium-sized enterprises (SMEs) to increase exports. Pakistan has secured the fourth position among participating countries, with a 10% increase in the number of exhibitors compared to last year. The Pakistani exhibitors will focus on showcasing sustainable and modern textile products, which is expected to lead to an increase in exports. Messe Frankfurt Pakistan’s General Manager, Khalid Beg, expressed confidence in the new arrangements and hoped that Pakistani companies would once again be the centre of attention for global buyers with their modern and eco-friendly products. The German embassy and consulate have also facilitated the participation of Pakistani companies by simplifying the visa processing for over 400 participants, enabling around 2,200 Pakistani professionals to attend the event. Heimtextil’s Director, Margit Herberth, will also arrange a special tour for the Pakistani delegation to appreciate their services and highlight their growing contribution to the global textile industry.
Source: Ary News
HCM CITY — Việt Nam, an emerging leader in Asia, must proactively adapt to potential shifts in trade dynamics resulting from the policies of the new US administration, speakers said at a seminar on Wednesday in HCM City. Speaking at the “New US Policies: Impacts on Trade and Investment” meeting, Kevin Morgan, chairman of the US-Vietnam Business Council, said the uncertainty surrounding the new administration’s trade policies is felt not just in Việt Nam, but globally. “As Việt Nam seeks to sustain its growth, it must remain vigilant and adaptable,” he noted. Businesses and governments alike are closely monitoring how these changes might affect their trade relations with the US, he added. “While the specifics of the new trade policies are unclear, it’s wise to prepare for various scenarios to continue business with the US,” he noted. Việt Nam’s trade surplus with the US was up over 26 per cent year-on-year as of the end of 2024, making it the third-largest surplus with the US, after Mexico and Canada. Cao Thị Phi Vân, deputy director of HCM City Investment and Trade Promotion Centre (ITPC), said the significant shift in power in the US following President Donald Trump’s election will have major implications for the global economy, especially for Việt Nam as one of its largest trading partners Việt Nam is attracting substantial high-tech investments from the US, particularly in the fields of microchips and semiconductors. Việt Nam also plays a vital role in the US global supply chain, while US businesses continue to make significant contributions to Việt Nam’s economic development, she added. The seminar aimed to provide updates on these policies to better inform investors, exporters, and stakeholders regarding the future of trade and investment between the two nations. Keith Hwang, an attorney specialising in US Customs Compliance, International Trade, Logistics, and Customs Brokerage, provided several recommendations for Vietnamese exporters aiming to penetrate the US market. He underscored the importance of enhancing communication with importers, consignees, and transportation partners, such as freight agents and customs brokers. He stressed the necessity of understanding three key components of US customs entry: HTS classification, valuation, and country of origin. Vietnamese exporters must also be thoroughly prepared with the requisite data and documentation to comply with any “OGA” (Other Government Agency) import regulations, which may encompass requirements from the FDA and USDA, among others, he added. Michael Kokalari, a chartered financial analyst and chief economist at investment management firm VinaCapital, expressed optimism regarding Việt Nam’s prospects under the President-elect Trump administration. “Concerns are being raised in various countries about the potential impact of Trump’s election on their economies. However, we believe these risks are overstated and see no indication that Trump’s election will disrupt Việt Nam’s positive economic trajectory for a multitude of reasons,” Kokalari told Việt Nam News in a recent interview. Over the past two decades, Việt Nam and the US have forged strong strategic and economic ties, with the US being Việt Nam’s largest export market. In September 2023, their relationship was elevated to a comprehensive strategic partnership, the highest level in Việt Nam’s diplomatic framework. In the first 11 months of 2024, the total trade turnover between Việt Nam and the US reached $122.4 billion, showing strong growth in both exports and imports. The US is Việt Nam’s largest export market with a turnover of $108.9 billion in 2024, up 23.9 per cent year-on-year. Imports from the US amounted to $13.5 billion, an increase of 7.3 per cent. Việt Nam’s trade surplus with the US reached $95.4 billion, up 26.7 per cent. Việt Nam has become the eighth-largest trading partner of the US and the fourth-largest export market for the US in ASEAN. The US is Việt Nam’s second-largest trading partner and its largest export market. Key export items from Việt Nam to the US include footwear, wooden furniture, machinery, and optical equipment. As of November 2024, the US had over 1,400 investment projects in Việt Nam, with total investment capital nearing $12 billion. In HCM City, the US ranks as the third-largest investor among a total of 110 countries and territories investing in the city, with over $1.55 billion.The event was organised by ITPC in coordination with the US-Vietnam Business Council and the Vietnam Innovation Institute.
