INDUSTRY News

GST collection rises 4.6% in October to Rs. 1.96 lakh crore despite tax cuts

India’s gross Goods and Services Tax (GST) collections rose 4.6% in October 2025 to Rs. 1.96 lakh crore, marginally below the Rs. 1.97 lakh crore collected in the same month last year, according to government data. After adjusting for refunds, net GST revenue stood at Rs. 1.69 lakh crore, up 0.6% year-on-year. Collections under CGST, SGST and IGST all recorded growth, while compensation cess showed a decline.

Of the total, CGST accounted for Rs. 36,547 crore, SGST Rs. 45,134 crore and IGST Rs. 1,06,443 crore, including imports. Cess collections amounted to Rs. 7,812 crore. For the April–October period of FY26, GST revenues rose 9% to Rs. 13.89 lakh crore, compared to Rs. 12.74 lakh crore in the same period last fiscal.

Although gross GST revenue for October increased 12.84% year-on-year to Rs. 50,884 crore, domestic revenue grew modestly at 2%, totalling Rs. 1.45 lakh crore. After refunds, net domestic GST revenue remained flat at Rs. 1.31 lakh crore. Net customs revenue during the month rose 2.5% to Rs. 37,210 crore.

Officials said the steady performance, despite tax rate cuts on several insurance and personal finance products, reflects resilient economic activity and improved compliance across sectors.

GST returns pending for over three years to be time-barred from November: GSTN

Businesses will soon be barred from filing Goods and Services Tax (GST) returns that are more than three years overdue, starting from the November 2025 tax period, the GST Network (GSTN) has announced. The restriction will apply across monthly, quarterly and annual return forms applicable to all GST-registered entities.

The GSTN advisory said that any return whose due date falls three years or more prior to the November 2025 period will automatically become time-barred on the portal. This includes monthly returns GSTR-1 and GSTR-3B due in October 2022 and the annual return GSTR-9 for FY2020-21, which will be blocked from December 1, 2025.

The measure follows a 2023 amendment to GST law introducing time limits for filing returns, aimed at improving compliance discipline and clearing long-pending mismatches in tax credits. The government has been pushing for timely filing as delays impact settlement between states and the Centre.

Tax experts said the move will prevent businesses from attempting to claim outdated input tax credits, while also reducing administrative burden on tax authorities. However, companies with unresolved old-period issues may need to prepare for potential tax disputes.

ChatGPT Go one-year free access launches in India with GPT-5 and advanced tools

OpenAI has rolled out a major India-focused offer: free one-year access to ChatGPT Go for all eligible users, starting November 4, 2025. The promotion provides complimentary access to GPT-5, advanced image generation, enhanced file analysis and custom GPT creation — features normally available only on paid plans. The offer is part of OpenAI’s aggressive expansion into India, one of the world’s fastest-growing AI markets.

Eligibility is limited to users physically located in India. New users, free-tier users and existing ChatGPT Go subscribers in good standing can enroll instantly. Those subscribed to other plans — Plus, Pro, Business or Enterprise — must cancel their plan and wait for the current billing cycle to end before becoming eligible.

Users must add a payment method, either UPI or credit card, though no subscription fee will be charged during the promotional period. UPI users may see a temporary Rs. 1 charge per billing cycle, which will be refunded automatically.

The company said the initiative aims to broaden AI adoption among students, professionals and developers, and encourage experimentation with responsible AI tools across sectors.

India does not need separate AI law for now, says government panel

A high-level government committee on artificial intelligence has concluded that India does not currently require a standalone law to regulate AI, stating that existing legislation is sufficient to address most foreseeable risks. The recommendations were released under the ‘India AI Governance Guidelines’ by senior officials including Principal Scientific Adviser Ajay Kumar Sood and IT Secretary S. Krishnan.

The panel said that risks associated with AI — such as privacy breaches, misinformation, discrimination and safety hazards — can be handled under existing laws covering information technology, data protection, consumer protection and civil and criminal liability. However, it emphasised the need for consistent and timely enforcement to build public trust.

The guidelines call for developing an India-specific risk assessment framework based on domestic evidence of harm, rather than replicating foreign regulatory models. They also encourage voluntary industry measures on privacy, transparency and security, along with establishing a grievance redressal mechanism for AI-related harms.

