INDIA
Chandrayaan-4, Venus mission, Gaganyaan expansion get Union Cabinet nod
The Chandrayaan-4 mission, which follows the successful Chandrayaan-3 mission, has been cleared at a total cost of Rs 2,104.06 crore.
BUSINESS
Foreign digital firms gear up for legal battle over retrospective GST tax demands
Tax authorities have issued retrospective GST demand notices to 70 foreign companies over the past two years, alleging tax evasion.
BUSINESS
Important to safeguard interests of small traders, retailers, says FM Sitharaman
If the businesses of small retailers are being harmed by predatory pricing strategies, their interests need to be safeguarded, Sitharaman added
BUSINESS
Govt's attempt is to make tax rates simpler, middle class being kept in mind: FM Nirmala Sitharaman
While the new tax regime scheme was without any exemptions, the government later added standard deductions after hearing the people, Sitharaman added.
BUSINESS
FinMin likely to address Customs Act classification in telecom, auto equipment
A transceiver as an independent item attracts a higher duty of 10 percent, but when classified as part of transmission equipment, it is exempt. There are similar classification disputes in the telecom and auto sectors.
BUSINESS
CBIC extends export benefits to courier shipments to boost e-commerce
As per estimates, India's e-commerce exports are likely to rise to $400 billion by 2030.
BUSINESS
Govt may hire EY for PSU succession planning study
A proposal is being considered to name a successor as a director when a new chairman and managing director is appointed, allowing the successor to align with the company's business plans.
BUSINESS
Government mandates RBI approval for cross-border mergers from Sep 17
This move is expected to provide greater transparency and oversight in case of cross-border transactions, particularly in the rapidly-growing startup sector.
BUSINESS
Pension funds' 1-year equity returns surge to 36% amid market rally
National Pension System assets touched Rs 12.65 lakh crore in August 2024, representing a 30 percent growth over the same month of the previous year.
BUSINESS
Cabinet approves free health insurance for 70+ senior citizens under Ayushman Bharat
The newly-introduced provision will be implemented in a demand-based manner, with an initial outlay of Rs 3,437 crore.
BUSINESS
Companies rush to complete buybacks before new tax regime kicks in from Oct 1
After October 1, listed companies may shift their buyback strategies by issuing bonus preference shares or debentures, while unlisted firms could consider restructuring or using LLPs as alternatives to traditional company structures. Dividends may still be less tax-efficient than buybacks, experts say.
BUSINESS
FATF to publish India’s evaluation on September 19: Finmin official
The evaluation, which is part of a rigorous process to ensure adherence to the FATF’s standards, will include key priority recommendations for India.
BUSINESS
Banking services may get costlier as FATF considers stiff disclosure norms for credit card transactions, says Fin Min official
Banks and credit card companies could have to spend more on compliance, as FATF mulls new disclosure standards for online, cross-border transactions.
BUSINESS
GST Council to use Section 11A for retro tax relief in rare cases: Revenue Secy
This provision is expected to provide relief to industries such as the real-money gaming (RMG) sector.
BUSINESS
GST Council to form GoM to evaluate future of compensation cess
The decision on the future of the compensation cess is expected to be finalised before March 2026
BUSINESS
GST Council to discuss key amendment, retro tax relief likely for online gaming companies
The council’s move may significantly reduce litigation and boost ease-of-doing business
BUSINESS
GST Council may propose scheme to write off recovery of past tax dues on Extra Neutral Alcohol
The GST Council meeting in Delhi on September 9 is likely to suggest a solution to the pending cases on Extra Neutral Alcohol, an important ingredient used for making spirits and alcoholic beverages. Prior to October 2023, there were discrepancies in how ENA was taxed — whether through VAT, GST, or no tax at all.
BUSINESS
Indian women showing increasing interest in MFs, investment decisions: FM Sitharaman
Women from far flung areas are showing interest in investment along with savings, with 72 percent of women investors making independent decisions about investments, she added
ECONOMY
GIC OFS subscribed 1.08 times; Finance Ministry to exercise green shoe option
The government has launched 6.78 percent stake divestment via OFS on September 4 and 5, with a floor price of Rs 395 per share.
BUSINESS
No consensus among states on GST relief for health insurance premium
The GST Council meeting on September 9 is likely to take a decision on tax exemption for health insurance premium. Options under consideration include partial relief to reducing the tax rate in to lessen revenue loss to the exchequer
BUSINESS
If India really needs to import from China to reduce costs, it's fair: World Bank Country Director
Auguste Tano Kouame said that agriculture will continue to play a key role in India’s growth. He also batted for lowering tariff and non-tariff barriers
BUSINESS
World Bank upgrades its estimate of India's growth to 7% from 6.6% for FY25
The World Bank expects India's medium term outlook to remain positive. Growth is estimated to remain strong in FY26 and FY27.
INDIA
Cabinet approves Rs 14,235 crore outlay for 7 agri programmes to improve farmers' livelihood
The Digital Agriculture Mission, one of the flagship initiatives, has been allocated Rs 2,817 crore. This programme aims to integrate modern technologies like Artificial Intelligence (AI), Big Data, and geospatial data to enhance farming practices.
BUSINESS
GST relief on health insurance may lead to Rs 3,500 crore revenue loss, says govt official
The potential benefits of such an exemption are also under discussion. Some experts believe that making health insurance more affordable could increase its appeal among consumers.
