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    Recommendations of the 57th Meeting of the GST Council
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October 8, 2026
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GST process reforms propose automated registration, reconciled returns, risk-based refunds, and standardized adjudication to reduce compliance burdens.
GST process reforms propose automated registration amendments and cancellations, simplified registration for qualifying e-commerce sellers, return reconciliation tools, and electronic mechanisms for reverse-charge reporting and input tax credit correction. Risk-based automated refund processing is proposed for electronic cash-ledger, zero-rated, and inverted-duty claims. Input tax credit refunds would extend to specified input services and capital goods, while several blocked-credit restrictions are proposed for removal. Dispute reforms include notice standards, a minimum threshold for show-cause notices, revised penalties, and capped pre-deposits in penalty-only appeals.
October 8, 2026
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Free trade agreement utilisation enables MSME market access, rules-of-origin awareness, export participation, and foreign investment opportunities while protecting sensitive sectors.
Free Trade Agreements are positioned to preserve sensitive domestic interests, particularly agriculture, fisheries and MSMEs, while widening market access for agricultural, marine, engineering, precision and electronic products and facilitating foreign investment. Proposed FTA utilisation desks across State Councils would assist MSMEs in using preferential arrangements, understanding rules of origin and market-access opportunities, participating in delegations and exhibitions, and presenting products and technologies to overseas markets.
October 8, 2026
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Sole-control acquisition of nutraceutical and pharmaceutical businesses receives competition approval for Bain Capital-managed investment funds.
Competition Commission of India approval permits BCPE Wellbeing Holdco Two Limited and Integral Investments Asia IV Limited, funds managed or advised by Bain Capital, to acquire sole control over Omega-Meyer Limited and Meyer Organics Private Limited. The target businesses provide nutraceuticals globally and in India, while Meyer Organics Private Limited also produces and supplies certain over-the-counter and prescription finished-dose pharmaceuticals in India.
October 8, 2026
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Highway asset acquisition approval covers full ownership transfer of a tollway operator and road-project special purpose vehicles.
Competition Commission of India approval covers the acquisition by Concessoc 41 SAS of the entire shareholding in Vishavari Tollway Private Limited and nine special purpose vehicles. The target entities operate designated national-highway stretches in Andhra Pradesh, Odisha and Gujarat, while Vishavari Tollway Private Limited provides operation and maintenance and engineering, procurement and construction services for those highway assets.
October 8, 2026
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Competition clearance for hospitality share acquisition permits investment in a company owning and developing hotel and serviced apartment assets.
Competition Commission of India approved the proposed combination involving CPP Investment Board Private Holdings (4) Inc.'s acquisition of certain shareholding in Prestige Hospitality Ventures Limited. The target is an Indian public limited company within the Prestige group and owns and develops hospitality assets, including hotels and serviced apartments. The acquirer is incorporated in Canada and is managed by Canada Pension Plan Investment Board.
October 8, 2026
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Internal group restructuring receives merger-control approval for amalgamating an integrated steel producer into the group's steel manufacturer.
Merger-control approval covers the proposed internal JSW Group restructuring through amalgamation of BMM Ispat Limited into JSW Steel Limited. The amalgamation would convert the group's majority interest in BMM into full ownership and is intended to enhance operational, financial and organisational efficiencies through economies of scale, resource pooling and capital rationalisation. BMM is commercially integrated in the group's supply chain through intra-group sales and procurements.
October 7, 2026
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Transparent land e-auction procedures support bidder preparedness through mock training, registration and earnest-money requirements for phased asset monetisation.
National Land Monetization Corporation is facilitating a two-phase e-tender-cum-e-auction of 459 encumbrance-free land parcels of Rashtriya Ispat Nigam Limited through the RailTel E-Nivida e-Procurement Platform. Participation requires registration, fulfilment of prescribed requirements and submission of earnest money deposit within the applicable deadlines. Physical and online mock e-auction training familiarises prospective bidders with the bidding interface and participation procedure. Investor outreach provides information on plot details, eligibility requirements, registration and bidding conditions.
