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“Central Goods & Services Tax (GST) field officers have detected tax evasion of about $7.08 lakh crore in the last five years till 2024-25 fiscal, including input tax credit (ITC) fraud of about ₹1.79 lakh crore,” Parliament was informed on Monday (August 4, 2025).

In 2024-25 fiscal alone, more than ₹2.23 lakh crore of GST evasion were detected by CGST field officers, according to the data shared by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha.

Of the 30,056 cases of GST evasion detected in FY’25, more than half or 15,283 cases pertained to ITC fraud, where the evasion was to the tune of ₹58,772 crore. In the 2023-24 fiscal, ₹2.30 lakh crore worth GST evasion was detected by CGST field officers, involving ITC fraud of ₹36,374 crore.

In FY’23, about ₹1.32 lakh crore GST evasion was detected, including ₹24,140 crore of fake ITC claims. In FY’22 and FY’21, GST evasion stood at ₹73,238 crore and ₹49,384 crore respectively. This included ITC fraud of ₹28,022 crore and ₹31,233 crore respectively.

Is a revamped GST 2.0 on the cards? | Explained

In the last five years (2020-21 to 2024-25), total GST evasion detected by CGST field officers stood at about ₹7.08 lakh crore in 91,370 cases. Taxes recovered during the period by way of voluntary deposit stood at more than ₹1.29 lakh crore.

The evasion data includes ITC fraud of about ₹1.79 lakh crore in 44,938 cases between FY’21 to FY’25. Mr. Chaudhary said the Central Government and GSTN are taking various steps to prevent tax evasion, such as digitisation through E-invoicing, GST analytics, highlighting of outliers based on system-flagged mismatches, providing actionable intelligence and selection of returns for scrutiny and selection of taxpayers for audit based on various risk parameters.

GST officers detect ₹15,851 crore fraudulent ‘input tax credit’ claims in April-June; 3,558 fake firms uncovered

“These measures are helpful in safeguarding the revenue and nabbing the evaders,” Mr. Chaudhary said in a written reply in the Lower House.

To a question on the actual net Central GST collection compared to the Revised Estimates (RE), Mr. Chaudhary said net CGST collection was 96.7% of the RE in 2024-25 fiscal. Net CGST includes CGST+Integrated GST+compensation cess.

Actual collection stood at more than ₹10.26 lakh crore in FY’25, as against RE of nearly ₹10.62 lakh crore. In FY’24, net CGST collection was more than ₹9.57 lakh crore or 100.1a% of the RE of more than ₹9.56 lakh crore.

Tata Investment Corporation Ltd on Monday (August 4, 2025) reported an 11.6% increase in consolidated profit after tax at ₹146.3 crore in the first quarter ended June 30, 2025 on higher dividend income.

The company had posted a consolidated profit after tax (PAT) of ₹131.07 crore in the same quarter last fiscal, Tata Investment Corporation Ltd (TICL) said in a regulatory filing.

Consolidated total revenue from operations in the quarter under review stood at ₹145.46 crore, as against ₹142.46 crore in the year-ago period, it added.

TICL, a systemically important non banking financial company (NBFC), which has been classified by The Reserve Bank of India (RBI) as a middle layer NBFC, said its dividend income in the first quarter was at ₹89.16 crore, as compared to ₹84.08 crore in the corresponding period last fiscal.

Total expenses were marginally higher at ₹12.15 crore, as compared to ₹11.77 crore in the same quarter a year ago, the company said.

The company said its board has approved subdivision of the existing equity share having face value of ₹10 each into ten equity shares having face value of ₹1 each, fully paid-up subject to approval of the shareholders and any regulatory approvals.

Tamil Nadu Chief Minister M.K. Stalin, on Monday (August 4, 2025), inaugurated Vietnamese electric vehicle (EV) maker VinFast’s first manufacturing plant in India at Thoothukudi.

