GST reforms: No tax on toll collection
INDIA NEWS | Fri, 9 Oct 2026, 12:44AM IST
In a move expected to settle tax ambiguity around highway monetisation and provide greater certainty to infrastructure projects, the GST Council on Thursday clarified that concessionaires collecting toll tax will have no tax exposure as the toll paid by users is exempt.The exemption will apply to both types of contracts, whether the concessionaire pays upfront or over time, and the two types of contracts will be treated alike, it said."If the toll itself bears no tax, the right to collect the toll cannot bear tax either, because the concessionaire is paying for nothing other than the toll he expects to collect," the council said.The council also said tax on road maintenance services will fall due when the concessionaire actually draws money against expenditure incurred, removing ambiguity over whether merely setting aside funds in an escrow account constitutes a tax liability. "The special procedure will be notified to give effect to this," it said.Under a national highway contract, a certain proportion of money is set aside in an escrow account for road maintenance and released only as it is spent.Kuljit Singh, partner and national infrastructure leader at EY India, said that in the absence of clarity on whether GST applied to toll collection, some risk-averse concessionaires were building the tax into their prices.
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Thermax scouts for a partner to charge up its green energy unit
INDIA BUSINESS | Fri, 9 Oct 2026, 12:38AM IST
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.
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FSSAI pulls up Dr Reddy's, Nestle Health Science over Celevida claims
INDIA BUSINESS | Fri, 9 Oct 2026, 12:34AM IST
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.
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A quick guide to GST Council's key decisions on tax and compliance
INDIA NEWS | Fri, 9 Oct 2026, 12:33AM IST
From easier input tax credit claims to automated registration and a 40-crore cap on penalty-only appeals, the proposed changes seek to reduce compliance friction.
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Surging bond yields likely to slash banks' treasury income
INDIA BUSINESS | Fri, 9 Oct 2026, 12:32AM IST
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.
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Musk presses India for Starlink licence
INDIA NEWS | Fri, 9 Oct 2026, 12:32AM IST
New Delhi: Elon Musk intensified his campaign for Starlink's entry into India's satellite communication (satcom) sector, seemingly identifying at least one of the groups mentioned in his post on the previous day."Starlink is licensed in over 165 countries and has spent five years complying with every single law and requirement of the government of India, so why still no license?" Musk posted on X Thursday. "Is Ambani the real boss of India?"Also read: Elon Musk says Starlink's entry in India 'blocked' by oligarchs, alleges 'monopolistic chokehold'On Wednesday, Musk had accused unnamed "oligarchs" of blocking the US-headquartered satellite internet provider's entry to protect their business interests, calling it a "crime against the people of India." Musk said Starlink would help those who are poorest served and make broadband affordable for those who can't pay current prices. He made several posts on India, replying to various X handles.The government, however, has categorically rejected Musk's claims of discrimination in India's satellite communications approval process, saying that all three entities-Bharti Group-led Eutelsat Oneweb, Mukesh Ambani-owned Jio Satellite and Starlink-are at the same regulatory stage. These three companies are yet to get the necessary security approvals that would make them eligible to buy the spectrum they need to launch commercial services in the country. Jio didn't respond to queries about Musk's comment.The communications ministry said operators must demonstrate compliance with security conditions before moving to the next step of seeking spectrum assignment. "Under the terms and conditions of licence, every such licensee is required to demonstrate compliance with security conditions.This is aimed at ensuring that services provided meet various security requirements to ensure safety of all users and their data," the ministry said in its statement. "Security assessment as part of this process is currently underway in respect of all the three licensees. As and when this process is completed for a licensed entity, it may proceed to the next step of seeking assignment of spectrum."
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INDIA BUSINESS | Fri, 9 Oct 2026, 12:32AM IST
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.
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Google, Amazon, Meta, Apple fuel India's renewable energy boom as data centre demand surges
INDIA BUSINESS | Fri, 9 Oct 2026, 12:31AM IST
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.
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I-T dept moves appellate tribunal against Rs 32.66-cr tax relief to Dr Lal PathLabs
INDIA BUSINESS | Fri, 9 Oct 2026, 12:29AM IST
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.