October 7, 2026
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Preventive narcotics outreach promotes drug awareness, community participation, and sustainable livelihood alternatives to discourage illicit cannabis cultivation.
Preventive outreach in Malana village promoted drug awareness, youth engagement, community participation and alternative development in an area associated with illicit cannabis cultivation. Residents were sensitised to the harmful effects of cannabis, charas and hashish oil consumption and encouraged to pursue sustainable alternatives, including apiculture, animal husbandry, dairy activities and tourism. Community discussions addressed livelihood barriers, ecological concerns, and commitments to refrain from drug consumption and discourage illicit cannabis cultivation.
October 7, 2026
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Cross-border financial cooperation guides work on market access, sustainable finance, fintech safeguards, and payment interoperability.
India-UK financial-markets cooperation covers capital-market connectivity, cross-border listings, investor access and development of GIFT IFSC as an international financial centre. Engagement also addresses insurance, pensions, asset management, sustainable-finance disclosures and cross-border investment. Fintech cooperation includes digital public infrastructure, central bank digital currencies, data exchange, responsible artificial intelligence, fraud prevention, cyber security and operational resilience. Cross-border payments work prioritises reduced frictions, transparency, efficiency and interoperability of electronic payment infrastructures.
October 7, 2026
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Investment commitments and tariff predictability under India-EFTA TEPA support market access, supply-chain planning, and long-term bilateral trade.
India-EFTA TEPA establishes reciprocal market-access commitments, with EFTA coverage extending to most Indian exports and full coverage for non-agricultural products. Tariff predictability is intended to support investment planning, supply-chain development and longer-term business partnerships. Agricultural opportunities may arise where duties have been reduced to zero. Article 7.1 includes an investment commitment under which the EFTA States are to aim to increase foreign direct investment into India and facilitate employment generation within specified implementation periods.
October 7, 2026
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Foreign investment engagement focuses on expanded partnerships across financial services, manufacturing, insurance, and emerging technologies in India.
India-U.S. trade and investment engagement was pursued through discussions with leading United States companies on expanding investment, partnerships and commercial operations in India. Financial-sector discussions addressed private equity, asset and wealth management, insurance, and financial services, including prospective engagement aligned with the objective of insurance access for all by 2047.
October 7, 2026
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Policy repo rate recalibration responds to inflationary pressures, adopting calibrated tightening while future actions depend on growth and inflation conditions.
Monetary policy is recalibrated through an increase in the policy repo rate under the liquidity adjustment facility by 25 basis points to 5.50 per cent. The monetary policy stance shifts to calibrated tightening, indicating that near-term rate reductions are excluded and that subsequent action may consist of a rate increase or a pause, depending on evolving conditions and the outlook. Further rate action depends on growth-inflation developments, underlying inflation, broadening price pressures, second-round effects and demand impulses.
October 7, 2026
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Index of Services Production expansion proposes broader service-sector coverage through education, health, residential care, public administration and defence.
The Index of Services Production is proposed to expand beyond its initial formal-sector coverage, which relies on high-frequency administrative data and GST outward-supplies data. Education, Human Health and Residential Care, and Public Administration and Defence are proposed for inclusion. Their incorporation would increase coverage of services-sector Gross Value Added and support aggregation of sub-sectoral indices into a unified measure of short-term services-sector movements. Stakeholder views are invited on the proposed methodology.
October 7, 2026
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Cross-border gold smuggling enforcement addresses concealed foreign-origin gold transport through customs seizure, arrest, and investigation of organised networks.
