The Goods and Services Tax (GST) Council is set to discuss proposals aimed at transforming the complex indirect tax system into a more business-friendly regime, focusing on simplifying compliance, reducing administrative burdens, and potentially raising the prosecution threshold.
The US-India Business Council announced the appointment of Indra K Nooyi, CEO of PepsiCo, to its Board of Directors. The USIBC is a business advocacy organisation representing 250 of the largest US companies investing in India and two dozen of India's largest global companies, it said in a statement.
Condemning the terror attacks on Mumbai as a cowardly act, the UK India Business Council has said that the strikes have taken terrorism in India to a whole new level.
The GST Council is set to consider a proposal allowing businesses to file for GST registration in multiple states via a single application and standardise the documents required by tax officers, aiming to enhance ease of doing business.
The GST Council, chaired by Finance Minister Nirmala Sitharaman, has begun deliberations on significant reforms, including decriminalising nine offences, softening provisions for 24, and raising the threshold for criminal prosecution to Rs 5 crore. The proposed changes also include scrapping the arrest powers of GST officers and introducing an 'invoice matching system' to combat fake input tax credit claims, aiming for a trust-based taxation approach and enhanced ease of doing business.
India's GST Council has approved changes allowing small online sellers to register in states without physical premises by using an e-commerce operator's warehouse as their principal place of business, aiming to boost national sales for small businesses.
Shailesh Rao has also served as a director for Google based at the company's headquarters in California and was instrumental in the launch of Google Maps and Google Earth globally.
The GST Council is set to discuss the application of GST on merchant fees for UPI transactions exceeding Rs 2,000. This comes as a new Merchant Discount Rate (MDR) of 0.4% (capped at Rs 300) is effective from October 15 for such transactions, which, as a service, would typically attract an 18% GST levy. The Council's decision is anticipated to consider consumer interests, with merchants potentially able to claim Input Tax Credit.
Delhi Police have taken stringent measures to prevent the Cockroach Janta Party's 'Lehra Do Tiranga' march in Connaught Place, deploying thousands of personnel and citing prohibitory orders under Section 163 of the BNSS due to risks of traffic disruption, stampede, and threats to public safety.
Finance Minister Nirmala Sitharaman announced that the Goods and Services Tax (GST) Council's October 7 meeting will focus on 'GST 2.0' process reforms, including e-invoicing and input tax credit rules, while also addressing complex issues surrounding the taxation of the digital economy and cryptocurrency.
South African President Cyril Ramaphosa on Friday described BRICS as an important global forum, highlighting the grouping's growing demographic and economic weight and noting that its members account for around half of the world's population and 40 percent of global GDP.
A simplified GST registration facility for small e-commerce sellers, allowing them to register in other states by declaring the e-commerce platform's warehouse as their principal place of business, will be enabled from November 1. This move aims to encourage small businesses to expand beyond their home states.
India's Next-Gen GST reforms are proving instrumental in driving robust economic growth, simplifying tax compliance, and fostering a more inclusive business environment across the nation, aligning with the vision of a 'Viksit Bharat', writes Finance Minister Nirmala Sitharaman.
The GST Council has approved a proposal allowing pharmaceutical companies to claim Input Tax Credit (ITC) on free samples and goods destroyed or written off due to expiry, effective from the next fiscal year. This move aims to support manufacturing, liquidity, and exports within the sector.
The Goods and Services Tax (GST) Council has announced that Input Tax Credit (ITC) will now be available on health and life insurance policies provided by employers to their employees, a move expected to significantly reduce costs for businesses, especially MSMEs.
Chief Justice of India Surya Kant sharply criticised the Bar Council of India (BCI) for its 'uncalled for' interference in a protest by NALSAR University of Law students, asserting that students have a right to protest and that the matter was a 'dialogue between students and me'. The BCI had initially ordered that 2026 NALSAR graduates not be enrolled as advocates, an order it later reversed.
The Payments Council of India has confirmed that Unified Payments Interface (UPI) services will continue to be free for consumers and small merchants, despite a recent Lok Sabha Bill. This clarification addresses concerns about potential charges, emphasising that while a sustainable financial model for UPI infrastructure is being developed, transaction charges will not be passed on to users or small businesses.
India's ruling Bharatiya Janata Party (BJP) is actively courting Sri Lanka's Janatha Vimukthi Peramuna (JVP), a Marxist party with strong Sinhalese nationalist roots, marking a significant shift in bilateral relations despite ideological differences. This engagement, highlighted by a recent high-profile visit by JVP leader Tilvin Silva, aims to foster cooperation on economic projects and address New Delhi's concerns over slow progress in India-aided initiatives in the island nation.
75% of India's 60 million digital-payment merchants have never recorded a transaction above 2,000.
India's milk supply is struggling to keep pace with rising demand as heat, fodder shortages and low animal productivity threaten dairy production.
