The Economic Times

PwCs Pratik Jain said the GST Councils latest measures mark the third phase of the tax reform, shifting focus to bolder policy changes and ease of doing business. He said wider refunds for input services and capital goods, along with ITC on employee insurance, could ease working-capital stress and lower costs.

Deloitte Indias MS Mani said the latest GST reforms reflect growing trust between government and industry, with technology enabling simpler compliance and more targeted enforcement. He said easier registration, annual returns with quarterly payments, return corrections and removal of arrest provisions could reduce compliance fears and bring more businesses onto the GST platform.

EY partner Bipin Sapra said the GST Councils latest reforms address input tax credit blockages, expand refunds, support exporters and streamline tax administration. He said rationalising Section 17(5) could reduce tax cascading and costs for businesses, while decriminalisation and removal of arrest powers should create a more conducive business environment.

Milind Soman is a perfect example of being in great shape at the age of 60. His strong, well-built body at this age will set a great example for anyone looking to achieve fitness goals. The actor recently did something amazing - he finished two full Ironman triathlons in just six days. Each tough event includes swimming 3.8 kilometers, cycling 180 kilometers, and running a full marathon that is 42.2 kilometers long.

From its rollout in 2017 to GST 2.0, Indias goods and services tax has evolved into a more digitised and predictable tax regime. Over nine years, the system has seen changes in tax rates, slabs, compliance and technology, reshaping how businesses manage indirect taxes and interact with the tax administration.

Apple is set to unveil several smart home products at its upcoming event on October 13, including a smart home hub. This new hub is expected to have a 6-inch display and will combine various functionalities. Updates to the HomePod mini and Apple TV 4K are also anticipated, featuring improved technology and capabilities. The event will take place in New York and may include a hands-on experience for media members.

More than 16 lakh small businesses with turnover up to Rs 5 crore could benefit from a simplified GST compliance regime, under which they would pay tax quarterly but file one return annually. The overhaul also rationalises penalties, waives late fees and simplifies registration for eligible small e-commerce sellers.

The GST Council has clarified that highway concessionaires collecting exempt tolls will face no GST liability on the toll collection right, regardless of whether concession payments are made upfront or over time. It also said GST on road maintenance services will arise when funds are actually drawn against expenditure, not merely parked in escrow.

Nearly 38,700 export taxpayers will become eligible for cash refunds on input taxes paid on services and plant and machinery under GST reforms. The Council also approved automatic release of 90% of refund claims after risk checks, faster acknowledgements and wider export benefits for service providers and manufacturers.

Thermax has set its sights on attracting external investors to its renewable energy subsidiary, First Energy. By contemplating a major stake sale, the company aims to overcome operational challenges and elevate its performance levels. First Energy, with its 800 MW capacity, is looking to enhance service delivery, reflecting a growing inclination in the renewable energy domain for partnerships that facilitate expansion and development.

GST reforms treating contract manufacturing for foreign principals as exports could boost Indias appeal as companies relocate parts of their supply chains. Expanded refunds covering input services and capital goods, faster 90% refunds and measures to release blocked tax credits are also expected to unlock working capital and support investment.

The Food Safety and Standards Authority of India (FSSAI) said the product was advertised as providing high-protein support for preserving lean muscle during GLP-1/GIP therapies, commonly used in weight-loss treatment.

The GST Council has recommended allowing employers to claim input tax credit on GST paid for health and life insurance policies taken for employees. The move could reduce the effective cost of employer-sponsored coverage, particularly benefiting small businesses, while making group health insurance more affordable and improving employee benefits.

Banks are expected to report a nearly 60% decline in treasury income for the July-September quarter. Analysts predict treasury gains to decrease from 13,100 crore last year to 5,500 crore this year. Rising government bond yields have negatively impacted investment portfolios, leading to lower gains. Public sector banks will feel a more pronounced effect due to their larger government securities portfolios.

Elon Musk is pushing for Starlink's approval in India while alleging that oligarchs are blocking its entry. He emphasizes that Starlink has complied with all regulations for five years without receiving a license. The government has stated that all involved parties are at the same regulatory stage awaiting security approvals. The ministry insists that compliance with security conditions is mandatory before moving forward.

Major technology companies like Google, Amazon, Meta, and Apple are increasingly purchasing renewable energy in India. Their expanding data centers are significantly driving the demand for clean electricity. Research predicts that renewable capacity for data centers could grow to 32.4 GW by 2030. These companies are pursuing long-term power purchase agreements to secure renewable energy directly from developers.