Committee members including Abhishek Singh of the IT ministry and IIT Madras professor Balaraman Ravindran said the approach balances innovation with accountability, avoiding over-regulation while building institutional readiness for future risks.

India crosses 500 GW power capacity, non-fossil share exceeds 50%

India has crossed a major clean-energy milestone, with total installed electricity capacity touching 500.89 GW as of September 30, 2025, the power ministry announced. For the first time, non-fossil fuel sources — including renewable energy, hydro and nuclear — together contribute 256.09 GW, accounting for over 51 per cent of total capacity.

The ministry said India has achieved one of its COP26 Panchamrit targets — securing 50 per cent non-fossil capacity by 2030 — five years ahead of schedule. It added that the transition has been achieved while maintaining grid stability and ensuring reliable supply.

Of the total capacity, fossil-fuel-based sources contribute 244.80 GW, or 49 per cent. Solar power accounts for 127.33 GW and wind energy 53.12 GW. The ministry said the rapid expansion reflects strong policy support, sustained investment and coordinated effort across the energy ecosystem.

Between April and September 2025, India added 28 GW of non-fossil capacity, compared with 5.1 GW of fossil-fuel capacity, underscoring the accelerating shift toward clean energy. The ministry said the transition is also creating employment opportunities in manufacturing, installation, maintenance and innovation across rural and urban India.

US, Singapore account for one-third of India’s FDI inflows in FY25: RBI

The United States and Singapore together accounted for more than one-third of foreign direct investment (FDI) into India during FY25, according to provisional results of the Reserve Bank of India’s latest census on foreign liabilities and assets (FLA). The census covers cross-border liabilities and assets of Indian companies that have either received FDI or made overseas direct investments.

Of the 45,702 entities that responded in the 2024-25 round, 41,517 reported FDI and/or ODI positions as of March 2025. The RBI said 33,637 of these firms had participated in the previous census, while 7,880 reported for the first time this year. Over three-fourths of companies with inward FDI were subsidiaries of foreign firms, defined as entities in which a single foreign investor holds more than 50 per cent equity.

Besides the US and Singapore, other major FDI sources included Mauritius, the United Kingdom and the Netherlands. The RBI noted that the data underscores the continued dominance of established investment partners in India’s capital inflows, even as the overall investment base widens with more entities reporting cross-border exposure.

Indian sellers export $20 billion via Amazon in a decade

Indian sellers using Amazon’s global marketplace have exported goods worth more than $20 billion since 2015, the company said, calling it cumulative e-commerce exports driven largely by small and medium enterprises. Amazon has set a target of enabling $80 billion in cumulative exports from India by 2030.

The company said rising global demand, competitive domestic manufacturing and improved digital infrastructure have encouraged more Indian businesses to reach overseas buyers. Under Amazon’s Global Selling programme, launched in 2015, over two lakh exporters now ship products ranging from apparel, home goods and furniture to beauty and personal care items.

The first $8 billion took eight years, but export momentum accelerated sharply in recent years as online commerce became mainstream. Amazon said its seller base grew 33 per cent in the past year alone. The US remains the biggest market for Indian exporters on Amazon, followed by the UK and Germany.

The company added that digital platforms have lowered the entry barriers for exporters by reducing dependence on costly logistics and physical infrastructure, enabling sellers from cities such as Karur, Junagadh and Haridwar to tap global demand.

Support honest taxpayers, simplify GST processes: Sitharaman to officials

Finance minister Nirmala Sitharaman urged GST officials to make compliance easier for honest taxpayers while maintaining strict enforcement against evasion, saying GST reforms have contributed to strong festive-season business activity nationwide. She was speaking at the inauguration of a new Central GST building.

Sitharaman announced that from November 1, a simplified GST registration system will be rolled out for two categories of taxpayers, with approvals granted within three working days. The reform, she said, would benefit 96 per cent of new applicants and must be implemented “without friction.”

She asked officials to shed the “pre-GST mindset” and adopt an approach that is transparent, courteous and supportive of compliant businesses. However, she cautioned that politeness should not be mistaken for leniency. “Galat kiya hai toh khair nahi, sahi kiya toh koi bair nahi,” she said, stressing strict action against wrongdoing.