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SC backs disposal of Goa iron ore dumps without fresh auction
INDIA BUSINESS | Fri, 9 Oct 2026, 12:25AM IST
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.
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Dr Reddys Laboratories receives two observations for Andhra Pradesh facility
INDIA BUSINESS | Fri, 9 Oct 2026, 12:24AM IST
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.
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Festive rush: Airlines hike fuel surcharge as ATF prices soar
INDIA BUSINESS | Fri, 9 Oct 2026, 12:21AM IST
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.
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Airlines suspend, cut Riyadh flights amid security concerns
INDIA BUSINESS | Fri, 9 Oct 2026, 12:17AM IST
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.
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GST Council unveils major reforms, eases penalties and speeds up refunds
INDIA NEWS | Fri, 9 Oct 2026, 12:15AM IST
Measures ease compliance through simpler registrations, quicker refunds, wider tax credit access and relief on penalties and enforcement
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Home-cooked meals get 10% dearer in Sep on higher onion, oil, LPG prices
INDIA NEWS | Fri, 9 Oct 2026, 12:07AM IST
The cost of a home-cooked vegetarian thali rose 10 per cent year-on-year in September, driven by higher prices of onion, vegetable oil, rice and LPG, according to a report released on Thursday.
Non-vegetarian thali increased 6 per cent as broiler prices increased slower, according to Crisil's monthly Roti Rice Rate report.
The cost of preparing a vegetarian thali increased to Rs 30.8 in September from Rs 28.1 a year ago, while non-vegetarian thali cost rose to Rs 59.5 from Rs 56, the report said.
On a month-on-month basis, the cost of vegetarian and non-vegetarian thalis increased 4 per cent and 3 per cent, respectively, in September.
Onion prices surged 89 per cent year-on-year to Rs 53 per kg in September from Rs 28 a year ago amid tight rabi stocks following a 5-6 per cent decline in production, Crisil said.
Availability is expected to remain constrained in the near term as June rainfall was 40 per cent below the long-period average, delaying kharif transplanting and pushing ba
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Judge Extends Pause on Trumps Ban Against CNN, MS NOW and Politico
GLOBAL NEWS | Fri, 9 Oct 2026, 12:07AM IST
The judge overseeing the case said that the pause would extend until next week, and promised to decide whether to further extend it by Tuesday.
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Gas leak scare at IIT-B hostel; five injured
INDIA NEWS | Fri, 9 Oct 2026, 12:00AM IST
Mumbai: Five persons, including two children, were injured after a gas leakage from a cylinder pipe triggered a flare-up at a hostel on the Indian Institute of Technology Bombay campus in Powai here on Thursday, officials said.They said the incident was reported at around 10.25 pm from hostel number 6.The injured were taken to BMC-run Rajawadi hospital in Ghatkopar, an official said."Four of them were later shifted to civic body-run Kasturba Hospital at Chinchpokli. One remains admitted to Rajawadi Hospital. The five have been identified as Ansh Ahirwar (12), Tahjib Aalam (9), Ishwar Singh (37), Shivkumar Singh (34) and Anilkumar Yadav (23)," the official said.Police personnel and Brihanmumbai Municipal Corporation staffers were mobilised following the incident, he added.Further details about the incident are awaited.
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Experiments on animals set to become easier
INDIA BUSINESS | Thu, 8 Oct 2026, 11:58PM IST
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.
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US 30-year fixed-rate mortgage rate hits 7.40%, likely to further erode housing demand
INDIA MARKET | Thu, 8 Oct 2026, 11:57PM IST
In the U.S., the 30-year fixed-rate mortgage has surged to 7.40%, fueled by rising inflation that has also driven up energy costs and Treasury yields. With midterm elections looming, the housing market is grappling with affordability challenges. Homeowners are reluctant to sell due to these higher mortgage rates. While home prices remain high, experts forewarn of a potential market stall rather than a significant downturn.