Intelligence-led customs enforcement targeted cross-border gold smuggling through surveillance and interception of four persons travelling from a border route. Personal searches recovered foreign-origin gold biscuits concealed in specially tailored cloth waist belts. Seventy-two gold biscuits were seized under relevant provisions of the Customs Act, 1962, and the four persons were arrested. Investigation continues into organised networks and wider syndicates involved in the movement and distribution of smuggled gold.
October 6, 2026
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Financial inclusion drives digital lending, insurance claim awareness, portal enrolment, and banking access for marginalised sections.
Banks were urged to expand brick-and-mortar branches and banking correspondent coverage in unbanked villages, strengthen digital outreach, and implement end-to-end digital loan processing. Working-capital lending for micro-enterprises through UPI-linked credit lines and credit cards was highlighted. Banks were also directed to increase awareness of insurance claim eligibility, exercise care in claim-related grievance handling, and enrol new PMJJBY and PMSBY beneficiaries through the Jan Suraksha portal.
October 6, 2026
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SME growth equity fund targets scalable enterprises, prioritising manufacturing and industrial clusters to strengthen investment, productivity and competitiveness.
Union Cabinet approval commits Rs.10,000 crore towards establishment of the SME Growth Fund as an Alternative Investment Fund framework for direct equity investment in small and medium enterprises. The initiative is intended to catalyse long-term, patient growth capital for SMEs and address the identified shortage of equity financing for enterprises beyond the early stage, where existing equity-support funds predominantly serve micro and early-stage businesses.
October 6, 2026
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Integrated transport planning framework establishes an SPV for national master planning, major-project appraisal, monitoring, and transport data analytics.
Integrated Transport & Logistics Authority will function as a special purpose vehicle for integrated transport and logistics planning, research, technical project appraisal, monitoring, policy support and data analytics. It will prepare a long-term National Transport Master Plan, assess sectoral and annual plans for alignment and multimodal integration, technically appraise and monitor specified major infrastructure projects, and undertake impact assessments. It will also maintain a unified transport data repository and support logistics-policy review, capacity building, training, skilling, research and innovation.
October 6, 2026
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Corporate social responsibility should shift from statutory compliance to needs-based, evidence-led collaboration with impact assessment and technology-enabled monitoring.
CSR is grounded in trusteeship and in companies' responsibilities to employees, communities and the environment, rather than shareholders alone. The framework includes the Unspent CSR Account, multi-year projects, certification of fund utilisation and impact assessment. CSR is intended to leverage corporate resources, technology and expertise, rather than merely supplement public expenditure. Needs-based project selection, community participation, need and social-impact assessment, implementing-agency capacity, resource pooling and technology-enabled monitoring are emphasised to move from compliance and spending towards evidence-based transformation.
October 5, 2026
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Financial stability requires targeted oversight and system-wide resilience against interconnected debt, leverage, cyber, technology, and cross-border shocks.
Financial stability is pursued by strengthening resilience rather than preventing every shock. The framework combines prudent regulation, risk-based supervision, stress testing, countercyclical macroprudential measures, targeted temporary liquidity assistance and resolution. Monetary policy remains directed to price stability, while financial-stability risks are addressed through regulatory, supervisory and macroprudential tools. System-wide resilience requires sound banks and NBFCs, reliable payment and technology infrastructure, robust data on interconnected exposures, scenario analysis, credible safety nets, and proactive proportionate oversight of cyber, model and third-party risks.
October 5, 2026
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Drug-abuse prevention awareness promotes informed refusal, resistance to peer pressure, community participation, drug-de-addiction pledges, and healthy drug-free lifestyles.
Drug-abuse prevention awareness in opium-cultivation areas focused on the harms of opium, cannabis and other illicit drugs, informed refusal at first exposure, resistance to peer pressure, and prevention of progression from use to dependence. Programmes for students, cultivators and residents used interactive sessions, campaign banners, community pledges, Gram Sabha participation and cleanliness drives to promote healthy drug-free lifestyles, community participation and collective action against addiction.

