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.

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.

A shipment containing sensitive F-35 components was mistakenly routed through Hong Kong due to a communication failure. The parts were initially supposed to travel through South Korea and Taiwan, which are US allies. A missed warning from a freight forwarder, indicating US export restrictions, allowed the error to occur. US authorities are investigating the circumstances of the routing and its implications for military supply chains.

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.

Fast Retailing, the owner of Uniqlo, has recorded a 32% boost in yearly profit fueled by soaring sales. The company has reached a key milestone as North America and Europe now outpace China in market size, addressing the challenges presented by declining sales in the Chinese market.

Chipotle stock jumped after a report that Starbucks has explored a potential takeover of the Mexican fast-casual chain. Heres what the reported interest means for CMG stock, Brian Niccols connection and Chipotles international expansion plans.

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.

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.

Prime Minister Narendra Modi called for global collaboration to address rising cross-border cybercrime during the 10th India Mobile Congress. He emphasized the importance of trust in digital services for their wider adoption and use. Modi proposed establishing a mechanism through GSMA and telecom operators to combat digital fraud effectively. India expressed readiness to share its experiences in tackling cyber threats with other nations.

Sean Diddy Combs is serving a 50-month sentence at FCI Fort Dix due to his recent conviction. Reports indicate he leads a luxurious life behind bars with special treatment from others. Combs allegedly has people cooking for him and providing massages while serving his sentence. He has been seen using a contraband cellphone for personal purposes, which raises security concerns.

Columbus Day 2026 is set for Monday, October 12, and will be recognized as a federal holiday. As a result, all federal offices and courts will be closed, while the U.S. Postal Service will not deliver regular mail. Many private businesses, including grocery stores and restaurants, will remain open, though hours may vary. Banks may also alter their operations, reflecting the status of Columbus Day as a Federal Reserve holiday.

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.

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.

Four Chinese zodiac signs may finally feel life getting calmer after October 9.The Fire Dragon Destruction Day helps Rooster, Rat, Monkey and Dragon clear stress, set stronger boundaries and regain control.

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 Supreme Court recently criticised the leniency shown by lower courts in commuting death sentences. The bench said that a line must be drawn due to increasing crime rates in the country. It observed that sentencing should consider societal interests and the severity of the crime.

The Trump administration has opened direct talks with Myanmars military-installed government, US officials said, marking a shift from Washingtons post-coup isolation policy. Talks led by Assistant Secretary Michael Vance initially focused on shutting scam centres targeting Americans and securing an Americans release, but could expand to Myanmars rare-earth resources.

Andhra Pradesh Chief Minister N Chandrababu Naidu met with Prime Minister Narendra Modi to discuss drought issues, highlighting the significant impact of the El Nino effect on Andhra Pradesh's agriculture sector. Naidu proposed the creation of a national water grid through river interlinking across southern states.

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.

In an engaging Instagram video, Thejaswini Reddy shared her transformative journey across Bengaluru, Hyderabad, and Dubai. She recounted how Bengaluru broadened her horizons with its rich cultural mosaic, while in Hyderabad she embraced independence through her management of groceries and chores. Her transition to Dubai revealed the critical role of professional networking, teaching her valuable lessons through job application hurdles. Each city uniquely shaped her personal and professional iden

On Thursday, various groups protested in Bengaluru against the special intensive revision of voter rolls. The protesters included activists, student organizations, and digital influencers voicing their concerns about transparency. They raised concerns about the process potentially excluding genuine voters and demanded a return to paper ballots. Key participants included YouTuber Dhruv Rathee and actor-activist Prakash Raj. The movement highlights issues surrounding voter registration and elector

The Supreme Court has ordered new elections in 50 municipal wards across Punjab. This decision follows a report detailing significant obstruction during the nomination process. The report highlighted incidents of candidates experiencing threats, assaults, and destruction of nomination papers. Fresh elections will take place in 28 wards in Patiala district and 22 in Moga. The local body elections originally occurred on December 21, 2024.

Five people, including two children, were injured after gas leaked from a cylinder pipe and triggered a flare-up at a hostel on the IIT Bombay campus in Mumbais Powai on Thursday night. The injured were taken to Rajawadi Hospital, with four later shifted to Kasturba Hospital for treatment.

