Finance and Taxation

New Rules from 1 September 2026: Key Updates on ITR, Tax, GST and Banking

From 1 September 2026, several important developments will affect taxpayers, bank customers, and businesses. However, it would not be technically correct to say that every change is a “new law effective from 1 September.” Some are consequences arising after the 31 August deadline, while others are important regulatory developments scheduled during September. Certain banking-related changes may also vary from one bank to another.

Therefore, this article explains the key changes and developments that taxpayers, businesses, and bank customers should be aware of from 1 September 2026 onwards, particularly:

ITR filing after 31 August
Filing of Belated ITR
New timeline for Revised ITR
57th GST Council Meeting
ATM withdrawal charges
Possible changes in bank-specific charges
New security features and alphanumeric codes in cheque books
Important tax compliance deadlines in September

ITR Filing: 31 August Deadline Has Ended

One of the most significant developments concerns Income Tax Return filing.

For AY 2026-27, the applicable due date for non-audit taxpayers to file their ITR was 31 August 2026. Therefore, after 31 August, the normal deadline for filing an original return under Section 139(1) has expired.

The Income Tax Department has also clarified that 31 August 2026 was the applicable due date for non-audit taxpayers for AY 2026-27.

Accordingly, if an eligible taxpayer files an ITR on or after 1 September 2026, it will generally be treated as a Belated Return.

Which ITR Can Be Filed After 1 September?

Missing the 31 August deadline does not mean that taxpayers can no longer file their ITR.

Taxpayers who failed to submit their original return by 31 August can still file a Belated Return, subject to the applicable provisions.

For AY 2026-27:

Last Date for Filing Belated ITR: 31 December 2026

As per the Income Tax Department, a belated return for AY 2026-27 can be filed up to 31 December 2026, subject to the earlier completion of assessment.

However, filing a belated return may attract the applicable late filing fee:

Total income up to ₹5 lakh → ₹1,000
Total income above ₹5 lakh → ₹5,000

In addition, interest on outstanding tax liability may also apply wherever applicable.

Therefore, the key takeaway from 1 September is:

ITR filing does not stop after 31 August. However, returns filed after the deadline will generally be treated as Belated Returns, and applicable late filing fees may be payable.

Major Change in the Revised ITR Filing Timeline

There is an important change regarding Revised Income Tax Returns for AY 2026-27.

If you have already filed your ITR within the prescribed time and later discover any issue, such as:

Income was not reported;

An incorrect deduction was claimed;

Bank interest was missed;

There was an error in reporting capital gains;

A TDS mismatch was noticed;

Incorrect information was entered;

you can generally file a Revised Return to correct the details.

The timeline for filing a revised return has also been extended compared with the earlier framework.

New Last Dates for Revised ITR

31 December 2026

If the Revised ITR is filed on or before 31 December 2026, the return can be filed within this extended timeline without the additional fee prescribed under Section 234I.

31 March 2027

A Revised ITR can also be filed between 1 January 2027 and 31 March 2027. However, in such cases, the additional fee prescribed under Section 234I will apply.

The Income Tax Department’s current FAQs specifically confirm that for AY 2026-27, a revised return can be filed up to 31 March 2027, subject to completion of assessment. A revised return filed after 31 December 2026 will attract the applicable Section 234I fee.

In Simple Terms:

Type of ITR Last Date Consequence

Original ITR – Non-Audit 31 Aug 2026 Normal due date has expired

Belated ITR 31 Dec 2026 Late filing fee + applicable interest

Revised ITR 31 Dec 2026 No Section 234I additional fee

Revised ITR after 31 Dec 31 Mar 2027 Section 234I additional fee applicable

Therefore, if you have already filed your ITR but later realize that there is an error or omission, filing the revised return before 31 December 2026 may be financially more beneficial.

Important Difference Between Belated and Revised ITR

Taxpayers should clearly understand the difference between these two types of returns.

Belated Return

If the original ITR was not filed within the applicable due date:

31 August deadline missed → Belated ITR

Revised Return

If the ITR has already been filed and an error is discovered later:

ITR already filed → Revised ITR

Therefore, a taxpayer who did not file the ITR by 31 August 2026 will generally need to file a Belated Return.

On the other hand, a taxpayer who filed the ITR on or before 31 August 2026 but later discovers an error can generally file a Revised Return to correct it.

57th GST Council Meeting: Major Meeting Scheduled for 12 September

September brings an important development for GST taxpayers and businesses.