Source: Vietnam News
Việt Nam, an emerging leader in Asia, must proactively adapt to potential shifts in trade dynamics resulting from the policies of the new US administration, speakers said at a seminar on Wednesday in HCM City. HCM CITY — Việt Nam, an emerging leader in Asia, must proactively adapt to potential shifts in trade dynamics resulting from the policies of the new US administration, speakers said at a seminar on Wednesday in HCM City. Speaking at the “New US Policies: Impacts on Trade and Investment” meeting, Kevin Morgan, chairman of the US-Vietnam Business Council, said the uncertainty surrounding the new administration’s trade policies is felt not just in Việt Nam, but globally. “As Việt Nam seeks to sustain its growth, it must remain vigilant and adaptable,” he noted. Businesses and governments alike are closely monitoring how these changes might affect their trade relations with the US, he added. “While the specifics of the new trade policies are unclear, it’s wise to prepare for various scenarios to continue business with the US,” he noted. Việt Nam’s trade surplus with the US was up over 26 per cent year-on-year as of the end of 2024, making it the third-largest surplus with the US, after Mexico and Canada. Cao Thị Phi Vân, deputy director of HCM City Investment and Trade Promotion Centre (ITPC), said the significant shift in power in the US following President Donald Trump’s election will have major implications for the global economy, especially for Việt Nam as one of its largest trading partners. Việt Nam is attracting substantial high-tech investments from the US, particularly in the fields of microchips and semiconductors. Viet Nam also plays a vital role in the US global supply chain, while US businesses continue to make significant contributions to Việt Nam’s economic development, she added.The seminar aimed to provide updates on these policies to better inform investors, exporters, and stakeholders regarding the future of trade and investment between the two nations. Keith Hwang, an attorney specialising in US Customs Compliance, International Trade, Logistics, and Customs Brokerage, provided several recommendations for Vietnamese exporters aiming to penetrate the US market. He underscored the importance of enhancing communication with importers, consignees, and transportation partners, such as freight agents and customs brokers. He stressed the necessity of understanding three key components of US customs entry: HTS classification, valuation, and country of origin. Vietnamese exporters must also be thoroughly prepared with the requisite data and documentation to comply with any “OGA” (Other Government Agency) import regulations, which may encompass requirements from the FDA and USDA, among others, he added.
Michael Kokalari, a chartered financial analyst and chief economist at investment management firm VinaCapital, expressed optimism regarding Việt Nam’s prospects under the President-elect Trump administration. “Concerns are being raised in various countries about the potential impact of Trump’s election on their economies. However, we believe these risks are overstated and see no indication that Trump’s election will disrupt Việt Nam’s positive economic trajectory for a multitude of reasons,” Kokalari told Việt Nam News in a recent interview. Over the past two decades, Việt Nam and the US have forged strong strategic and economic ties, with the US being Việt Nam’s largest export market. In September 2023, their relationship was elevated to a comprehensive strategic partnership, the highest level in Việt Nam’s diplomatic framework. In the first 11 months of 2024, the total trade turnover between Việt Nam and the US reached $122.4 billion, showing strong growth in both exports and imports. The US is Việt Nam’s largest export market with a turnover of $108.9 billion in 2024, up 23.9 per cent year-on-year. Imports from the US amounted to $13.5 billion, an increase of 7.3 per cent. Việt Nam’s trade surplus with the US reached $95.4 billion, up 26.7 per cent. Việt Nam has become the eighth-largest trading partner of the US and the fourth-largest export market for the US in ASEAN. The US is Việt Nam’s second-largest trading partner and its largest export market. Key export items from Việt Nam to the US include footwear, wooden furniture, machinery, and optical equipment.
As of November 2024, the US had over 1,400 investment projects in Việt Nam, with total investment capital nearing $12 billion. In HCM City, the US ranks as the third-largest investor among a total of 110 countries and territories investing in the city, with over $1.55 billion. The event was organised by ITPC in coordination with the US-Vietnam Business Council and the Vietnam Innovation Institute. — VNS
Source: Vietnam News