A new global survey by HP reveals that a majority of Indian students are concerned that while AI helps them work faster, it prevents them from learning material as deeply. Despite these worries, students remain optimistic about AI's role in future job markets and feel confident in using AI tools responsibly. The report calls for policymakers to focus on durable skills and core education.
Signing a memorandum of understanding in this regard with Confederation of Indian Industry's deputy director general Indrani Kar, World Bank President Robert Zoellick said the India Wildlife Business Council would lead the efforts to save tiger from becoming extinct.
Golf superstar Rory McIlroy has announced a multi-year partnership with global logistics company DP World. The collaboration will see DP World transport McIlroy's personalised fitness and recovery facilities across his PGA Tour and DP World Tour schedules, ensuring consistent training environments worldwide. This initiative highlights DP World's expertise in complex logistics and makes McIlroy a global ambassador for the company.
The Cockroach Janta Party (CJP) founder Abhijeet Dipke called for a 'Lehra do Tiranga' march in Central Park, Connaught Place, on Friday, despite the NDMC announcing the park's closure and Delhi Police citing prohibitory orders against mass gatherings. The march is part of an ongoing protest against Chief Election Commissioner Gyanesh Kumar over alleged irregularities in electoral rolls. Police have urged people to stay away, while Dipke questioned the authorities' stance on waving the national flag and alleged surveillance. The agitation follows the arrest of CJP leaders and the denotification of Jantar Mantar as a protest site.
Cockroach Janta Party (CJP) leader Abhijeet Dipke and AISA chief Neha Bora were preventively detained by Delhi Police on Friday, preventing their participation in the 'Lehra Do Tiranga' protests amidst heightened security in the national capital.
Russian President Vladimir Putin has proposed a new investment platform, based on the New Development Bank (NDB), to fund projects in trade, infrastructure, logistics, and technology across BRICS nations, emphasising that the grouping's expanding economic cooperation is not 'against anyone' but aims to advance members' national interests.
Digital money is gradually starting to behave like software. It's no longer inert -- sitting passively in accounts. In the not-so-distant future, your money could become 'smart' and 'active,' understanding your preferences, paying your bills automatically, optimising your returns, and managing your risks -- all without you having to manage the details.
A working paper by the Economic Advisory Council to the Prime Minister (EAC-PM) reveals a continuous decline in the rate at which foreign-owned firms invest in fixed assets in India since the FY20 peak, contrasting with a steady increase from Indian business groups.
Indian MMA fighter Varun Sanyal faced a challenging Asian Games debut, marked by logistical issues and a medical disqualification due to a weight-cutting incident. Despite the setback, Sanyal, an Indian citizen with Singapore PR, shares his journey in MMA, his 'fighting nomad' lifestyle, and his aspirations for Indian fighters.
Non-resident Indians are increasingly investing in luxury homes in India, driven by geopolitical uncertainties, particularly the Iran war. This trend is observed across major cities like Mumbai, Bengaluru, and the National Capital Region, with developers noting a significant rise in NRI pre-sales. While some see it as a temporary shift, others believe India is becoming a stable, long-term investment destination for NRIs, especially those from West Asia.
Japan inaugurated the 20th Asian Games in Nagoya with a vibrant opening ceremony that seamlessly blended advanced technology and rich cultural traditions, despite earlier organisational challenges.
In yet another recognition to India Inc's growing prowess, Infosys Technologies Ltd founder N R Narayana Murthy takes over as Chairman of the prestigious Asia Business Council.
Government sources clarify that the 0.4% merchant discount rate (MDR) on UPI transactions above Rs 2,000, effective October 15, will not be passed on to consumers. The charge, paid by merchants, aims to create a sustainable revenue framework for the digital payments ecosystem, with funds shared among banks and UPI entities. Small merchants using QR codes for up to Rs 1 lakh monthly are exempt.
'Applying AI to change the lives of Indians and at population scale -- just like we did with DPI [digital public infrastructure] -- is really where it's going to go.'
The Brics proposal for a Grain Exchange, aimed at challenging the dominance of Western trading firms, faces significant operational and implementation hurdles, including settlement currency, regulatory frameworks, and limited participation from key members like India, according to experts.
TMC MP Mahua Moitra has formally complained to the UN Special Rapporteur on Minority Issues, alleging that senior Muslim IAS and IPS officers in West Bengal were deliberately excluded from official events attended by Union Home Minister Amit Shah. Moitra claims these officers were sidelined due to their religion, a pattern she describes as discriminatory and potentially damaging to minority confidence in security establishments.
'...in which our names are written with our phone numbers.'
The Finance Ministry has clarified that the 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000, effective October 15, is not expected to increase cash transactions or cause inflation. The ministry also dismissed allegations of US pressure influencing the decision, asserting that the policy aims to promote RuPay credit cards within the UPI ecosystem, and a monitoring mechanism will ensure the MDR burden is not passed on to consumers.
Lack of women in Karnataka's new council of ministers has put the spotlight once again on women's under-representation in politics and policy.