The 57th GST Council Meeting is scheduled to take place in New Delhi on 12 September 2026.

According to the official memorandum issued by the GST Council Secretariat:

57th GST Council Meeting

Date: 12 September 2026
Time: 11:00 AM onwards

A meeting of GST officers will also be held one day earlier:

Officers’ Meeting

Date: 11 September 2026
Time: 11:00 AM onwards

This GST Council meeting is being held after a gap of more than a year since the previous Council meeting.

ATM Cash Withdrawal Charges

Now let us look at an important development concerning the banking sector.

Under the RBI’s existing framework, customers are entitled to a certain number of free ATM transactions every month.

At the customer’s own bank’s ATM, the general framework provides for:

5 Free Transactions

At another bank’s ATM:

Metro Cities — 3 Free Transactions

Non-Metro Cities — 5 Free Transactions

Once the free transaction limit is exhausted, banks may charge up to ₹23 per transaction, along with applicable taxes.

Are All Banks Increasing ATM Charges from 1 September?

No.

This distinction is very important.

The RBI specifies the maximum permissible charges, while individual banks determine their actual applicable fee structure within the regulatory framework.

Therefore:

ATM charges can differ depending on the bank and the type of account.

For example, certain banks may have separate charges for:

Additional ATM transactions;

Non-financial ATM transactions;

Cash withdrawals;

Balance enquiries.

Customers should therefore check their bank’s latest Schedule of Charges to understand the applicable fees during September.

Important Point

It would be incorrect to assume that ₹23 is a fixed charge for every ATM transaction.

The ₹23 amount relates to the applicable maximum customer charge after the prescribed free transaction limit has been exceeded, subject to the RBI framework.

ATM Transaction Failed but Money Was Debited?

This is another important protection available to bank customers.

If an ATM transaction fails and:

Money is debited from the bank account; but

Cash is not dispensed by the ATM,

the bank is required to reverse the amount within the prescribed timeline.

Under the RBI framework, failed ATM transactions have an outer reversal timeline of T+5 calendar days.

If the amount is not reversed beyond this prescribed period, a compensation of ₹100 per day is applicable.

Therefore, if an ATM transaction fails, customers should not simply wait for the refund.

Keep records such as:

Bank statement + ATM receipt + Complaint Number

New Alpha-Numeric Security Code May Be Introduced in Cheque Books

Cheque users may also see an important development going forward from September.

Several banks are introducing additional security features in cheque leaves to strengthen cheque security and reduce the risk of cheque fraud.

One such feature is the Alpha-Numeric Code.

An alpha-numeric code means that, instead of using numbers alone, a combination of letters and numbers may be printed on the cheque leaf.

The primary objective is to strengthen cheque authentication and help prevent fraudulent cheque transactions.

For example, policy documents of Bank of India mention the Alphanumeric Code as an enhanced security feature, and the bank has introduced it in its new-series cheque books.

Will All Old Cheque Books Become Invalid After 31 December 2026?

Customers should be cautious about such claims circulating on social media.

Some banks have issued communications asking customers to adopt new-series cheque books with enhanced security features.

However, it would be incorrect to claim that:

“The RBI has made all old cheque books across India automatically invalid after 31 December 2026.”

Requirements for replacing an existing cheque book may depend on the specific instructions issued by the respective bank.

Therefore, if your bank asks you to:

Obtain a new cheque book;

Replace your existing cheque series;

Use a newly introduced alphanumeric security code;

you should follow the bank’s instructions.

Customers who frequently use cheques for high-value transactions should especially verify the validity of their cheque book and any applicable security requirements.

The RBI’s Cheque Truncation System (CTS) framework has also continued to focus on cheque security, standardisation, and prevention of cheque-related fraud.

Second Advance Tax Instalment Due in September

September is important not only for banking and ITR matters but also for Income Tax compliance.

For taxpayers covered by the advance tax provisions, 15 September 2026 is an important due date for the second instalment of Advance Tax.

Generally, cumulative advance tax payments are scheduled as follows:

15 June → 15%

15 September → 45%

15 December → 75%

15 March → 100%

These percentages are subject to the applicable provisions and taxpayer circumstances.

Therefore, taxpayers who are liable to pay advance tax should review their estimated income, tax liability, and payments already made before the September deadline.

GST Compliance Also Remains Important in September

September is also an important month for GST taxpayers because of various regular compliance deadlines.

Monthly filers should keep track of the applicable due dates for August 2026 transactions, including returns and tax payments.

