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⚠️ RECENT GST UPDATES — 2026

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1. GSTAT Principal Bench Authorized for Section 101B Appeals The Principal Bench of the GST Appellate Tribunal (GSTAT), New Delhi, is now empowered to hear appeals under Section 101B of the CGST Act. This is effective retrospectively from 1st April 2026 . 2. Compensation Cess Removed; Tobacco and Pan Masala Under 40% GST Compensation cess rates on specified tobacco and pan masala products are now nil. Cigarettes, cigars, pan masala, gutkha, and chewing tobacco attract 40% GST, while bidis are at 18%. A capacity-based cess and additional excise duty now apply . 3. GST Rate Schedules Aligned with Finance Act 2026 CBIC has amended rate notifications to align tariff entries with the Finance Act, 2026. This includes revised classification for certain non-alcoholic beverages under heading 2202, effective 1st May 2026 . 4. Place of Supply for Intermediary Services Restored The omission of Section 13(8)(b) means facilitation services may now qualify as exports of services. Indian suppliers should review their compliance for periods after 29th March 2026

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IMPORTANT NOTICE: Tax Compliance Deadlines for AY 2026-27

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  🔔 URGENT REMINDER Tax Audit Report: 30th September 2026 ITR for Audit Cases: 31st October 2026 File on time to avoid a penalty. Which Tax Law Applies to Tax Audit for AY 2026-27? This distinction matters in 2026. AY 2026-27 relates to income earned during FY 2025-26, from 1 April 2025 to 31 March 2026. The Income-tax Act, 1961 governed that financial year. Although the Income Tax Act, 2025 came into force from 1 April 2026, it governs income of Tax Year 2026-27 onwards. It does not retrospectively change the tax audit forms for FY 2025-26. Therefore, for the tax audit currently being completed for AY 2026-27: Section 44AB of the Income-tax Act, 1961 continues to determine tax audit applicability; Form 3CA continues to apply where accounts are audited under another law; Form 3CB continues to apply where accounts are not required to be audited under another law; and Form 3CD continues to contain the prescribed statement of particulars. The new Form 26 introduced under the Income Tax Rules, 2026 is relevant to tax audits for Tax Year 2026-27 that will be furnished in 2027. It should not be used in place of Form 3CA, 3CB or 3CD for…

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Union Budget 2026: Key Updates at a Glance

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This morning, Finance Minister Nirmala Sitharaman made history at the newly inaugurated Kartavya Bhawan, presenting her record ninth consecutive Union Budget.   This year’s fiscal roadmap is anchored by three “Guiding Kartavyas” (Duties), Economic Growth, Fulfilling Aspirations of Citizens, Inclusive Access, Sabka Saath, Sabka Vikas   that define the government’s vision for a resilient and inclusive India.   With the landmark Income Tax Act, 2025 set to take effect this April, here is the essential breakdown of the key tax updates you need to know: 1) Increase in STT for futures & options Securities Transaction Tax (STT) has been increased for futures and options. 2) Changes in Buyback Taxation In Budget 2026, the government has revised the tax treatment on buyback proceeds. Now, profits from share buybacks will be taxed as capital gains for all shareholders , aligning them with the tax treatment of other capital gains.  Buyback of listed equity & unlisted equity will be taxed at old rates: However, to disincentivize misuse of tax arbitrage, promoters will pay an additional buyback tax. This will make effective tax 22% for corporate promoters. For non-corporate promoters the effective tax will be 30%. 3) ITR Deadline Changes  The government has also made adjustments to ITR filing deadlines for businesses and professionals. Here are the deadline changes to…

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