The finance minister said the next phase of GST is not just about rate rationalisation but about ensuring that taxpayers experience a more efficient, responsive and predictable system.

India’s maritime sector to draw Rs. 8 trillion investment, create 15 million jobs by 2047: Puri

India’s maritime sector is on the cusp of transformational growth and is expected to attract investments worth Rs. 8 trillion while generating nearly 1.5 crore jobs by 2047, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said at the India Maritime Week 2025. “The maritime sector is poised to attract Rs. 8 trillion of investment in trade, and 1.5 crore new jobs by 2047,” Puri said, emphasising the deep link between India’s economic rise and its maritime capabilities.

Puri said India’s “maritime journey is entering a phase of rapid growth”, driven by trade expansion, growing international partnerships and innovation. He highlighted the pace of infrastructure development, noting that Uttar Pradesh Chief Minister Yogi Adityanath has confirmed that the first phase of the Jewar Airport will become operational by the end of November. “The combined footfall of Jewar Airport and IGI Airport will be more than the footfall of Heathrow and many other airports combined,” he said.

The event brought together over 100 visiting countries, 500 exhibitors and more than one lakh delegates. Puri described it as a platform that “forges partnerships that will define the next maritime century”. He said the country’s maritime heritage — from the port city of Lothal to the Chola fleets and Maratha naval power — reflects India’s long-standing ocean-linked economic and strategic influence.

Union Home Minister Amit Shah, who inaugurated the event, described this phase as “India’s Maritime Moment”, noting that structural reforms over the past decade have turned the “Gateway of India into the Gateway of the World”. Highlighting India’s 11,000-km coastline and 13 coastal states and UTs that contribute nearly 60% to GDP, he said maritime development is essential to India’s long-term growth.

Adani Airports to introduce AI-powered multilingual helpdesk across eight airports

Adani Airport Holdings will roll out an AI-powered, multilingual passenger assistance platform across its eight airports as part of a partnership with AI solutions firm AIONOS. The system, described as an omni-channel “multilingual concierge”, will operate 24×7 and support passengers in English, Hindi and regional languages.

The AI agent will assist passengers with flight updates, boarding gate changes, baggage information, directions, airport services and lounge availability. The system will also scan social media chatter in real time to identify service issues and proactively guide passengers towards less crowded gates, check-in counters or food courts.

Adani Airports expects the AI-driven model to reduce costs, streamline helpdesk operations and improve overall passenger satisfaction. The platform will draw data from CISF, immigration authorities and other government systems to provide consistent and context-aware guidance.

AIONOS, led by former Tech Mahindra CEO C.P. Gurnani and backed by InterGlobe Enterprises, said the platform has global scalability. “Whatever happens in the background, AI will come and help us because we will become more predictable… We will have more information to play with. And, hence, we will be better prepared,” Gurnani said.

The solution will be deployed at the Adani-managed airports in Mumbai, Ahmedabad, Lucknow, Mangalore, Jaipur, Guwahati and Thiruvananthapuram, as well as the upcoming Navi Mumbai International Airport. Adani Airport Holdings CEO Arun Bansal said the new system, along with in-house platforms such as Adani OneApp and Airports-in-a-Box, will help create “a connected ecosystem that enhances efficiency, fosters inclusivity, and sets new benchmarks for smart, sustainable, and future-ready airports in India.”

Wealth of India’s top 1% rises 62% since 2000: G20 inequality report

The wealth of India’s richest 1% has grown by 62% between 2000 and 2023, according to a landmark report commissioned by the South African Presidency of the G20. Led by Nobel laureate Joseph Stiglitz, the G20 Extraordinary Committee of Independent Experts on Global Inequality warned that inequality worldwide has reached “emergency” levels, with serious implications for democracy, economic stability and climate action.

The report found that the top 1% globally captured 41% of all new wealth created between 2000 and 2024, while the bottom 50% received only 1%. In India, the top 1% increased their share of wealth more quickly than many other nations. “In India, the top 1% have grown their share of wealth by 62% over this period (2000–2023); this figure is 54% in China,” the report said.