Important GST compliances may include:

GSTR-1

GSTR-3B

GSTR-7

GSTR-8

GSTR-5

GSTR-6

QRMP-related payments

Taxpayers should verify the applicable due dates based on their registration type and filing frequency.

Moreover, the 12 September GST Council Meeting makes September 2026 particularly significant from the perspective of GST policy developments.

Another Important Income Tax Deadline in September

September is also significant for taxpayers covered by tax audit requirements.

For applicable tax audit cases for AY 2026-27, the Tax Audit Report is due by 30 September 2026, while the corresponding ITR filing deadline may fall later depending on the applicable category.

The Income Tax Department has also clarified the tax audit report timeline for AY 2026-27.

Therefore, audit taxpayers should not assume:

“The ITR due date is in October, so there is no compliance required in September.”

The Tax Audit Report must be submitted first, within the prescribed timeline.

MCA DIR-3 KYC: No Longer an Annual Requirement

The MCA has provided an important compliance relief for company directors.

Earlier, DIN holders generally had to complete DIR-3 KYC compliance every year.

However, the MCA has amended the Companies (Appointment and Qualification of Directors) Rules and changed the annual KYC requirement.

DIR-3 KYC Is No Longer Required Every Year

Under the revised system, DIR-3 KYC Web is required once in every three consecutive financial years.

This change became effective from 31 March 2026.

Therefore, directors should understand an important point in September 2026:

DIR-3 KYC is no longer an annual compliance requirement.

However, There Is an Important Condition

If there is any change in the Director’s:

Mobile Number

Email Address

Residential Address

the updated details must be reported through DIR-3 KYC Web within 30 days, along with the applicable fee.

Therefore, directors should ensure that their contact and residential details remain updated in the MCA records.

Therefore, do not assume that no MCA KYC update is required for the next three years.

Example

Suppose a director was allotted a DIN during FY 2025-26.

In that case, the director’s three-year KYC cycle will begin from that financial year, and the applicable DIR-3 KYC Web filing will be required in the third consecutive financial year.

For directors who had already completed their KYC by FY 2025-26, the MCA indicates that their next KYC filing cycle would generally be due by 30 June 2028.

Another Important Point

If there is any change in the director’s:

Mobile Number / Email Address / Residential Address

there is no need to wait for the three-year KYC cycle.

Such changes must be updated within the prescribed period as applicable.

Therefore, in September 2026, directors should review their:

DIN + KYC Status + Mobile Number + Email Address + Residential Address

to ensure that all details are accurate and up to date.

Companies Compliance Facilitation Scheme 2026

According to the recent update, the window for the Companies Compliance Facilitation Scheme, 2026 (CCFS-2026) has been extended up to 15 September 2026.

The scheme provides eligible companies with an opportunity to regularise pending statutory filings, subject to the applicable terms and conditions.

This can be particularly useful for companies that have outstanding or delayed MCA filings.

September MCA Compliance Checklist

For Directors:

Check the DIR-3 KYC cycle

Update any changes in mobile number, email address, or residential address

For Companies:

Review pending MCA forms

Check eligibility under CCFS-2026

Ensure the 15 September deadline is not missed, wherever applicable

Major Opportunity for Small Taxpayers with Foreign Assets — FAST-DS 2026

The Government has introduced the Foreign Assets of Small Taxpayers – Disclosure Scheme, 2026 (FAST-DS).

It is a one-time voluntary disclosure opportunity that allows eligible taxpayers to declare specified foreign assets or foreign income that may not have been disclosed earlier, subject to the prescribed conditions.

Most importantly:

On 1 September 2026, the Income Tax Department enabled FAST-DS Form 1 for online filing.

This makes FAST-DS an important Income Tax development associated with 1 September 2026.

Who May Benefit from FAST-DS?

The scheme may be relevant for eligible taxpayers who hold certain specified foreign assets or foreign income that were not properly disclosed earlier.

Some examples include:

1. Foreign Bank Account

An individual may have opened a bank account abroad while studying or working overseas and later returned to India, but the account was not properly disclosed.

2. Foreign Shares / ESOP / RSU

An employee may have received:

ESOPs

RSUs

Shares

Other securities

from a foreign company, but the required foreign asset disclosure may have been missed.

3. Foreign Insurance

A person may hold a foreign insurance policy or a cash-value insurance contract that was omitted from the required disclosure.

4. Foreign Property

A taxpayer may own property or another specified asset outside India that was not disclosed as required.