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TCS onboards 10,000 freshers in Q2 FY27; plans to hire on demand
INDIA BUSINESS | Thu, 8 Oct 2026, 11:56PM IST
India's largest IT services firm says hiring will track client demand as it invests in AI skills, workforce training and niche talent, while subcontractor expenses rise in Q2
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INDIA MARKET | Thu, 8 Oct 2026, 11:47PM IST
Donald Trump invested over $1 million in stocks of several major companies during August. Notable purchases included Meta Platforms, McDonald's, Microsoft, and space-related debt from SpaceX. His investment activities encompass trading in shares of Nvidia and Advanced Micro Devices, key players in the AI sector. Trump's financial dealings during his presidency have raised concerns about potential conflicts of interest.
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India, Singapore eye 2,000 MW power corridor
INDIA BUSINESS | Thu, 8 Oct 2026, 11:46PM IST
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.
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Exports to hit $1 trillion this fiscal: Goyal
INDIA NEWS | Thu, 8 Oct 2026, 11:40PM IST
New Delhi: Commerce and industry minister Piyush Goyal on Thursday expressed confidence that India would achieve $1 trillion in exports of goods and services in the current fiscal."We have set a (target of) big growth in exports...we are looking at $1 trillion exports...and I am confident after looking at the first half numbers that we will achieve this," Goyal said at an event organised by the Confederation of Indian Industry.The minister had late last month said the merchandise exports increased 15% year-on-year this fiscal until September 21. In 2025-26, the country's goods and services exports had touched an all-time high of $863 billion. "The world is building walls and India is building bridges," Goyal said, adding 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.Also read | India, 14 others ink joint ministerial statement to curb structural excess capacitySpeaking at the same event, Andhra Pradesh chief minister N Chandrababu Naidu invited domestic and foreign investors to invest in the state, saying the government is now focusing on improving the "speed of doing business." "Now, we are talking about speed of doing business," Naidu said, adding that all clearances will be given on a real-time basis.
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France Is Veering Toward a Potential Debt Crisis Amid Protests and Turmoil
GLOBAL NEWS | Thu, 8 Oct 2026, 11:35PM IST
French bond investors are demanding sharply higher interest rates, a cautionary development for other high-debt countries.
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Sugar stock checks to intensify after GST discrepancies
INDIA BUSINESS | Thu, 8 Oct 2026, 11:34PM IST
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.
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Shifting Eating Habits Have PepsiCo Investors Seeking Operational Changes
GLOBAL NEWS | Thu, 8 Oct 2026, 11:31PM IST
Even though sales rose in the most recent quarter, the beverage and snack company is under increasing pressure to expand its business in North America, as consumers cut costs and calories.
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Shifting Eating Habits Have PepsiCo Investors Seeking Bigger Operational Changes
GLOBAL NEWS | Thu, 8 Oct 2026, 11:29PM IST
Even though sales rose in the most recent quarter, the beverage and snack company is under increasing pressure to expand its business in North America, as consumers cut costs and calories.
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Cognizant, Infy, Tata among IT firms suspended for US green card programme
INDIA MARKET | Thu, 8 Oct 2026, 11:20PM IST
US Labour Department suspends Cognizant, Infosys, Tata, Wipro, HCL, Capgemini, Microsoft and Adobe from the permanent labour certification programme.
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INDIA MARKET | Thu, 8 Oct 2026, 11:20PM IST
PERM freeze puts green card plans of Indian tech workers in the US on hold
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INDIA MARKET | Thu, 8 Oct 2026, 11:19PM IST
OpenAI stated that it had consulted with the AGMAI.
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AI-native networks, 6G to shape next phase of telecom, global leaders say at IMC 2026
INDIA BUSINESS | Thu, 8 Oct 2026, 11:08PM IST
India's telecom sector is moving beyond expanding connectivity towards building AI-native networks, integrating intelligence into infrastructure and shaping global 6G standards, with technology leaders at India Mobile Congress (IMC) 2026 highlighting the need for programmable, secure and intelligent networks to support the next phase of the digital economy.
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INDIA BUSINESS | Thu, 8 Oct 2026, 11:05PM IST
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.
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Mumbai Braces For Heatwave As IMD Warns Of Hot, Humid Conditions In Isolated Places
INDIA MARKET | Thu, 8 Oct 2026, 10:58PM IST
IMD forecasts hot and humid conditions in Mumbai, with heatwave conditions likely in isolated pockets over the next few days.
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