Business
FBR removes ‘estimated market value’ column from 2025 tax return form | The Express Tribune

The Federal Board of Revenue has removed the “estimated fair market value” column from the 2025 income tax return form following directions from Prime Minister Shehbaz Sharif to ease the filing process.
A committee led by Federal Law Minister Senator Azam Nazeer Tarar was formed by the prime minister to review the column, which required filers to declare the estimated market value of their movable and immovable assets.
Members included the federal petroleum minister, minister of state for finance, attorney general, secretary finance, FBR chairman and senior officials.
Read: FBR sets new system for Customs
After meeting on September 26, the committee recommended dropping the column to simplify tax returns. The prime minister approved the recommendation, prompting the Federal Board of Revenue (FBR) to remove the requirement.
The FBR clarified that the column had been introduced only for data collection to support the Economic Survey and had no impact on income assessment or tax liability.
Taxpayers are urged to file accurate returns before the September 30, 2025, deadline.
Earlier, FBR clarified misleading social media claims, stating the requirement was part of the original return form notified on July 7. Officials noted that many filers had entered ‘0’ as the asset value, a practice that was later restricted.
Read more: FBR scans social media for evasion
Crucially, the FBR confirmed that taxpayers who have already filed their returns will not need to re-file them, as the asset value entries will be disregarded for tax purposes. No tax notices will be issued for errors in that specific column.
The board urges all eligible citizens to file their returns before the deadline of September 30, 2025.
Business
Mumbai Airport Witnesses Arrival Of Over 5 Million International Passengers In 8 months

New Delhi: Chhatrapati Shivaji Maharaj International Airport (CSMIA) welcomed over 5 million international passengers between January 2025 and August 2025. Over the past three years, international arrivals at the airport have grown at a compound annual growth rate (CAGR) of 21 per cent, highlighting Mumbai’s ever-burgeoning prominence on the global travel map.
According to a media release, with direct connectivity to 55 international destinations, CSMIA has solidified its position as one of the most globally connected airports in the region. The UAE remains CSMIA’s largest source market, contributing 1.5 million arriving passengers between January and August 2025. England and Thailand follow with 0.38 million and 0.32 million arriving passengers, respectively.
“CSMIA’s growing connectivity is also reflected in the seven new international routes added between April 2024 and 2025, linking Mumbai with Al-Fujairah, Tashkent, Krabi, Almaty, Amman, Manchester, and Tbilisi. Meanwhile, emerging destinations such as Colombo (0.17 million arriving passengers), Kuwait (0.16 million), and Dammam (0.16 million) have become significant contributors to passenger volumes in 2025, highlighting evolving travel trends through Mumbai. This expansion demonstrates CSMIA’s growing global connectivity and its role in supporting both business and tourism,” the release said.
Between January and August 2025, arrivals rose steadily to over 5 million, compared with 4.8 million during the same period in 2024 and 4.1 million in 2023. The release also stated that between August 2024 and August 2025, the airport handled 8.24 million international arriving passengers.
January 2025 emerged as a milestone month, with 0.69 million international arrivals, marking a 415 per cent increase compared to January 2022, when post-COVID travel recovery had just begun.
Beyond being a transit hub, CSMIA offers a uniquely local experience, ensuring that every traveller’s journey begins with a taste of Mumbai’s spirit, warmth, and hospitality. “By combining international connectivity with these distinctly local experiences, the airport ensures that every passenger’s journey starts with a sense of Mumbai’s culture, heritage, and charm, reinforcing the city’s role on the global travel map — a fitting reflection of the spirit celebrated on World Tourism Day,” the release concluded.
Business
Trade tensions: India, Brazil, South Africa slam unilateral tariffs; ‘discriminatory’ and ‘inconsistent’ with WTO – The Times of India