5. Foreign Income

Income earned from a foreign source may not have been appropriately reported for Indian tax purposes.

The Income Tax Department’s FAQs specifically refer to situations such as MNC employees holding foreign ESOPs/RSUs, former students with dormant overseas bank accounts, and returning non-residents as examples of potentially relevant cases.

What Is the Value Limit Under FAST-DS?

An important distinction needs to be understood here.

Broadly, the scheme provides for two categories.

Category A

Where the combined value of specified undisclosed foreign income/assets is up to ₹1 crore, the prescribed scheme mechanism may apply.

Under this category, the prescribed amount is calculated at 60% of the relevant value, subject to the applicable provisions.

Category B

For certain specified foreign assets or income having a value of up to ₹5 crore, a separate mechanism applies. Subject to the prescribed conditions, there is a provision for a ₹1 lakh fee.

FAST-DS Last Date

This is one of the most important dates to remember:

31 December 2026

The last date for submitting a declaration under the scheme is 31 December 2026.

Therefore, eligible taxpayers have a limited window beginning in September 2026 to evaluate their position and take appropriate action.

What Should Foreign Asset Holders Do?

If you have any of the following:

Foreign Bank Account

Foreign Shares

ESOPs / RSUs

Foreign Property

Foreign Insurance

Foreign Investments

Foreign Income

and believe that a previous disclosure may have been missed or incomplete, the matter should not be ignored.

The first step should be to determine:

Am I eligible for FAST-DS?

If you are eligible, then carefully evaluate:

Value + Source + Applicable Category + Tax/Fee + Supporting Documentation

before making the disclosure.

Important: A Foreign Asset Is Not Limited to a Foreign Bank Account

A foreign asset does not simply mean a bank account maintained outside India.

Foreign shares, securities, ESOPs, RSUs, insurance policies, overseas property, investments, and other specified foreign assets may also be relevant depending on the applicable disclosure requirements.

Therefore, taxpayers should review their complete overseas asset and income position rather than checking only for foreign bank accounts.

Taxpayers often assume:

“I do not have a foreign bank account, so I do not need to worry about Schedule FA.”

However, this assumption may not always be correct.

Depending on the circumstances, foreign assets may include:

Foreign bank accounts

Foreign custodial accounts

Foreign equity or debt interests

Foreign financial interests

Immovable property located outside India

Foreign insurance or cash-value policies

Interests in foreign trusts

Foreign accounts for which the taxpayer has signing authority

Other specified foreign assets

The Income Tax Department also covers several categories within the scope of foreign asset disclosure.

FAST-DS and Foreign Asset Disclosure in ITR — Understand Both Separately

This distinction is also important for taxpayers.

FAST-DS is a special one-time disclosure scheme.

On the other hand, under the regular ITR filing framework, eligible resident taxpayers are required to disclose applicable foreign assets and foreign income through the prescribed schedules.

According to the Income Tax Department, Schedule FA, Schedule FSI, and Schedule TR are associated with the disclosure of foreign assets and foreign income. These schedules are not available in ITR-1 and ITR-4.

Therefore, taxpayers holding foreign assets should not consider only:

“Is my income taxable?”

They should also ask:

“Do I have any foreign assets or foreign income, and am I required to disclose them?”

🚨 1 September 2026 — Major Tax Update

The Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS) 2026 – Form 1 has become available for filing through the Income Tax e-Filing Portal.

Eligible taxpayers can disclose specified undisclosed foreign assets or income subject to the prescribed conditions.

Last Date: 31 December 2026

Important SFT Reporting Thresholds

The following transactions may be reportable under the Statement of Financial Transactions (SFT) framework once the specified thresholds are reached:

S. No. Transaction SFT Reporting Threshold

1 Cash payment for purchasing a bank draft, pay order, or banker’s cheque ₹10 lakh or more in a financial year (with PAN); ₹5 lakh or more (without PAN)

2 Cash deposits in savings or other accounts, excluding current accounts and time deposits ₹10 lakh or more in a financial year (with PAN); ₹5 lakh or more (without PAN)

3 Time deposits, excluding renewal of another time deposit ₹10 lakh or more in a financial year

4 Credit card bill payments ₹1 lakh or more in cash OR ₹10 lakh or more through other modes in a financial year

5 Purchase of bonds or debentures ₹10 lakh or more in a financial year

6 Purchase of shares or payment towards share application money ₹10 lakh or more in a financial year

7 Buy-back of shares, other than purchases through the open market ₹10 lakh or more in a financial year

8 Sale or purchase of foreign currency, forex cards, etc. ₹10 lakh or more with PAN; ₹5 lakh or more without PAN

9 Purchase, sale, gift, or Joint Development Agreement (JDA) involving immovable property ₹45 lakh or more, or stamp duty value of ₹45 lakh or more