Dr Lal PathLabs, in a regulatory filing, said that it received an intimation on Wednesday regarding an appeal filed by the I-T Department before the Income Tax Appellate Tribunal (ITAT), New Delhi.

GST reforms 2026 will move around 2 lakh businesses operating across multiple CGST jurisdictions towards a centralised, faceless tax administration, Finance Minister Nirmala Sitharaman said. The framework will cover scrutiny, audits, adjudication, appeals and taxpayer services, with public consultation planned before Budget 2027 and implementation targeted for FY28.

The Supreme Court has made a significant ruling in favor of the Goa government's approach to managing iron ore dumps. This decision allows former mining leaseholders to clear their inventory mine dumps without conducting a public auction. The court stressed the critical need for environmental protection in this context, cautioning against dire outcomes.

The Reserve Bank of India is engaged in dollar sell-buy swaps to stabilize the rupee's value. However, this has resulted in higher forward premiums, making it expensive for foreign investors to hedge. As a consequence, some foreign investments in rupee-denominated assets may decline. Additionally, companies are opting to borrow in rupees and exchange for dollars due to favorable local rates.

The US health regulator completed a Pre-Approval Inspection (PAI) at the company's FTO-11 manufacturing unit from October 5-7, Dr Reddy's Laboratories said in a regulatory filing on Thursday.

Airlines like Air India and Akasa Air have announced increased fuel surcharges for both domestic and international flights. The rise in aviation turbine fuel prices has significantly impacted operational costs for carriers. Domestic surcharges will be effective on new bookings from October 9, as the festive season approaches. International surcharges vary depending on destination, reflecting additional costs incurred by airlines.

Airlines such as Air India Express and IndiGo are cancelling flights to and from Riyadh due to security issues. Several airlines have cited evolving conditions affecting civilian air travel in the region. Passengers affected by these cancellations are being offered options for refunds or rescheduling. India's Ministry of External Affairs condemned attacks on airports, affirming the unacceptable targeting of civilian infrastructure.

Long before Amitabh Bachchan became a superstar, he formed a lasting friendship with fellow actor, Libra, and Bollywood heartthrob Vinod Khanna. After Khanna passed away in 2017, the superstar took to his blog to recall his bond with the Amar Akbar Anthony actor and spoke at length about his generosity.

Russia's exports of yellow peas and sunflower oil to India have been disrupted by ongoing conflicts. As a result, prices for yellow peas have risen from 40 to 46 per kg in the last two months. Importers report that shipments from Russia have not occurred recently, affecting the availability of yellow peas. Meanwhile, sunflower oil shipments are also hindered, causing expectations of higher prices in the near future.

The Centre plans to significantly change the regulations governing animal experimentation. The proposed rules aim to allow institutional ethics panels to approve most experiments. Currently, only small animal experiments can be approved at the institutional level while larger ones require central oversight.

India and Singapore are considering plans for a 2,000 MW cross-border power interconnection that could enhance energy security. The proposed land-based transmission corridor would connect Imphal in India to Singapore via Myanmar, Thailand, and Malaysia.

Goyal said that the nine free trade agreements finalised by India in recent years provide huge business opportunities for exporters. He urged industry chamber CII to set up FTA utilisation cells in states.

Beginning October 9, the government will implement a rigorous verification process of sugar stocks due to discrepancies discovered in both sales and GST data from sugar mills. With festival season approaching, the demand for sugar is increasing, putting pressure on mills to meet their sales quotas. Any mills failing to comply with these requirements may face legal actions for record discrepancies.

India has joined the US, EU, UK and 12 other economies in a joint statement to tackle structural excess capacity and production, despite facing a US trade probe over alleged overcapacity. The signatories will examine key sectors including EVs, batteries, chemicals, semiconductors and solar panels through dedicated sectoral platforms.

Prime Minister Narendra Modis call for a global framework to tackle cyber fraud and deepfakes, alongside his push for India-made products and innovation, has drawn support from telecom industry leaders. At India Mobile Congress 2026, executives said the sectors next phase must focus on secure connectivity, AI, trust and global technology leadership.