Spread across 408 acres at the SIPCOT industrial complex in Sillanatham in Thoothukudi district, the plant is expected to generate over 3,500 jobs in the next five years. It is part of a ₹16,000-crore investment pact inked between VinFast and the Tamil Nadu government during the Global Investors Meet last year.

Speaking after inaugurating the plant, Mr. Stalin said the facility was built in record time – within 17 months of the signing of the MoU
| Photo Credit:
N. Rajesh

The plant will initially have a production capacity of 50,000 vehicles per year, with the potential to reach 1,50,000 to meet future demand.

Speaking after inaugurating the plant, Mr. Stalin said the facility was built in record time – within 17 months of the groundbreaking ceremony.

Tamil Nadu Chief Minister M.K. Stalin with a VF7 model car as he launched the rollout of cars from the shop floor
| Photo Credit:
Special Arrangement

Highlighting Tamil Nadu’s reputation as a manufacturing powerhouse, he said, “Chennai is India’s Detroit.” He added that Thoothukudi was also fast emerging as an automotive hub.

Pointing out that VinFast had provided jobs to hundreds of local youth under the ‘Naan Mudhalvan’ initiative, he said its investments would drive growth and development not only in Thoothukudi but also in other southern districts of the State.

The plant will initially have a production capacity of 50,000 vehicles per year, with the potential to reach 1,50,000 to meet future demand.
| Photo Credit:
N. Rajesh

Noting that VinFast’s parent company Vingroup also had other business interests including education, real estate, and hospitality, he invited the Vietnamese conglomerate to bring more investments into Tamil Nadu, adding that the State government would provide all necessary support.

‘Sign’ifying the launch

The Chief Minister put his signature on the bonnet of a VF7 model to launch the rollout of cars from the shop floor.

Chief Minister Stalin signing the first car
| Photo Credit:
Special Arrangement

Ministers T.R.B. Rajaa, Geetha Jeevan, and Anitha Radhakrishnan, Thoothukudi MP Kanimozhi, Chief Secretary N. Muruganandham, and VinFast Asia CEO Pham Sanh Chau were among those present at the event.

Tamil Nadu Chief Minister M.K. Stalin with VinFast Asia CEO Pham Sanh Chau and the staff at the newly-inaugurated EV manufacturing plant in Thoothukudi on August 4, 2025
| Photo Credit:
Special Arrangement

The government has notified a new framework for the edible oil industry, imposing stricter registration and reporting requirements on producers to enhance transparency and oversight, according to an official release.

The 2025 Vegetable Oil Products, Production and Availability (VOPPA) Regulation Order, notified on August 1 by the Ministry of Consumer Affairs, Food and Public Distribution, amends the Vegetable Oil Products Production and Availability (Regulation) Order, 2011, under Section 3 of the Essential Commodities Act, 1955.

Under the new framework, producers will face stricter registration and reporting requirements. They must apply for registration certificates through the Directorate of Sugar and Vegetable Oils in New Delhi, providing details such as factory location and production capacity as outlined in Schedule-I.

The amended order mandates monthly reports by the 15th of each month, detailing oil usage, production, sales and stocks to ensure better supply chain tracking and maintain availability of cooking oils at fair prices.

The amendment also strengthens enforcement mechanisms. The Director is empowered to inspect factories, demand information and seize stocks if false reporting is suspected. Non-compliance with orders is explicitly prohibited, with producers required to follow all directives.

These measures aim to prevent hoarding or misrepresentation and protect consumers from supply disruptions.

The amendment introduces clearer definitions for key terms including “Producer,” “Vegetable Oil,” and “Director (Directorate of Sugar and Vegetable Oils),” aligning them with the Essential Commodities Act, 1955, and the Collection of Statistics Act, 2008.

It removes outdated references like “de-oiled meal or edible flour” and scraps Schedule-III and Paragraph 13 to simplify regulations. The term “Clause” has been replaced with “paragraph” throughout, while “Chief Director” has been updated to “Director” for consistency.