10 Purchase of stamp paper ₹2 lakh or more in a single transaction with PAN; ₹1 lakh or more without PAN

11 Payment of insurance premiums ₹5 lakh or more in a financial year with PAN; ₹2.5 lakh or more without PAN

12 Cash receipts from the sale of goods or services by a specified person liable to tax audit More than ₹2 lakh

Disclaimer

The proposed or expected changes discussed in relation to the GST Council should not be treated as final GST law unless officially notified. Before taking any action relating to tax, GST, or banking transactions, taxpayers and businesses should verify the relevant official notification, circular, and applicable instructions issued by their bank.

Type of ITR	Last Date	Consequence
Original ITR – Non-Audit	31 Aug 2026	Normal due date has expired
Belated ITR	31 Dec 2026	Late filing fee + applicable interest
Revised ITR	31 Dec 2026	No Section 234I additional fee
Revised ITR after 31 Dec	31 Mar 2027	Section 234I additional fee applicable

S. No.	Transaction	SFT Reporting Threshold
1	Cash payment for purchasing a bank draft, pay order, or banker’s cheque	₹10 lakh or more in a financial year (with PAN); ₹5 lakh or more (without PAN)
2	Cash deposits in savings or other accounts, excluding current accounts and time deposits	₹10 lakh or more in a financial year (with PAN); ₹5 lakh or more (without PAN)
3	Time deposits, excluding renewal of another time deposit	₹10 lakh or more in a financial year
4	Credit card bill payments	₹1 lakh or more in cash OR ₹10 lakh or more through other modes in a financial year
5	Purchase of bonds or debentures	₹10 lakh or more in a financial year
6	Purchase of shares or payment towards share application money	₹10 lakh or more in a financial year
7	Buy-back of shares, other than purchases through the open market	₹10 lakh or more in a financial year
8	Sale or purchase of foreign currency, forex cards, etc.	₹10 lakh or more with PAN; ₹5 lakh or more without PAN
9	Purchase, sale, gift, or Joint Development Agreement (JDA) involving immovable property	₹45 lakh or more, or stamp duty value of ₹45 lakh or more
10	Purchase of stamp paper	₹2 lakh or more in a single transaction with PAN; ₹1 lakh or more without PAN
11	Payment of insurance premiums	₹5 lakh or more in a financial year with PAN; ₹2.5 lakh or more without PAN
12	Cash receipts from the sale of goods or services by a specified person liable to tax audit	More than ₹2 lakh

Mrs. Snehal Ubale

Aug, Mon, 2026

When Will the 57th GST Council Meeting Be Held? Date Announced

The 57th GST Council Meeting is scheduled to take place on 12 September 2026 in New Delhi. The meeting is likely to address several significant GST-related matters, including GST compliance, Input Tax Credit (ITC), GST registration, refunds, corporate guarantees, and other concerns raised by various industries.

As per the official notice issued by the GST Council Secretariat, the 57th GST Council Meeting will be held on Saturday, 12 September 2026, from 11:00 AM onwards. Prior to this meeting, an Officers’ Meeting is scheduled to be held on 11 September 2026 from 11:00 AM onwards.

The detailed agenda for the meeting has not yet been officially announced. Therefore, the topics mentioned in this article are based on issues that are reportedly being considered, industry representations, and recent developments. These should not be considered final GST changes unless they are formally approved by the GST Council and subsequently implemented through the necessary notification, rule amendment, or other legal procedure.

57th GST Council Meeting: Key Dates

Particulars	Details
GST Council Meeting	57th GST Council Meeting
Date	12 September 2026
Time	11:00 AM onwards
Venue	New Delhi
Officers’ Meeting	11 September 2026
Officers’ Meeting Time	11:00 AM onwards

The previous 56th GST Council Meeting was held on 3 and 4 September 2025.

Since there has been a considerable gap between the 56th and 57th meetings, the upcoming GST Council Meeting is expected to be particularly important for businesses, tax professionals and GST taxpayers.

Why Is the 57th GST Council Meeting Significant?

The 56th GST Council Meeting led to major GST rate rationalisation and several significant reforms.

