Blogs & Articles

For Assessment Year (AY) 2026–27, taxpayers and tax professionals should pay close attention to the updated reporting requirements, particularly the changes introduced through the Finance Act, 2026, and the updated tax-audit guidance issued by the Income Tax Department.

The 57th GST Council meeting, held on 8 October 2026 in New Delhi, recommended significant changes to GST enforcement and penalty provisions. The key proposals include removing arrest powers under the Central Goods and Services Tax (CGST) Act, increasing the prosecution threshold from ₹1 crore to ₹5 crore, and reducing the maximum general penalty from ₹25,000 to ₹10,000. These recommendations aim to simplify tax administration, reduce unnecessary litigation, and establish a more proportionate approach to GST compliance. Businesses should understand the proposed changes while continuing to meet their existing tax obligations.

When India rolled out the Goods and Services Tax (GST) on July 1, 2017, it was heralded as one of the biggest tax reforms in the nation's history. The goal was simple: "One Nation, One Tax." GST successfully subsumed a web of indirect taxes—including Central Excise Duty, Service Tax, Luxury Tax, Entertainment Tax, and state-level Value Added Tax (VAT). However, a common question arises among business owners, consumers, and tax professionals: Is VAT completely gone, or is it still applicable in India today?The short answer is: Yes, VAT is still applicable in India, but only for a very select few products.

Tax Deducted at Source (TDS) is an important part of India’s tax compliance system. Employers, companies, businesses, and other persons responsible for deducting tax must deposit the deducted amount with the government and submit the applicable TDS statements within the prescribed deadlines. Missing a TDS return filing deadline can lead to late-filing fees, interest, and other consequences. Therefore, understanding the TDS return filing due date in 2026 is essential for businesses, accountants, employers, and tax professionals.