BUSINESS
Industry body PHDCCI seeks tariff tweaks for steel, paper, gold, medtech in Budget wishlist
The industry body’s delegation met Revenue Secretary Arvind Shrivastava on October 29 to present the industry body’s pre-budget proposals and discuss tax and tariff-related issues impacting businesses.
BUSINESS
Tax litigation: FICCI flags Rs 18 lakh crore stuck in appeals, seeks overhaul of faceless system
Industry body urges filling vacancies, simplifying TDS structure, and granting tax neutrality for fast-track demergers to reduce litigation and improve ease of doing business
BUSINESS
IDBI Bank divestment: Centre may soon invite financial bids as IMG set to meet on Oct 31 to finalise process
The approval of the SPA and the subsequent invitation of financial bids will mark the final phase of the long-awaited IDBI Bank privatisation process that has been underway since 2021.
BUSINESS
GST 2.0, reforms to sustain growth momentum amid global uncertainties: FinMin
Strong performance in the industries and services sector, along with a stable labour market, will further enhance domestic demand, the ministry's monthly economic review has said
BUSINESS
No further GST levy on tobacco, tax incidence to be kept same with additional central tax
The tax incidence on tobacco-related items is about 53 percent, while it is 88 percent on pan masala – comprising 28 percent GST and a compensation cess
BUSINESS
FM cautions GST field formations against burdening taxpayers, pushes for tech-driven compliance
Simplified GST registration from November 1 to benefit 96 percent of new applicants; Sitharaman urges shift away from ‘GST 1.0 mindset’
BUSINESS
16th Finance Commission may tie local body grants to further property tax reforms, cleaner air
The commission is unlikely to tinker with the formula for devolution of taxes to states, which will continue to receive 41% of the divisible pool
BUSINESS
Budget 2026 may integrate 5-year sectoral plans to steer 2047 Viksit Bharat vision
The integration of the plans is expected to bring sectoral allocations, policy execution and project priorities under one cohesive framework
BUSINESS
Record-breaking Diwali sales touch Rs 6.05 lakh crore: CAIT Report
Swadeshi sentiment, GST rationalisation drive highest-ever festive trade; small traders dominate market share.
ECONOMY
Over half of 54 monitored items show full or greater GST pass-through, but stationery lags behind
Toothbrush has seen the highest pass through of the GST rate cut with prices dropping by nearly 5 percent more compared to the expected figure of 6.25 percent, followed by dried fruits and clinical diapers.
BUSINESS
India won’t rush into FTAs without protecting farmers, MSMEs, says Piyush Goyal
Goyal added that the talks with the US are progressing well, while also stating that India does not negotiate any trade deals based on deadlines.
BUSINESS
Govt to notify all rules under new income tax law by December 31
Administrative groundwork for the new tax system accelerates as Budget preparations near; government aims to finalise around 400 rules and 180 forms for a leaner framework
BUSINESS
Centre considering new classification code to improve tracking of India's growing fintech space
At present, there is no central database of fintech companies in India. The RBI only tracks entities it directly licenses, while MCA does not have a separate classification at the time of company registration.
BUSINESS
Govt draws up mega bank merger plan; smaller lenders to be clubbed with big banks by FY27
Record of discussion on merger proposal to be examined by Cabinet and PMO
BUSINESS
India’s fintech revolution has expanded access to credit: FM Sitharaman
Finance Minister Nirmala Sitharaman highlighted fintech’s role in financial inclusion and digitising credit access, while also emphasising India’s self-funded green transition amid global energy challenges.
BUSINESS
GST 2.0 drives festive car sales, but food and medicine price cuts remain elusive: Survey
Uneven pass-through of GST rate cuts in essential goods segments
BUSINESS
Andhra Pradesh banks on cheap renewable energy and river-linking to power data centre push: Nara Lokesh
Nara Lokesh told Moneycontrol in an interview that the state is building a dedicated renewable energy ecosystem to meet rising power and water demand from data centres, instead of imposing restrictions like some global peers.
BUSINESS
Andhra govt has set up WhatsApp groups for every investment project to fast-track clearances: Nara Lokesh
WhatsApp groups with company chairmen, ministers and officials have been institutionalised to ensure weekly project reviews and real-time coordination, as part of the state’s ‘Naidu 4.0’ governance model.
BUSINESS
ICAI document to tighten corporate fraud detection norms by Nov-end; may propose Companies Act changes
The research paper, expected by end-November, will focus on early detection of corporate and IPO-related frauds, fix accountability gaps, and plug legal loopholes, drawing on analysis of 64 SEBI orders to identify systemic red flags.
BUSINESS
Net direct tax revenue jumps 6.3% to Rs 11.89 lakh crore till Oct 12
Non-corporate tax, which includes individuals and HUFs, mop-up so far this fiscal stood at about Rs 6.55 lakh crore, up from over Rs 5.93 lakh crore in the same period of the last year
BUSINESS
Govt likely to amend companies act, tender norms to help Indian audit firms take on Big 4
Relaxing composition norms, tender reforms and capital support measures are among the changes that the ministry of corporate affairs is planning to build globally competitive domestic auditors
BUSINESS
Composite licensing may not be included in Insurance Amendment Bill to be tabled in Winter Session
Industry executives believe lawmakers are more likely to prioritise the FDI change, over more technical amendments. Rationale behind introduction of Composite License likely to be deliberated further by IRDAI and insurance companies, sources suggest.
BUSINESS
Foster sub-national autonomy, strengthen local revenue base: OECD suggestion to 16th Finance Commission
OECD Senior Advisor Sean Dougherty says India, with its strong growth rate and relatively lower debt levels, is better-positioned than many OECD economies, but strengthening local public finance remains key.
BUSINESS
Centre weighs a downgrade clause in PSU Ratna status if state-run firms fail to perform for three years
Officials said the government is also weighing the potential flip side of such downgrades, including how a lower classification could affect a PSU’s market valuation, investor confidence and the ability to raise funds.