The upcoming phase of GST reforms is expected to concentrate on areas such as:

Simplifying GST compliance requirements
Reducing GST-related litigation
Resolving Input Tax Credit (ITC) issues
Improving the GST registration process
Strengthening the refund mechanism
Promoting ease of doing business
Providing clarity on complex GST provisions
Addressing transitional issues resulting from previous GST changes

Several matters have remained pending before the GST authorities, while industry stakeholders have also submitted representations seeking clarification and relief.

Therefore, the 57th GST Council Meeting may result in important developments affecting businesses and taxpayers.

1. Possible Relief for Genuine Buyers When Suppliers Fail to Pay GST

One of the key issues that may be considered relates to Input Tax Credit (ITC) in cases where a supplier collects GST from the buyer but subsequently fails to deposit the tax with the Government.

What Is the Existing Issue?

Consider the following example:

A purchases goods worth ₹10 lakh from B.

B issues a valid GST invoice and charges the applicable GST.

receives the goods;
pays B for the purchase;
records the transaction in its books of accounts;
receives the invoice details through the GST system; and
claims eligible ITC.

However, B later fails to deposit the GST collected from A with the Government.

In such situations, A may face ITC reversal or a GST demand, despite having entered into a genuine transaction and fulfilled all the compliance requirements that were within its control.

This has remained a significant and long-standing concern under the GST system.

What Relief Could Be Considered?

A proposal is reportedly under consideration to provide greater protection to genuine and bona fide purchasers.

Under the proposed approach, a buyer may receive protection where it can demonstrate that:

the transaction was genuine;
the goods or services were actually received;
payment was made to the supplier;
the GST amount was paid to the supplier; and
proper supporting documents and evidence are available.

The objective could be to place the primary responsibility for tax recovery on the defaulting supplier, especially in cases where the buyer has not engaged in fraud, collusion or any fake transaction.

Important

This is currently an expected or proposed reform and should not be treated as a final amendment to GST law.

If such a proposal is approved, the final rules, conditions, documentation requirements and safeguards will be crucial.

2. Possible Changes in Blocked ITC Under Section 17(5)

Another important matter that may receive attention is blocked Input Tax Credit under Section 17(5) of the CGST Act.

Currently, ITC is restricted on various categories of goods and services, subject to certain specified exceptions.

Some of these categories include:

Motor vehicles
Food and beverages
Outdoor catering services
Beauty treatment
Health-related services
Club memberships
Certain travel-related benefits
Works contract services and construction-related expenses in specified cases

Businesses have been seeking relaxation of some of these restrictions, particularly in situations where the expenditure has a direct connection with business operations.

The GST Council may consider whether certain existing ITC restrictions should be reviewed or rationalised.

However, taxpayers should not claim ITC that is currently blocked merely because changes are expected.

The existing legal provisions will continue to apply unless and until any amendment is formally introduced and becomes legally effective.

3. ITC on Health and Life Insurance Provided to Employees

Employee-related insurance may also be among the issues considered by the GST Council.

Many companies provide their employees with benefits such as:

Group health insurance
Group medical insurance
Group life insurance
Other employee welfare-related benefits

The availability of ITC on such expenses depends on the nature of the expenditure and the relevant provisions of Section 17(5), including any applicable exceptions.

Industry stakeholders have been seeking greater clarity and, in certain cases, relaxation from ITC restrictions relating to employee insurance.

If the Council approves any changes in this area, it could provide significant benefits to organisations with a large workforce and substantial employee insurance expenditure.

However, as with other expected reforms, the final conditions and legal provisions will be important.

4. Corporate Guarantees: Possible Simplification of GST Provisions

The GST treatment of corporate guarantees provided between related parties has become an important area of concern for many companies.

Under the current GST framework, specific valuation rules apply where a corporate guarantee is provided to a banking company or financial institution on behalf of a related party.

The prescribed deemed valuation mechanism has led to significant debate and, in some cases, GST litigation.

For instance, the existing provisions may result in GST liability even when a corporate guarantee is provided without charging any separate consideration.

What Changes Could Be Expected?

Industry stakeholders have been seeking:

Simplified valuation rules;
Reduced compliance requirements;
Greater certainty regarding the taxable value;
Lower unnecessary working-capital burden;
Clearer treatment of intra-group transactions.

The 57th GST Council Meeting may consider providing further clarification or simplifying the existing rules relating to corporate guarantees.

Any such development could be particularly important for large corporate groups with parent companies, subsidiaries and other related entities.