In Kilrush, County Clare, retired wind turbine blades are transformed into public infrastructure such as a pedestrian bridge. This project, led by Clare Local Development Company and BladeBridge, emphasizes the concept of a circular economy. Sections of the blades are also used to create benches and picnic tables for public spaces. Approximately 11,000 tonnes of wind turbine blades are expected to be decommissioned in Ireland by 2026.

The USDA has slashed its expectations for Indian sugar production in the 2026/27 season to 29.5 million metric tons due to a forecasted rainfall shortfall. This predicted deficit is set to impact sugarcane's sucrose level and decrease the area available for effective harvesting. Moreover, looming drought conditions are likely to disrupt milling operations by early 2027.

Prime Minister Narendra Modi on Thursday welcomed the new round of GST reforms approved by the Goods and Services Tax (GST) Council, saying the measures will enable faster decisions, lower compliance costs, automated refunds and a trust-based administration.

Salman Khan gives youths stiff competition when it comes to being fit, muscled, and robust without weight gain. However, the Hum Aapke Hain Kaun star revealed that, unlike many of his peers, he is a foodie. He balances his love for food with regular exercise, and his diet also includes a lot of lean protein.

The government is aiming to cap trade margins on anti-cancer medications at 30%. An expert committee has been tasked with compiling a report by October 14 on eligible drugs. The move targets the excessive mark-ups currently averaging 170% for various non-scheduled anti-cancer medicines, potentially saving around Rs 2,500 crore and enhancing affordability for patients.

The Food Safety and Standards Authority of India has sent notices to multiple firms, such as Dr Reddy's and Nestle Health Science, regarding dubious product claims. The FSSAI pointed out potentially misleading information related to muscle strength, immunity boosting, and energy metabolism. This can mislead consumers about true health benefits. The implicated companies are mandated to justify their claims and may encounter future sanctions.

Jio Platforms MD Akash Ambani said the company will continue to focus on affordability while delivering quality services, even as rivals raise tariffs. His comments came after Bharti Airtel increased postpaid prices by Rs 50. Ambani also outlined Jios technology ambitions, including its satellite stack and planned low-Earth orbit constellation.

Manipur Chief Minister Yumnam Khemchand Singh urged Union minister Nitin Gadkari to expedite key road projects, including construction of the Shangshak-Tengnoupal Highway and sanction of an elevated highway in Imphal. He also sought completion of ongoing works on National Highways 37 and 2 this working season to improve connectivity.

Florida is incentivising contractors to help combat the invasive Burmese python population through a conservation program offering hourly wages and bonuses based on the size of the snakes they catch. While this initiative promotes community involvement and includes competitive events, hunters face unpredictability in their income, as finding these elusive reptiles often demands significant skill and time investment.

An independent committee examining Jaypee Infratech homebuyers grievances has found most allegations of construction delays, poor quality, labour shortages and fund diversion to be genuine. The committee said Suraksha Group had failed to meet key resolution-plan obligations, including arranging Rs 3,000 crore in working capital, and urged urgent tribunal intervention.

In a bid to manage liquidity, the Reserve Bank of India executed a 29-day variable rate reverse repo auction, yet banks only stashed away Rs 79,655 crore instead of the anticipated Rs 2 lakh crore. Early fund withdrawal was permitted, but participation remained tepid, mostly because of the daily VRRR options available. The existing inter-bank surplus liquidity sits at Rs 4.24 lakh crore, highlighting ongoing hurdles in monetary transmission.

Novak Djokovic plans to reach out to Jannik Sinner after his injury led to season cancellation. Sinner has been suffering from knee inflammation, causing him to withdraw from major tournaments. Djokovic understands the difficulties of recovery, having faced his own injury challenges in the past. He expressed that Sinner's absence will be felt in the tennis world and praised his achievements this year.

Union Heavy Industries and Steel Minister HD Kumaraswamy has challenged Chief Minister DK Shivakumar regarding an alleged sting operation. Kumaraswamy stated that if evidence exists, it should be presented to the public. He questioned why individuals involved in the sting operation were not arrested if they were known to the police. Additionally, he suggested the establishment of a Special Investigation Team to probe the matter.

Old dupattas can be transformed into various functional items, encouraging sustainability and creativity. Cushion covers can highlight the embroidered sections of dupattas for a decorative touch. Additionally, sturdy cotton dupattas can be made into storage baskets for organizing household items. Decorative wall hangings can add vibrant colors and patterns to living spaces using old dupattas. Finally, converting dupattas into reusable gift bags promotes eco-friendly practices during special occa