Introduction The Goods and Services Tax (GST) framework in India has undergone an important change concerning post-sale discounts and the issuance of GST credit notes with effect from 1st November 2026. The amendments introduced through the Finance Act, 2026 aim to simplify the existing provisions, reduce documentation difficulties and provide greater flexibility to businesses when
Introduction The Goods and Services Tax (GST) system has introduced several compliance requirements to ensure transparency in business transactions and proper reporting of tax deductions. One of the important compliance requirements under GST is the filing of Form GSTR-7, which is applicable to persons and organizations required to deduct Tax Deducted at Source (TDS) under
Introduction The taxation of interest income earned by co-operative societies has been an important and frequently disputed issue under the Income-tax Act, 1961. Many co-operative societies invest their surplus funds in fixed deposits, savings accounts and other interest-bearing instruments with co-operative banks. Such investments are generally made to earn additional income while keeping surplus funds
The Goods and Services Tax (GST) compliance system in India is entering an important phase of digital transformation from 1 November 2026. The Central Board of Indirect Taxes and Customs (CBIC) has notified significant amendments to various GST forms under the Central Goods and Services Tax (CGST) Amendment Rules, 2026. These amendments are intended to
Introduction Special Economic Zones (SEZs) play an important role in India’s economic development. They were established to promote exports, attract domestic and foreign investment, generate employment, encourage manufacturing, and strengthen India’s position in international trade. The objective behind creating these zones was to provide businesses with a favourable operating environment, simplified procedures, and tax benefits
The 57th GST Council meeting was held on 8 October 2026 in New Delhi, under the chairpersonship of Union Finance Minister Nirmala Sitharaman. Unlike the previous meeting, which focused on GST rate rationalisation, the 57th meeting concentrated mainly on simplifying GST procedures, improving input tax credit (ITC) and refund processes, reducing unnecessary litigation, and making
The 57th GST Council meeting has cleared a series of important measures aimed at making India’s indirect tax system more business-friendly and reducing compliance pressure on taxpayers. Instead of focusing primarily on broad GST rate changes, the latest decisions put greater emphasis on simplifying tax administration, expanding Input Tax Credit (ITC), reducing small-value disputes and