Opposition INDIA bloc MPs faced police resistance during their protest march towards the Election Commission's office. After a meeting, they decided to visit Raj Ghat instead to observe a prayer. Prominent leaders like Rahul Gandhi and Mallikarjun Kharge participated in the prayer, highlighting issues with the Modi government. The number of attending MPs decreased compared to previous days, indicating some divisions within the bloc.

Microsoft stock fell nearly 2% as the US targeted Microsofts green card filings for H-1B workers, while Italy opened an investigation into Microsoft-owned gaming companies over virtual currencies, consumer protection and gaming practices.

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.

A plea has been filed in the Supreme Court regarding the appointments of Chief Election Commissioner Gyanesh Kumar. The petition raises constitutional concerns about the selection process for the Election Commission. It questions the composition of the selection committee responsible for these appointments. The plea emphasizes the need for public confidence in the poll panel's independence.

TCS reported a 15% year-on-year rise in September-quarter net profit to Rs 13,884 crore, while revenue grew 11.2% to Rs 73,188 crore. AI services revenue doubled to $3.1 billion annually, but constant-currency growth was just 0.5%. Margins narrowed to 24% as hiring and operating costs increased.

The Indian government is set to unveil the Overseas Mobility Bill following thorough public consultations and reviews among various ministries. This pivotal legislation aims to form a council dedicated to refining the management of overseas migration policies. It will develop a regulatory framework that safeguards vulnerable emigrants while enhancing overseas opportunities.

Israel marked three years since the October 7 attacks that resulted in significant casualties and hostages taken. Ambassador Reuven Azar emphasized the nation's determination to combat terrorism while strengthening ties with India. The gathering featured prominent figures, including former MP Tarun Vijay and Rabbi Ezekiel Isaac Malekar, who paid tribute to the victims. Meenakshi Lekhi expressed solidarity with Israel on behalf of Indias citizens during the program.

The Trump administration has suspended major tech companies from applying for permanent residency for foreign workers. Various companies, including Microsoft and Adobe, have been accused of abusing the H-1B visa program. U.S. Vice President JD Vance claimed that Microsoft replaced laid-off American workers with foreign workers. Labor Secretary Keith Sonderling stated that nearly 3 million foreign workers were requested by these companies.

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.

'Something weird is going on': JD Vance announces probes into colleges for potential visa fraud

With the midterm elections approaching, only 30% of Trump voters express strong enthusiasm about voting. In contrast, 48% of Harris voters are very enthusiastic, indicating a significant gap. This discrepancy may affect overall voter turnout in the upcoming elections. Meanwhile, Trump's approval rating has reached a record low, which is impacting his supporters' motivation. Addressing these challenges is crucial for both parties as they prepare for November 3.

Myrto Kalouptsidi, Harvard professor of international economics, explains how shipping disruptions at chokepoints such as Hormuz, Suez and Ukraine can sharply reduce effective fleet capacity, trigger volatile freight rates and raise goods prices. She also discusses empty ships, global trade imbalances, Chinas shipbuilding dominance and climate change risks to maritime infrastructure.

Student loan borrowers may get a valuable tax break in 2026. The IRS still allows eligible taxpayers to deduct up to $2,500 in student loan interest from income. But the full benefit is not available to everyone. As income rises, the deduction gradually shrinks and can disappear once certain limits are reached.

In a recent legal development, the Supreme Court has highlighted potential issues with the DGP appointment regulations in Jharkhand, suggesting they may contravene earlier court decisions. As a result, DGP Tadasha Mishra's position is under review, prompting the state government to consider amending its selection process. Future court sessions will be crucial in evaluating the legitimacy of these 2025 regulations.

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.

The Weekly October Horoscope highlights one especially lucky day for every zodiac sign between October 12 and 18, 2026.Career opportunities, partnerships and moments of clarity could create important turning points during the week.

Vice President JD Vance announced that Microsoft has been suspended from the skilled foreign worker visa program. This decision coincides with President Donald Trump's intention to accolade tech giants, including Microsoft CEO Satya Nadella. Vance condemned Microsoft's actions, stating their layoffs of U.S. employees contradict their reliance on H-1B visas, suggesting they misused the system.