Inter-country inequality appears to have reduced due to rising per-capita incomes in populous nations such as China and India, but the experts cautioned that domestic inequality has sharply deepened in most countries. They concluded that “extreme inequality is a choice,” adding that it can be reversed through political will supported by global coordination. “The G20 has a critical role,” the report stated.

The committee includes economists Jayati Ghosh, Winnie Byanyima and Imraan Valodia. The report calls for progressive taxation, wealth reporting, global minimum inheritance standards and cooperation against tax havens to contain further concentration of wealth.

India’s agriculture exports rise 12% in H1 to $13.93 billion

India’s agricultural exports rose nearly 12% in the first half of FY26, driven by higher shipments of non-basmati rice, buffalo meat and pulses, according to data from the Agricultural and Processed Food Products Export Development Authority (APEDA). Export value increased to $13.936 billion during April–September 2025–26, up from $12.475 billion in the year-ago period.

Non-basmati rice exports recorded strong growth, rising 27.6% to $2.87 billion, with volumes surging 51% to over 7.01 lakh tonnes. Basmati rice exports, however, dipped marginally to $2.76 billion due to weak global pricing, though volumes increased slightly to 3.16 lakh tonnes.

Shipments of buffalo meat grew 17% to $2.18 billion on the back of higher demand, with volumes rising to 6.23 lakh tonnes. Processed food categories showed mixed trends: miscellaneous processed items declined modestly to $853 million, while exports of fresh fruits, cereal preparations, processed fruits and juices each crossed the $500-million mark.

Fresh fruit exports rose 31% to $530 million, cereal preparations grew 13% to $510 million, and processed fruits and juices increased 7.5% to $502 million. Exports of processed vegetables rose to $415 million from $381 million a year earlier. Pulses shipments also strengthened, rising 25% to $435 million.

APEDA officials said rising global demand, improved logistics, and stable supply conditions contributed to the overall growth in agricultural exports during the period.

India improves its rank in global Climate Risk Index

India has improved its position in the global Climate Risk Index (CRI), ranking as the 9th most-affected country by extreme weather events over the 1995–2024 period and 15th in 2024, according to a new report released by Germanwatch. This marks an improvement from last year, when India ranked 8th for the long-term period (1994–2023) and 10th for 2023. A lower rank indicates reduced vulnerability and impact.

The CRI assessment examined six indicators, including fatalities, economic losses, and the number of extreme weather events. India recorded over 80,000 deaths and nearly USD 170 billion in economic losses from 430 extreme weather incidents across the past three decades. Globally, more than 8,32,000 people died and losses exceeded USD 4.5 trillion during the same period, based on inflation-adjusted figures.

Dominica, Myanmar, and Honduras emerged as the most-affected countries between 1995 and 2024, while St Vincent and the Grenadines, Grenada, and Chad topped the list for 2024 alone. The report, released at COP30 in Belem, highlighted that around 40% of the world’s population—over three billion people—live in the 11 countries most severely impacted by storms, heatwaves, floods, and other extreme weather events.

Govt approves Rs. 25,000-crore export mission, extra credit support for tariff-hit traders

The Union Cabinet has approved a Rs. 25,060-crore Export Promotion Mission (EPM) and an additional Rs. 20,000-crore collateral-free credit window to support exporters facing global trade disruptions and tariff pressures, especially from the US. Priority support will be extended to labour-intensive sectors such as textiles, leather, gems and jewellery, engineering goods, and marine products.

The EPM, first outlined in the Union Budget, will run for six years and aims to ease exporters’ access to credit, innovative financing instruments, and market expansion tools. It also seeks to address long-standing concerns over high logistics costs, branding challenges, and limited overseas warehousing infrastructure.

The Cabinet additionally approved higher royalty rates for four critical minerals—graphite, caesium, rubidium and zirconium—to attract investor interest in upcoming auctions. Nine blocks of these minerals have been tendered, including five blocks of graphite.

The mission is designed to cushion exporters from volatility and enhance India’s competitiveness in global trade. It forms part of the government’s broader strategy to help businesses tap new markets, diversify supply chains, and withstand tariff shocks.

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