The Economic Times

Indian flydubai pilot Captain Smit Machchhar will receive Israels Presidential Award for Civilian Heroism for his bravery during an alleged mid-air hijacking attempt on September 30. Despite sustaining severe injuries in an attack by his co-pilot, Machchhar managed to open the cockpit door, allowing passengers and off-duty crew members to restrain the attacker. He is currently recovering in an Abu Dhabi hospital.

Nana Patekar, the veteran Bollywood actor, was pronounced dead upon arrival at Manipal Hospital. The police have registered an Unnatural Death case following his demise at his residence. His son, Malhar Patekar, spoke fondly about his father's eternal impact on the world. Many noted the loss of Patekar's candid mentorship and friendship in the film industry. Tributes have been pouring in from admirers and fellow actors after the news broke.

India reaffirmed its dedication to human rights during the 63rd session of the UN Human Rights Council. The country emphasized the need for equality and voiced concerns regarding victims of terrorism. Furthermore, India highlighted its commitment to global governance reform and the welfare of its diaspora abroad. The nation's position on climate change and artificial intelligence was also discussed during the session.

INDIA bloc MPs will convene to protest alleged electoral misconduct referred to as 'vote chori'. They have sought a meeting with President Droupadi Murmu but await a response from Rashtrapati Bhavan. This follows multiple protests against Chief Election Commissioner Gyanesh Kumar, with recent sit-ins held at Rajghat. The Election Commission has faced criticism due to objections raised by its commissioners about electoral processes.

Apple has appointed Steve Smith to head mergers and acquisitions, transitioning from Adrian Perica's previous role. Adrian Perica will now focus solely on the services division and report to Eddy Cue. The memo detailing the changes also mentioned Carson Oliver's promotion to vice president of the App Store. Apple continues to implement management shifts under the leadership of CEO John Ternus.

Free Fire MAX redeem codes for October 9, 2026, offer players a chance to claim free in-game rewards, including skins, outfits and other items. Check the list of codes, learn how to redeem them through Garenas official website, and understand why some codes may not work due to expiry dates, regional restrictions or redemption limits.

Telangana Chief Minister A Revanth Reddy emphasized the need for India to embrace innovative internet solutions. He responded to Elon Musk's claims regarding Starlink being blocked by local interests. Reddy insisted that Brand India should not be weakened for any domestic distractions. The Central government maintained compliance with security norms is mandatory for satellite communication licensees. Rahul Gandhi's comment hinted at the underlying tensions in the situation.

Winter in India: The IMD has forecast heavy rainfall in parts of Tamil Nadu, Kerala and Karnataka, with a low-pressure area likely to form over the southeast Bay of Bengal around October 13. The Southwest Monsoon is expected to withdraw from the entire country by mid-October, as the Northeast Monsoon sets in over south Peninsular India. India recorded a 72% rainfall deficit during October 1-7.

Raytheon has secured a significant contract with the US military valued at $6.3 billion. This contract focuses on producing and maintaining Standard Missile-3 Block IB interceptors for missile defense. The award is part of efforts to rebuild military stockpiles depleted due to various conflicts. Additionally, Raytheon has previously received another substantial contract for Standard Missile-6 interceptors.

The United States has announced a new round of sanctions against Iranian entities and individuals involved in oil trade. These actions focus on disrupting Iran's oil revenues and targeting its sanctions-evasion networks. The Treasury identified 27 companies, six individuals, and 22 vessels in its sanctions list. The measures are part of Operation Economic Outcast and seek to diminish Iran's economic lifelines.

Hurricane Isaias is predicted to become a dangerous storm as it approaches the Gulf Coast. Preparations are underway, including evacuations and securing boats in coastal areas. The hurricane could bring severe weather, including high winds and heavy rainfall, affecting multiple states. Oil production is also being impacted significantly due to shut down operations in the Gulf. Communities are urged to prepare as conditions are expected to rapidly deteriorate.

PepsiCo plans to raise prices on certain snack foods and beverages due to increased costs. The price increase will be in the single-digit percentage range, although it remains lower than earlier this year. Consumption patterns indicate demand in their international market, contributing to a revenue rise of 5.6%. However, the North American beverage business continues to struggle, leading to adjusted earnings expectations.

Donald Trump presented Elon Musk with the top US science medal on Thursday, as the rocket tycoon fully returned to the president's orbit after an explosive bust-up. Trump and Musk gave an amiable if awkward performance on Thursday, with president patting the tycoon on the back and giving him a wooden case containing his medal.

Meta has implemented an immediate ban on advertisements from ByteDance across its platforms in multiple countries. This decision affects various locations including the US, Canada, and Japan. The ban also targets related third-party advertisements referencing TikTok and other ByteDance services. In response to this rivalry, Meta asserts that it will continue competing on quality and user experience. TikTok has yet to publicly comment on Meta's advertising ban and actions.

The GST Council recently approved substantial reforms to simplify the indirect tax structure and improve compliance. These changes include raising prosecution thresholds and decriminalising several offences, signifying a major shift in GST law. Finance Minister Nirmala Sitharaman outlined plans for these reforms to take effect from April 1 next year. Experts believe these measures will enhance business operations and support economic growth.

The US military will execute Nidal Hasan by firing squad at Fort Hood. Hasan, responsible for the 2009 Fort Hood shooting, will be the first to face this execution method since 1945. Defense Secretary Pete Hegseth announced that the execution will be made public and livestreamed. This decision underscores the seriousness of the consequences for such actions in the military.

Morning Brief Podcast: Why Airfares Are Rising: The War, Costlier Fuel and Fewer Flights

A Bitcoin stash worth about $29 when mined in 2010 has moved for the first time in roughly 16 years. The 100.02 BTC was transferred on October 7 and was worth around $8.3 million at the time, with the coins sent to two new addresses.

OpenAIs annualized revenue reached about $50 billion at the end of September, nearly $20 billion below earlier reports. The update sent Nvidia, Oracle and CoreWeave shares lower, while new figures showed OpenAIs revenue run rate had still grown more than 70% since the start of the third quarter.

The Moon has a new man-made crater. A discarded SpaceX Falcon 9 stage struck the lunar surface on August 5, 2026, near Einstein Crater. NASA, South Koreas Danuri orbiter and Earth-based telescopes tracked the impact. Scientists are now studying the debris and chemical clues to better understand lunar impacts.

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.

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.

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.