5. Possible Simplification of GST Registration

GST registration is another key area where further reforms may be considered.

Although the GST registration system has become increasingly technology-based, businesses may still face challenges due to:

Additional verification procedures;
Extensive documentation requirements;
Physical verification in certain cases;
Differences in registration practices;
Queries raised by tax authorities; and
Delays in obtaining registration approval.

There are reports that the GST Council may consider introducing greater standardisation in the GST registration process.

One of the matters reportedly under consideration involves improving uniformity in the registration process between Central and State tax authorities, particularly for businesses with higher monthly output tax liability.

The overall objective would be to make the GST registration process:

Faster + More Predictable + More Standardised + Less Dependent on Manual Intervention

6. Simplified Multi-State GST Registration for Small Businesses

Businesses that expand their operations across multiple States often face significant GST compliance challenges.

Depending on the nature and structure of their operations, such businesses may be required to obtain and maintain separate GST registrations in different States.

This can result in:

Multiple GST return filings;
Multiple reconciliations;
Separate GST electronic ledgers;
Separate compliance obligations;
Multiple notices and assessments; and
Higher professional and administrative expenses.

A simplified mechanism for small businesses operating across multiple States has reportedly been under consideration.

Such a mechanism, if introduced, could help reduce the overall compliance burden for small businesses while making it easier for them to expand their operations across different States.

If such a reform is introduced, it could substantially reduce the compliance burden for small businesses that are expanding their operations across different geographical locations.

However, the final eligibility conditions and the legal framework of any such scheme will be crucial.

7. Possible Automation of GST Registration Cancellation

Another administrative reform that may be considered is the automation of GST registration cancellation.

Currently, the cancellation process may involve manual intervention, and the procedure can vary depending on the facts and circumstances of each case.

A more automated system could potentially offer:

Uniform cancellation procedures;
System-driven processing;
Faster disposal of cancellation applications;
Reduced manual intervention; and
Clearer communication with taxpayers.

The GST Council may consider measures to simplify and streamline the existing cancellation process.

For taxpayers who have discontinued their business or are no longer required to remain registered under GST, a simpler and faster cancellation mechanism could help reduce unnecessary compliance requirements.

8. Unutilised ITC Refund and Inverted Duty Structure

The refund of accumulated and unutilised Input Tax Credit (ITC) is another significant issue affecting many businesses.

An inverted duty structure arises when the GST rate applicable to inputs is higher than the GST rate charged on outward supplies.

As a result, businesses may accumulate excess ITC, leading to a blockage of working capital.

Various industries have been seeking improvements and greater clarity in the refund mechanism, particularly regarding:

Input services;
Accumulated ITC;
Refund calculation procedures;
Transfer of accumulated credit;
Utilisation of unutilised ITC; and
Issues arising from an inverted duty structure.

If reforms are introduced in this area, they could provide significant working-capital relief to businesses facing the accumulation of unused ITC.

9. Compensation Cess Credit and Transitional Concerns

Changes in GST rates and the movement away from the earlier compensation cess framework have created several practical and transitional concerns for businesses.

One important issue relates to accumulated compensation cess credit, especially in industries such as the automobile sector.

Businesses holding inventory on which compensation cess had already been paid before changes in the tax structure may face uncertainty regarding the future treatment and utilisation of the accumulated credit.

Industry stakeholders have raised concerns about the possible blockage of substantial amounts of such credit.

The GST Council may therefore examine transitional matters relating to:

Existing inventory;
Accumulated compensation cess credit;
Credit already available in the electronic ledger;
Treatment of credit following GST rate changes; and
The resulting impact on working capital.

Any clarification or relief in this area could be particularly beneficial for industries significantly affected by these transitional issues.

10. Mobile Phones: Could GST Be Reduced From 18% to 5%?

One of the more widely discussed issues ahead of the GST Council Meeting concerns the GST rate applicable to mobile phones.

Currently, mobile phones are subject to 18% GST.

There have been reports suggesting that the GST Council may consider reducing the GST rate on certain categories of mobile phones.

Some reports have specifically referred to a possible proposal for 5% GST on mobile phones priced up to ₹25,000.

If such a proposal is approved, it could potentially benefit consumers and provide support to the smartphone and electronics industry.

Has 5% GST on Mobile Phones Been Confirmed?

No.

At present, this remains only a reported proposal or possibility and has not been confirmed as a final decision.

