GST & Tax News: Official Updates
Curated GST, income tax, corporate and NRI/FEMA updates with links to the official source. Last reviewed October 2026.
57th GST Council meeting reported held in New Delhi
Several outlets reported the 57th GST Council meeting being held on 8 October 2026 after postponements, with discussions on compliance simplification, refunds and registration. Specific decisions must be confirmed from the official Council press release and subsequent CBIC notifications.
What it means: Watch for notifications that operationalise any decision. We will update this page when official documents are published.
Source: GST Council
CBDT Circular 07/2026 extends tax audit and ITR due dates for AY 2026-27
The CBDT extended the due date for tax audit reports from 30 September to 21 October 2026, and the ITR due date for audit cases from 31 October to 21 November 2026, for assessment year 2026-27.
What it means: If you are a business or professional with a tax audit, plan to complete the audit and file by the revised dates. Transfer-pricing cases keep separate dates.
Source: Income Tax Department
Draft Foreign Investment Rules, 2026 reported to replace NDI Rules, 2019 (still a draft)
A draft framework to replace the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 was reported in July 2026, with comments invited until 31 August 2026. It is not yet final.
What it means: No action yet. Track the final notification.
Source: RBI / Government of India
RBI FEMA 395(4)/2026-RB: amendment on mode of payment for NDI (NRI/OCI investments in listed shares)
RBI notified a fourth amendment to the FEMA non-debt instruments payment regulations (Regulation 3.1 and 4(9)) in June 2026, affecting payment and remittance rules for NRI and OCI investments in listed Indian shares.
What it means: NRIs investing in Indian equities should check their bank's current process.
Source: Reserve Bank of India
GSTN advisory: Annexure-B mandatory for certain refund applications involving accumulated ITC
GSTN reportedly made Annexure-B filing mandatory from 18 May 2026 for specified refund applications involving accumulated input tax credit.
What it means: Exporters and inverted-duty taxpayers should prepare Annexure-B data before filing refunds.
Source: GSTN (GST Portal)
CBIC Notification 01/2026-Central Tax (Rate): tariff entries aligned with Finance Act 2026
A CBIC rate notification dated 30 April 2026, effective 1 May 2026, amends the GST rate notification to align tariff entries with changes made through the Finance Act 2026.
What it means: Refresh the HSN master and rates in billing software for affected items.
Source: CBIC
Income-tax Act, 2025 comes into force; Income-tax Rules, 2026 notified
The Income-tax Act, 2025 replaced the Income-tax Act, 1961 from 1 April 2026, with the Income-tax Rules, 2026 notified on 20 March 2026 (Notification 22/2026). The new law applies from tax year 2026-27; earlier years continue under the 1961 Act.
What it means: Payroll, TDS and tax filing processes need updated section references and forms for tax year 2026-27 onwards.
Source: Income Tax Department / CBDT
TCS on certain foreign remittances (education, medical, overseas tour packages) reported reduced to 2%
Reports on Finance Act 2026 indicate that TCS on LRS remittances for education, medical purposes and overseas tour packages is lowered to 2% from 1 April 2026, while other LRS remittances above ₹7 lakh remain at 20%.
What it means: Affects families sending money abroad. Confirm rates and thresholds for your remittance before paying.
Source: Income Tax Department
GSTN Advisory No. 650: facility to withdraw from Rule 14A option via Form GST REG-32
GSTN enabled an online facility for eligible taxpayers to apply for withdrawal from the option availed under Rule 14A of the CGST Rules by filing Form GST REG-32.
What it means: Eligible taxpayers who opted under Rule 14A can review withdrawal.
Source: GSTN (GST Portal)
Union Budget 2026-27: income tax slabs unchanged, rebate up to ₹12 lakh continues
Coverage of Budget 2026-27 reports no change in individual income tax slab rates for FY 2026-27, with the section 87A rebate continuing for income up to ₹12 lakh under the new regime.
What it means: No new slab planning needed for FY 2026-27, but review other Finance Act 2026 changes. Verify against the Finance Act text.
GSTN Advisory No. 631: 'Pending' option for credit notes in Invoice Management System
GSTN introduced a 'Pending' option for credit notes in IMS, with remarks visible to the recipient in GSTR-2B.
What it means: Recipients get more flexibility in handling supplier credit notes.
Source: GSTN (GST Portal)
GST rate rationalisation (GST 2.0) takes effect after the 56th Council meeting
Following the 56th GST Council meeting on 3 September 2025, most goods and services moved to two main rates of 5% and 18%, with a higher rate for specified demerit and luxury goods, effective 22 September 2025.
What it means: Review product-wise rates, pricing and invoicing systems.
Source: GST Council