On Monday, the Supreme Court declined to address a plea filed by various traders' associations contesting the legality of Section 43B(H) within the Income Tax Act. This section mandates that businesses settle their outstanding payments with micro, small, and medium enterprises (MSMEs) within 45 days to avail tax benefits.
GST Authority ruled dealers can claim input tax credit on demo cars. Landmark Cars East Pvt Ltd sought ruling on taxation aspects, specified time period for inward supply to potential Mercedes Benz car buyers.
India is planning a comprehensive overhaul of its urban transportation system, aiming to merge metro and bus services while prioritizing the adoption of clean energy. The proposal also includes incentives to encourage environmentally friendly intra-city freight transport using small trucks.
Ashok Leyland, the Hinduja Group flagship, is set to introduce six new light commercial vehicles (LCVs) in the next year, aiming to boost its market share in the segment to 25% from the current 20%. Amandeep Singh, president of LCV, international operations, defence, and power solutions at Ashok Leyland, revealed the company's plans to launch a new model of the Dost range every alternate month, starting from this month.
Government plans a survey with NCAER to estimate logistics costs accurately for businesses. DPIIT aims to improve World Bank Logistics Performance Index. The survey will provide insights into transportation costs and administrative bottlenecks.
India's auto industry attracts global players like Honda and Suzuki for exports, with a focus on quality and cost efficiency. The country's emergence as a key manufacturing hub reflects its appeal to major auto manufacturers.
The Basalt will be produced in India and will also be exported to South American markets. Citroen’s sales in India fell to 8,367 units in FY24 from 9,062 units in the previous year.
In April, Russia's share in Indian crude oil imports rose to nearly 40%, up from 30% in March, driven by higher global oil prices. Indian refiners imported 1.78 million barrels per day (mb/d) of crude oil from Russia, surpassing imports from China and Europe. Russia supplied more oil to India than its next three top suppliers combined. Overall, Indian crude imports dropped 8% in April, with declines from Iraq, Saudi Arabia, the UAE, and the US.
Buoyant domestic demand ensured a strong start for the fiscal, with the manufacturing activity easing slightly to 58.8 in April compared with 59.1 in the previous month, according to results of a private survey released Thursday.
Tesla Inc., a prominent US electric vehicle (EV) manufacturer, has filed a complaint in the Delhi High Court against Gurugram-based Tesla Power India for allegedly infringing on its trademark 'Tesla.' The company seeks to restrain Tesla Power from using its trademark, citing confusion among consumers and potential harm to its business interests. Tesla Inc. claims that complaints regarding Tesla Power batteries are being mistakenly directed to them due to the similarity in branding.
Electric two-wheeler sales in April dropped by 50% due to subsidy changes. Ola Electric led with 33,000 units sold out of the 64,000 total EV scooter sales. Companies like Bajaj, TVS Motors, and Ather Energy also felt the impact.
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