This update covers recent developments on GST and Income Tax announced on the official GST portal and the Income Tax e-filing portal, along with the key due dates for the coming weeks.
1. GST: Key Reforms Recommended by the 57th GST Council
The GST Council, in its 57th meeting held on 8 October 2026, recommended a set of reforms to simplify compliance, streamline registration and return filing, speed up refunds and improve the flow of Input Tax Credit. The key recommendations include:
- Removal of arrest provisions under GST.
- Increase in the threshold for prosecution from ₹1 crore to ₹5 crore.
- Reduction in the maximum general penalty from ₹25,000 to ₹10,000.
- Simpler GST registration for small e-commerce sellers and easier movement of goods across States.
- Clarifications and changes on GST rates for certain goods and services, exports, and relief measures for small taxpayers.
Please note: These are recommendations. They will take effect only after the relevant notifications, circulars and legislative amendments are issued. We will share an update as soon as they are notified.
2. GST: Annual Return GSTR-9 / GSTR-9C for FY 2025-26 Now Available
- GSTR-9 and GSTR-9C for FY 2025-26 have been enabled on the GST portal from 8 October 2026.
- The GSTR-9/9C tile will be available only after all GSTR-1 and GSTR-3B returns for FY 2025-26 have been filed.
- The annual return for FY 2025-26 is due by 31 December 2026.
Our suggestion: Reconcile GSTR-1, GSTR-3B, GSTR-2B and your books of accounts now, so that any differences can be corrected well before the due date.
3. GST: e-Invoicing for Self-Invoices under Reverse Charge (RCMDOM and RCMIMP)
Following the recommendation of the 57th GST Council, the e-invoicing system is being extended to self-invoices issued by recipients under reverse charge for taxpayers with Aggregate Annual Turnover (AATO) of ₹5 crore and above.
- RCMDOM: self-invoices for specified domestic supplies received from unregistered persons, where the recipient pays tax under RCM.
- RCMIMP: self-invoices for import of services from suppliers outside India.
- The facility is currently available for testing in the sandbox of all six Invoice Registration Portals (IRPs).
- The date of production rollout and the effective date of the requirement will be notified separately.
Businesses above ₹5 crore AATO that regularly pay tax under RCM or import services should ask their ERP or software provider to prepare for this change.
4. Income Tax: Income-tax (Seventh Amendment) Rules, 2026
CBDT has issued Notification No. 137/2026 inserting Rule 281A and a new Form 173A. The form is to be furnished by assessees claiming exemption on interest and capital gains from Government securities under Schedule IV of the Income-tax Act, 2025. It mainly concerns foreign portfolio investors holding Government securities.
5. Reminder: TDS Return for Q2 Due on 31 October 2026
- Quarterly TDS/TCS statements for July to September 2026 must be filed by 31 October 2026.
- A late fee of ₹200 per day applies for delayed filing, up to the amount of TDS in the statement.
- Form 16A should be issued to deductees within 15 days of the statement due date.
Upcoming Due Dates at a Glance
| Compliance | Period / Applicability | Due Date |
|---|---|---|
| Quarterly TDS/TCS statements | Q2 (July–September 2026) | 31 October 2026 |
| TDS/TCS deposit | Deductions made in October 2026 | 7 November 2026 |
| GSTR-1 (monthly filers) | October 2026 | 11 November 2026 |
| GSTR-3B (monthly filers) | October 2026 | 20 November 2026 |
| Income Tax Return (audit cases) | AY 2026-27 | 21 November 2026 |
| GSTR-9 / GSTR-9C (Annual Return) | FY 2025-26 | 31 December 2026 |
| AOC-4 and its variants | FY 2025-26 | 31 December 2026 (extended) |
| MGT-7 / MGT-7A | FY 2025-26 | 31 January 2027 (extended) |
How North West Consultancy Can Help
North West Consultancy (NWC) assists businesses with GST annual returns and reconciliation, e-invoicing readiness, TDS statements, income tax returns, ROC filings and DSC. For help, contact us.
Office: 210, Vitthal The Mall, Koba Gandhinagar Road, Near Vishwakarma Engineering College, Ahmedabad, Gujarat – 382424
Raviraj Upadhyay (Partner): +91 90338 52145
Prashant Joshi (Partner): +91 97146 56484
Email: fca.raviraj@gmail.com
Official Sources
- GSTN – Recommendations of the 57th GST Council Meeting (9 October 2026)
- PIB press release on the 57th GST Council Meeting
- GSTN – Annual Returns GSTR-9/9C for FY 2025-26 (13 October 2026)
- GSTN – e-Invoicing for RCM Self-Invoices, RCMDOM and RCMIMP (16 October 2026)
- CBDT – Notification No. 137/2026
- Income Tax Department – News & Updates
Disclaimer: This update is for general information only and should not be treated as professional advice. Please refer to the relevant notifications and circulars, or consult us, before taking any decision.