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Russian drone and missile attack on Kyiv kills 6 people, injures at least 35

November 15, 2025

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Kyiv, Nov 15 (AP) Russia unleashed a major missile and drone barrage on Kyiv early Friday, killing six people, leaving gaping holes in apartment buildings and starting fires as the sound of explosions boomed across the city and lit up the night sky. A pregnant woman was among at least 35 people wounded, Ukrainian authorities said.

Russia used at least 430 drones and 18 missiles in the nighttime attack, Ukrainian President Volodymyr Zelenskyy said.

Russia has waged a devastating aerial campaign against Ukraine since its all-out invasion of its neighbor nearly four years ago. U.S.-led diplomatic efforts this year to stop the fighting have so far come to nothing.

Friday's aerial assault, which also targeted Odesa in the south and Kharkiv in the northeast, was mostly aimed at Kyiv, where drones and missiles smashed into high-rise apartment blocks, according to Zelenskyy.

It was “a specially calculated attack to cause as much harm as possible to people and civilians,” he said in a post on Telegram.

Moscow denies targeting civilian areas, with the Russian Defense Ministry saying Friday it carried out an overnight strike on Ukraine's “military-industrial and energy facilities.” Ukrainian officials scoff at those claims, showing repeated damage to homes and public buildings.

The attack was the biggest on Kyiv in almost three weeks. Most recent Russian aerial attacks have aimed at electricity infrastructure around the country ahead of the bitter winter months.

Ukraine used its American-made Patriot air defense systems to repel the attack and shot down 14 missiles, Zelenskyy said. The Ukrainian leader has pleaded with foreign supporters to send more of the sophisticated systems.

Top European defense officials meeting in Berlin on Friday vowed to keep up their support for Ukraine. Ukrainian Defense Minister Denys Shmyhal joined the meeting remotely.

The Azerbaijan Embassy in Kyiv was damaged by debris from an Iskander missile — a development that Azerbaijan President Ilham Aliyev said was “unacceptable." Azerbaijan is a key transport corridor for Russia's trade with Iran and other partners in the Middle East.

In the Odesa region, Russian drones struck a busy street on market day in Chornomorsk, killing two people and wounding 11 others, including a 19-month-old girl, regional military administration chief Oleh Kiper said.

My hair was on fire Kyiv residents told of harrowing escapes and near misses in the dead of night.

Mariia Kalchenko said it was a miracle she survived after her building was hit.

“I didn't hear anything, I just realized that my hair was on fire,” the 46-year-old volunteer rescue dog handler told The Associated Press.

She turned on her flashlight and saw that her dog had moved away in fright. “I turned around and saw that there was no wall, and there was a neighbor's apartment, the neighbor was screaming, there was no door, and the flames were going from the front door into the apartment,” she said.

Oleh Hudyma, 59, said he became aware of the attack and intended to go to a bomb shelter but she wasn't quick enough.

“I got up, got dressed, went out, and there was an explosion. I couldn't hear the (drone) engine running, just an explosion, flames, everything flew,” he said. “I was in the kitchen and just fell to the floor.” Iryna Synyavska, 62, said three people were killed in two apartments next to hers.

“My neighbor and his father were killed by the ceiling that collapsed. In the next door (apartment), an elderly woman lived there, she was over 80,” Synyavska said. “Her daughter was visiting her. Her body was only just recovered because the walls fell down.” Eight of the capital's 10 districts reported damage. In the wider Kyiv region, Russian strikes damaged critical infrastructure, the head of the regional military administration, Mykola Kalashnyk, said.

Russia accuses Ukraine of hitting civilian sites Ukraine has responded by launching its own domestically developed drones and missiles against targets on Russian soil, especially oil refineries and depots that provide Moscow with income and manufacturing plants that supply the armed forces.

The Russian Defense Ministry said Friday that its air defense forces shot down 216 Ukrainian drones overnight over a number of Russian regions, including the annexed Crimea. It did not mention missiles.

However, Zelenskyy said Ukraine used a modification of domestically produced Neptune missiles to strike targets deep inside Russia. The Russian Defense Ministry accused Ukraine of hitting civilian facilities and claimed the overnight strike on Kyiv came in response to that.

Over 60 Ukrainian drones were intercepted over the southern Krasnodar region that borders Crimea, according to the Defense Ministry. A total of 45 drones were destroyed over the Saratov region deeper inside Russia, while another 19 were shot down over Crimea.

Attack on Russia's Novorossiysk port In Novorossiysk, a port city in the Krasnodar region, an attack damaged an oil depot at the Sheskharis transshipment complex, as well as unidentified “coastal structures,” local authorities said.

A source in Ukraine's Security Service confirmed the Novorossiysk attack to The Associated Press, speaking on condition of anonymity because he was not authorized to speak publicly.

Novorossiysk is the second biggest port in Russia for oil exports, the source said, adding that the attack damaged oil-loading stands at the piers, pipeline infrastructure and the units, sparking a large fire.

Ukraine also struck the positions of a S-300/S-400 air defense system in Novorossiysk, the source said.

Falling drone debris also damaged a civilian vessel in the port, and three crew members were hospitalized with injuries, Russian officials said. Several residential buildings were also damaged, and a man from one of those buildings was hospitalized with injuries, officials said.

In the Saratov region, Gov. Roman Busargin said that the attack damage unspecified “civilian infrastructure.” Unconfirmed media reports said that an oil refinery was hit. (AP) NB NB

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