India, Brazil and South Africa have raised concerns over unilateral tariffs and other coercive trade measures, saying such steps risk destabilising global markets and undermining the World Trade Organisation (WTO).At a meeting under the IBSA framework (India, Brazil, South Africa), the three nations described these measures as “discriminatory” and “inconsistent” with WTO rules.The meeting was attended by external affairs minister S Jaishankar, Brazilian foreign minister Mauro Vieira, and South African minister Sindisiwe Chikunga.
The ministers had also urged for urgent reforms to the UN security council, Jaishankar said.In a statement, IBSA stressed the importance of a fair, balanced and mutually beneficial global trading system.It added, “They (the ministers) reaffirmed their commitment to strengthen the centrality of the rules-based, transparent, non-discriminatory, fair, equitable, open, and inclusive multilateral trading system, with the World Trade Organization (WTO) at its core and its role in promoting predictability, stability, legal certainty and a level playing field for international trade.”Last month, the US imposed 50% tariffs on India and Brazil, raising tensions further.The ministers expressed “serious concern over the imposition of unilateral tariff and other discriminatory and protectionist measures, particularly measures used as a means of coercion, noting that such actions are inconsistent with the WTO and risk undermining the rules-based multilateral trading system as well as destabilising world markets fostering greater fragmentation and instability.”The three countries also highlighted their commitment to reforming and strengthening the multilateral trading system. The statement also noted disappointment that the WTO’s commitment to a fully functioning dispute settlement system by December 2024 has not been met. The ministers stressed the need to urgently restore an effective two-tier WTO dispute settlement system.Agricultural trade was another key focus. The ministers said it must remain free from unilateral, protectionist measures. “Transparent, open, reliable, non-discriminatory, and uninterrupted international trade in agriculture and its inputs is one of the important avenues to address the global food security crisis,” the statement said.“The ministers also reaffirmed their commitment to strengthening even further agricultural cooperation among IBSA, including within multilateral organisations,” it added.
Business
From Makhana To Shahi Litchi, GST Rejig To Boost Bihar’s Economy, Ramp Up Exports

New Delhi: The recent GST rate rationalisation is set to boost Bihar’s economy, rooted in agriculture, handlooms, handicrafts and food processing — easing the burden on consumers, supporting rural livelihoods, strengthening MSMEs and enhancing competitiveness in exports, an official statement said on Saturday, as reported by IA.
From makhana farmers in Mithila to silk weavers in Bhagalpur, dairy producers linked with Sudha, and engineers at Madhepura’s rail factory, the GST reforms are expected to reach across the state’s traditional and modern sectors alike. The impact will be visible across agriculture, handlooms, handicrafts, dairy, fertilisers, rail manufacturing, bamboo and cane crafts, and emerging areas such as AYUSH and honey.
The reforms will boost agriculture with Makhana, Shahi Litchi and processed foods gaining from GST cuts, benefitting lakhs of farmers and MSMEs. It will also bring relief to Sudha’s 9.6 lakh farmers, supported through GST-free milk and paneer and lower rates on ghee, butter and ice-cream.
Handlooms and crafts like Bhagalpuri silk, Madhubani art, Sujini and Patharkatti stone carving will become more competitive, and farmers will benefit from cheaper fertilisers, micronutrients and machinery with 7-13 per cent expected cost savings.
In an industry push with rail hubs, AYUSH products and honey clusters will see 6-13 per cent relief in costs in the state. Bihar produces 80-90 per cent of India’s makhana, sustaining about 10 lakh families engaged in cultivation and processing. The crop is concentrated in northern Bihar’s Mithilanchal region, grown in pond networks across Darbhanga, Madhubani, Purnea, Katihar, Saharsa and adjoining districts.
With GST on makhana-based snacks reduced from 12 per cent to 5 per cent, processors and exporters are expected to gain from an effective cost reduction of about 6-7 per cent, making the product more competitive in both domestic and overseas markets. Muzaffarpur’s GI-tagged Shahi Litchi, also grown in Vaishali, Champaran, Sitamarhi and Samastipur, sustains thousands of small farmers and seasonal workers.
Bihar accounts for nearly 35 per cent of India’s litchi output. With GST on juices, jams and pickles reduced from 12 per cent to 5 per cent, there is an expected cost saving of 6-7 per cent, encouraging more local processing and supporting access to niche markets in the Gulf.
Bihar’s MSME clusters in Patna, Hajipur and Bhagalpur handle a wide variety of processed foods, with micro-units and women-led SHGs engaged in snacks, pickles, bakery and sauces. Brands like Sudha cater to Bihar and East India, while makhana-based products are reaching pan-India markets.
Bhagalpur industrial estate alone hosts over 40 food and agro units, with new food park and bottling projects adding jobs. With GST on biscuits cut from 18 per cent to 5 per cent and on namkeens and sauces from 12 per cent to 5 per cent, prices are expected to fall by 6-11 per cent, supporting demand and strengthening MSME margins.
A backbone of Bihar’s rural economy, the dairy sector sustains about 9.6 lakh mostly marginal farmers through COMFED (Sudha), with strong participation of women in collection and SHGs. Processing, chilling, transport and retail provide thousands of jobs across the state, anchored in hubs like Patna and Barauni. With UHT milk and paneer now GST-free, ghee and butter cut from 12 per cent to 5 per cent, and ice-cream from 18 per cent to 5 per cent, products are expected to be 5-13 per cent cheaper.
These cuts will ease working capital pressures on dairies, strengthen cooperative networks, and improve affordability for households across Bihar and East India, according to the official statement.
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