13 updates requiring attention, 4 business briefs.
12 Sep (in 8 days) — GST Council to meet on September 12
12 Sep (in 8 days) — GST Council to meet on Sept 12; to focus on ease of doing biz, compliance
12 Sep (in 8 days) — GST Council to Meet on Sept 12
12 Sep (in 8 days) — GST Council to Hold 57th Meet on Sept 12
12 Sep (in 8 days) — GST Council to meet on Sept. 12
Fourteen states have ratified the constitutional amendment bill that facilitates the introduction of the Goods and Services Tax (GST). This amendment is a significant step towards implementing a unified tax structure across the country, which is expected to streamline tax collection and compliance.
The GST Council is set to meet on September 12 after a 374-day hiatus, with the agenda expected to focus on compliance easing and structural inverted duty relief. Key proposals include a potential GST rate cut on mobile handsets from 18 per cent to a lower bracket, and legislative changes to allow refunds of input service credits under inverted duty structures. The Council is also likely to examine the fate of approximately ₹6,000 crore in accumulated compensation cess, seamless inter-state ITC transfers across distinct registrations, and the rationalisation of blocked credits on construction and works contracts.
The National Council for Clinical Establishments has finalized national minimum uniform standards for mortuary and post-mortem infrastructure. Establishments are barred from operating morgues in basements or near waste disposal sites, requiring ground floor placement with segregated access. Mortuaries must maintain cold storage between 4°C and 8°C with a minimum capacity of four bodies, separate medico-legal cases from non-MLC remains, and meet specific staffing ratios linked to annual autopsy workloads.
The National Company Law Appellate Tribunal (NCLAT) has affirmed the 'clean slate principle' under the Insolvency and Bankruptcy Code (IBC), barring attempts to re-establish pre-resolution shareholders' rights. A two-member NCLAT bench dismissed an appeal by a Kerala-based shareholder seeking around ₹110 crore in compensation for 1,35,000 equity shares of Sintex Industries Ltd that were extinguished under its resolution plan. Sintex Industries had been acquired in March 2023 by a joint consortium of Reliance Industries Ltd and Assets Care & Reconstruction Enterprise (ACRE) for ₹3,567 crore.
Hindusthan National Glass and Industries Ltd (HNGIL) has served a default notice under Section 8 of the Insolvency and Bankruptcy Code (IBC) to B9 Beverages Ltd, the maker of Bira 91 beer. HNGIL, acting as an operational creditor, is seeking recovery of ₹11.77 crore for glass bottles manufactured against confirmed purchase orders that were allegedly not lifted. The demand notice serves as the statutory precursor to filing a Corporate Insolvency Resolution Process (CIRP) application before the NCLT.
Three lenders, including Canara Bank and LIC Housing Finance, are preparing to challenge the National Company Law Tribunal's (NCLT) approval of a repayment plan concerning Subhash Chandra. The approved plan involves a settlement value of ₹6.25 crore.
HDFC Bank Managing Director and Chief Executive Officer Sashidhar Jagdishan will step down when his second term ends on 26 October. Reserve Bank of India regulations require reappointment applications to be submitted six months in advance and cap the total tenure of whole-time directors at 15 years. Deputy Managing Director Kaizad Bharucha, who joined the board in 2014, is seen as a potential interim chief with eligibility limited until 2029 under RBI's 15-year rule.
Former SEBI Chairman UK Sinha remarked that the market regulator could have conducted broader preparation and beta testing before implementing the Closing Auction Session (CAS) on August 3. Stock exchanges conducted only one mock trading session on August 1 prior to go-live, following framework finalisation in January. Sinha noted that CAS makes manipulation easier to detect, highlighting recent SEBI action against entities placing large closing auction orders to manipulate derivatives expiries.
The central government has notified the Legal Metrology (Indian Standard Time) Rules, 2026, establishing Indian Standard Time (IST) as the single reference for legal, administrative, commercial, and official purposes across India. The rules were notified on 27 August by the Ministry of Consumer Affairs and will come into effect 180 days following official gazette publication. The standardized time reference is designed to support accurate time-stamping for banking transactions, digital payments, transport coordination, and government records.
The government has renewed production-linked incentives (PLIs) for domestic cellphone manufacturing for an additional five years. This extension aims to bolster India's position in the global market and enhance local production capabilities. The scheme has previously created thousands of jobs and increased exports significantly.
The Union government has increased the minimum wage for non-agricultural, unskilled workers in the central sphere from ₹246 to ₹350 per day. This increase is part of an effort to address labor union demands and improve worker compensation.
The Shipping Ministry, through an order issued on August 10, has restored the 2018 cabotage relaxations allowing foreign-flagged vessels to transport specified categories of cargo between Indian ports. The order rescinds two previous orders issued in January and March that had reversed the relaxations and mandated stricter cabotage. The government stated the withdrawal of the restrictive orders till September ensures policy continuity and operational capacity for exporters and importers amid global shipping disruptions.
The Department of Fertilizers is restructuring the Integrated Fertilizer Management System (iFMS) into a data-driven platform linking sales with land and crop records via AgriStack and Aadhaar. The platform tracks distribution from production to retail across 140 million buyers and 250,000 retailers, overseeing nearly ₹2 trillion in annual subsidies. Electronic processing of subsidy bills and integration with PFMS/e-Bill systems has been implemented since January 2026 to enhance auditability and traceability.
14. Think tank calls for review of quality control orders
15. Japan opens carbon credit opportunity for Indian green projects
16. Who is liable for unsafe food sold by e-comm firms?
17. SBI, arm to dilute up to 1% stake in NSE via public offer