Welcoming the move, the Indian Vegetable Producers’ Association (IVPA) said a key concern flagged by the government is the lack of consistent and comprehensive data across the industry, which limits effective policymaking.

“The organised sector, which maintains robust compliance standards, is well-equipped to provide data under the amended framework. However, the challenge lies in the highly fragmented unorganised sector, which comprises thousands of small mills and processing units, making data collection more complex,” IVPA said in a statement.

The association believes data quality and completeness will improve over time, supporting the shared objectives of policymakers, farmers, consumers and the industry.

The 2025 Amendment Order represents a step toward greater transparency and accountability in the vegetable oil industry through streamlined regulations and enhanced oversight to stabilise supply of this essential commodity.

Indian Oil Corporation (IOC), the country’s top refiner, has bought seven million barrels of September-arrival crude from the United States, Canada and West Asia via a tender, several trade sources said on Monday (August 4, 2025).

IOC’s large spot crude purchase comes after the arbitrage window for U.S. crude to Asia opened and as Indian state refiners paused buying of Russian crude oil on narrowing discounts. U.S. President Donald Trump has warned countries not to purchase oil from Moscow, which is under sanctions over its February 2022 full-scale invasion of Ukraine.

IOC bought 4.5 million barrels of U.S. crude, 5,00,000 barrels of Canada’s Western Canadian Select (WCS) and two million barrels of Das oil produced in Abu Dhabi, the sources said. They declined to be named because they were not authorised to speak to the media.

The higher-than-normal purchases are partly to replace Russian barrels, two of the sources said.

India, the world’s third-largest oil importer, is the biggest buyer of seaborne Russian crude.

Indian state refiners — IOC, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd — had not sought Russian crude in the past week or so, Reuters reported last week.

In IOC’s tender that closed on Friday (August 1, 2025), P66 and Equinor will each ship one million barrels of U.S. West Texas Intermediate Midland crude while Mercuria will ship 2 million barrels of the same grade, the sources said. Vitol will deliver one million barrels of WTI Midland and WCS, they added.

Trafigura will deliver two million barrels of Das.

Prices for the deals were not immediately available.

The purchases also came amid additional sanctions by the European Union on the Russian energy trade.

A joint venture between JSW Steel and Japan’s JFE Steel will invest ₹58.45 billion to expand production capacity of cold rolled grain-oriented electrical steel across two Indian plants to meet growing domestic demand, JSW Steel said on Monday (August 4, 2025).

JSW and JFE will equally fund a combined ₹19.66 billion for the expansion through equity, JSW Steel said. The added capacity will be commissioned in phases from fiscal year 2028. The company did the specify the source of rest of the funds.

Cold rolled grain-oriented electrical steel is mainly used in energy applications, and is considered to be more energy efficient, reducing carbon emissions.

JSW JFE Electrical Steel will raise production of the steel at its Nashik plant to 2,50,000 tons per annum from the current 50,000 TPA, for which the two companies plan to invest ₹43 billion.

The companies will invest the remaining ₹15.45 billion to augment capacity of an upcoming facility in Vijayanagar to 1,00,000 TPA from an originally planned 62,000 TPA, JSW Steel said in an exchange filing.

JSW JFE’s Nashik plant was bought in January from Germany’s Thyssenkrupp in a ₹41.59-billion deal.

Numaligarh Refinery Ltd (NRL) has signed an agreement with state-owned BSNL to deploy India’s first 5G captive non-public network (CNPN) in its area.

Chief Minister Himanta Biswa Sarma said it was a proud moment for Assam.

“@BSNLCorporate & @NRL_MoPNG have signed an MoU to set up India’s 1st 5G Captive Non-Public Network in the refinery sector. A big leap for #DigitalAssam & #AtmanirbharBharat- ushering IoT, AR/VR, Big Data into our industrial future,” he said in a post on X.

