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. Here’s what the reported interest means for CMG stock, Brian Niccol’s connection and Chipotle’s 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 India’s 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.

The Trump administration is launching an investigation into nine US universities over alleged J-1 visa fraud, with officials raising concerns about Chinese scholars and the Chinese government. The J-1 programme covers exchange visitors including international researchers, scholars and students, who may receive temporary authorisation to work or conduct research in the US. At a Thursday press conference, Anthony D’Esposito, inspector general of the US Department of Labor, announced what he called...

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.

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.