The Centre and Madhya Pradesh have partnered to develop a dedicated Telecom Manufacturing Zone (TMZ).
Union Minister Jyotiraditya Scindia said investment commitments of Rs 2,000 crore have already been secured.
GSTN Defers E-Way Changes
The proposed changes, including mandatory ‘Ship-To GSTIN’ and voluntary e-way bill closure, were scheduled to take effect from August 1.GSTN has deferred the rollout until further notice after receiving feedback from businesses and technology providers. Highlights The Goods and Services Tax Network (GSTN) has put on hold two proposed enhancements to the e-way bill system after receiving extensive feedback from industry stakeholders over implementation challenges. The proposed changes, which were scheduled to come into effect from August 1, 2026, included the mandatory capture of the ‘Ship-To GSTIN’ in Bill-to-Ship-to transactions and the introduction of a voluntary e-way bill closure facility. GSTN has now deferred both proposals until further notice. The mandatory ‘Ship-To GSTIN’ requirement was intended to improve identification of the actual recipient of goods and strengthen the traceability of goods movement. The voluntary closure feature would have allowed taxpayers to close an active e-way bill in situations where the movement of goods was ultimately cancelled. The proposals also required changes to APIs used for ERP systems and e-invoicing integrations. According to GSTN, the advisories issued on June 9 and June 17 regarding these enhancements have been withdrawn for the time being, and the implementation timeline has been suspended until a revised roadmap is announced. Tax experts believe the decision reflects the government’s willingness to incorporate industry feedback. EY India Tax Partner Saurabh Agarwal said many businesses found it difficult to implement the proposed changes alongside the existing e-invoicing and Invoice Reference Number (IRN)-based e-way bill system, particularly in sectors with complex supply chains such as automobile components, engineering, procurement and construction (EPC), and e-commerce. AMRG Global Managing Partner Rajat Mohan said the deferment would help businesses avoid operational disruptions while giving GSTN additional time to refine the system based on stakeholder inputs. Under the GST regime, an e-way bill is mandatory for transporting goods valued above Rs 50,000. Introduced after the rollout of GST in July 2017, the digital system replaced physical interstate check posts, enabling seamless movement of goods while strengthening tax compliance through online monitoring.
India’s Gold Demand Slips 6%
Despite lower volumes, the value of gold demand touched a record Rs 1.98 lakh crore during the quarter.
WGC expects festive and wedding season demand to improve in the second half of 2026.
ICICI MF Buys Go Digit Stake
The stake was purchased from Peak XV Partners through a block deal on the NSE.
Go Digit shares gained over 1% after the transaction was disclosed.
India-Germany Submarine Deal Soon
The agreement will pave the way for six next-generation conventional submarines to be built in India.
German Ambassador Philipp Ackermann said both sides are hopeful of signing the deal very soon.
FSSAI Suspends Dior Licence
FSSAI has suspended the food licence of Dior Pharmaceuticals’ nutraceutical manufacturing unit in Punjab after finding serious violations of Good Manufacturing Practices (GMP), hygiene standards, and food safety management systems during an inspection. The company has been ordered to stop operations immediately until all deficiencies are rectified. Highlights The Food Safety and Standards Authority of India (FSSAI) has suspended the food licence of Dior Pharmaceuticals’ nutraceutical manufacturing facility in Punjab after detecting multiple serious violations during an inspection. According to the food regulator, the manufacturing unit was operating with major deficiencies in Good Manufacturing Practices (GMP), Good Hygiene Practices (GHP), and Food Safety Management Systems (FSMS). FSSAI said these lapses pose a significant risk to public health and amount to gross non-compliance with the provisions of the Food Safety and Standards Act, 2006. Following the inspection, the regulator suspended the company’s licence with immediate effect and directed the food business operator (FBO) to halt all manufacturing and related operations until the identified shortcomings are fully addressed and compliance is verified by the competent authority. FSSAI highlighted several critical non-conformities at the facility, including inadequate infrastructure, poor sanitation and housekeeping, ineffective pest control measures, improper storage and handling practices, weak process controls, poor personnel hygiene, insufficient water quality monitoring, and inadequate maintenance of records. The regulator said the inspection revealed serious failures in ensuring the safety, quality, and traceability of food products manufactured at the unit. The action is part of FSSAI’s ongoing enforcement drive to strengthen food safety compliance across the country. In recent months, the regulator has taken action against several energy drink and alcoholic beverage manufacturers over misleading claims and labelling violations. It has also issued notices to multiple e-commerce platforms based on consumer complaints, suo motu investigations, and routine inspections conducted by food safety officers. FSSAI regularly shares details of such enforcement actions through its official social media platforms to improve transparency and encourage compliance within the food industry.
Royal Enfield’s Global Revenue Crosses ₹1,000 Crore
Royal Enfield has posted its best-ever international quarter, with overseas revenue crossing ₹1,000 crore and contributing 15% to total sales. However, a steep luxury tax and sales quota in Indonesia could slow its next phase of expansion.
Foreign Card Payments Get Costlier
Axis Bank and Kotak Mahindra Bank have increased Dynamic Currency Conversion charges on select card transactions. Customers paying in Indian rupees abroad or on international websites may now face fees of up to 3.5% plus GST.
Gold, Silver Prices Turn Volatile
Gold and silver prices saw sharp fluctuations on the MCX after the US Federal Reserve kept interest rates unchanged. A stronger dollar and higher US bond yields added pressure to precious metals.
US Fed Keeps Interest Rates Unchanged
The US Federal Reserve has kept its benchmark lending rate unchanged at 3.5%–3.75% as inflation remains above its 2% target. Markets will now closely watch the Fed’s September policy meeting for the next move on rates.