BSNL’s Chairman cum Managing Director Robert J Ravi said the partnership exemplifies the telco’s commitment to empowering India’s strategic sectors with next-generation digital infrastructure.

“The deployment of a dedicated 5G CNPN at NRL will mark a technological leap forward — not only in connectivity but in redefining how core industries can operate in the future. As a trusted public telecom provider, BSNL is proud to pioneer this journey toward a self-reliant, digitally intelligent Bharat,” he said.

An official of the NRL said the integration of 5G CNPN will not only enhance operational efficiency and cybersecurity but also enable transformative technologies such as AR and VR-based training, digital twins, and real-time IoT applications.

The agreement, signed at a workshop organised by the Union Finance Ministry in Guwahati on Saturday, is expected to set the stage for replicable models across other industrial sectors, a statement said.

As Wai Wai launched its new range of instant cup noodles last month, founder Binod Chaudhary took a moment to reflect on how it all began. The Nepal-based brand first hit the shelves in 1984, entering the market quietly, but it did not stay quiet for long. In no time, Wai Wai shook up the instant noodle scene.

The brand made its Indian debut in the Northeast, gradually winding its way across the country. So, what prompted Binod to take that first bold leap? He recalls a moment of serendipity: “That was 35 years ago. Travellers returning from Thailand with bags of instant noodles sparked my curiosity as a bystander,” he says. “The businessman in me spotted a gap. Even though Maggi ruled the market, I believed Nepal deserved its own brand.”

His decision was not met with universal support. “Many advised me not to bother,” he admits. “But facing those doubts only pushed me harder. I wanted to create something that would become a staple snack, and I’m proud we did.”

Wai Wai now positions itself as the third-largest instant noodle brand in India. It reported revenues of ₹800 crore and is aiming for ₹1,200 crore by 2026. What began as a single product has grown into a portfolio of 200 to 250 SKUs, with a footprint in over 30 countries.

Part of what made Wai Wai stand out from the very beginning was its packaging, and how people could eat it. Each pack came with a tastemaker, flavoured oil, and a spiced powder, offering more than just convenience. It offered choice.

“It was the versatility that set Wai Wai apart,” says Binod. “From day one, you could eat it straight from the packet as chur-mur (a type of snack where the ingredients are crushed and peppered with potatoes and spices), boil it into a hot noodle soup, or mix it into snacks like Wai Wai bhel or alu mimi, a comforting, runny potato curry with crushed noodles that’s popular in Darjeeling.”

The inspiration came from Thailand, where he had observed people eating noodles in all kinds of creative ways. “We took that idea and adapted it for Nepal. Especially the chur-mur style, in flavours like Schezwan and tomato — it really clicked with the younger crowd. Over time, it became a snack loved across generations.”

Wai Wai Akabare cup noodles

Wai Wai’s journey began in a modest factory in Saibu, Bhainsepati, in Nepal’s Lalitpur district. By 2006, the brand had made its first international leap, setting up a factory in Rangpo, Sikkim. Today, Wai Wai has product lines like Wai Wai Xpress and Wai Wai Quick, catering to a global audience.

But the idea was not just about noodles, it was about bold diversification. Binod Chaudhary, then running his family’s textile business, Arun Emporium, saw an opportunity in food. “I believed Nepalese consumers would welcome a different taste and more flexibility,” Binod says. “We introduced flavours like spicy chicken and veg masala, now pantry staples across Nepal and India. Our initial success at home gave us the confidence to grow into India, where we tailored products for local preferences with flavours like jain masala and tomato chatpata.”

To get the flavours just right, the early team travelled to Thailand, studying how noodles were made and consumed. “We kept the name ‘Wai Wai’ from the Thai brand — it was catchy and worked well in our markets,” Binod adds. “Flavours like classic masala and chicken were refined through trials and feedback. Our first taste-testers were our own families and young people in Kathmandu. That local connection mattered.”