Therefore, consumers and taxpayers should not assume that:

“Mobile phones priced up to ₹25,000 now attract only 5% GST.”

The existing GST rate will remain applicable unless and until an official decision is taken and the required notification is issued.

Any final decision would also need to clarify:

The applicable price threshold;
Product classification;
Effective date of the revised rate;
Treatment of existing inventory; and
Related Input Tax Credit implications.

11. Will There Be Another Reduction in GST Rates?

Following the major GST rate rationalisation carried out during the 56th GST Council Meeting, there is considerable interest in whether the 57th meeting will introduce another round of GST rate cuts.

At present, there is no officially confirmed list of GST rate reductions for the 57th GST Council Meeting.

Therefore, claims on social media regarding specific products becoming cheaper should be viewed with caution.

The 56th GST Council Meeting had already introduced significant changes to the GST rate structure, including a broad 5% and 18% rate framework along with a special higher rate for specified goods.

As a result, the 57th meeting may focus more on areas such as:

Input Tax Credit;
GST compliance;
Registration;
Refund mechanisms;
Litigation;
Administrative reforms and simplification.

Therefore, the meeting may focus more on improving the GST system rather than introducing another broad-based restructuring of GST rates.

12. GST Litigation and Pending Legacy Issues

GST-related litigation continues to be a major challenge for businesses and taxpayers.

Disputes can arise because of:

Different interpretations of GST provisions;
Procedural and compliance-related issues;
Defaults by suppliers;
Input Tax Credit disputes;
Transitional matters;
Valuation-related disagreements; and
Classification disputes.

The GST Council may consider steps to reduce avoidable litigation and provide greater clarity and certainty to taxpayers.

A simpler GST framework, supported by clear rules and practical guidance, can help reduce disputes and lower the overall compliance cost for businesses.

13. GST Treatment of App-Based Passenger Transport Services

Another area that may require additional clarification is the GST treatment of app-based passenger transportation services.

With the increasing use of digital platforms and the emergence of different business models, several GST-related questions may arise, including:

Who is responsible for paying GST?
Whether the provisions of Section 9(5) are applicable;
Whether the GST liability falls on the platform or the actual service provider;
Registration requirements; and
Various compliance obligations.

Further clarification from the GST authorities could help provide greater certainty to both technology-based platforms and passenger transport service providers.

14. Petroleum Products Under GST — Will Petrol and Diesel Be Included?

Petroleum products currently remain outside the main GST framework.

From time to time, discussions have taken place regarding the possible inclusion of certain petroleum products under GST, including:

Petrol;
Diesel;
Aviation Turbine Fuel (ATF); and
Natural Gas.

However, there is currently no officially confirmed decision that petrol or diesel will be brought under GST from September 2026.

Any decision to include these products under GST would require extensive discussions, particularly because State Governments receive substantial revenue from taxes on petroleum products.

Therefore, claims suggesting that petrol and diesel will definitely be brought under GST during the upcoming GST Council Meeting should not be considered confirmed.

Conclusion

The 57th GST Council Meeting scheduled for 12 September 2026 could be an important step in the next phase of GST reforms.

While the previous GST Council Meeting focused significantly on GST rate rationalisation, the upcoming meeting is expected to give considerable attention to simplifying GST compliance, resolving Input Tax Credit issues, improving GST registration, streamlining refunds, clarifying corporate guarantee provisions and reducing litigation.

Some of the key issues to watch include:

Protection of ITC for genuine buyers
Possible relaxation of blocked ITC under Section 17(5)
ITC relating to employee insurance
GST treatment of corporate guarantees
Simplification of GST registration
Multi-State GST registration for businesses
Automation of GST registration cancellation
Refund of accumulated and unutilised ITC
Transitional issues relating to compensation cess
Possible reduction in GST on mobile phones
GST litigation and pending legacy issues

However, taxpayers should keep in mind that reported or expected proposals do not become law unless they are formally approved and legally implemented.

The final GST position can be determined only after the GST Council makes its decisions and the required notification, circular, rule amendment or statutory amendment is issued.

Until any changes are officially implemented, businesses and taxpayers should continue to comply with the existing GST provisions.

This article will be updated once the official agenda is released and again after the 57th GST Council Meeting to cover the final decisions, applicable effective dates and their practical impact on taxpayers.

Mrs. Snehal Ubale

Aug, Sat, 2026

Finance and Taxation

Mark Your Calendar: August 2026 Compliance Due Dates for GST, ITR, TDS & MCA

August 2026 Compliance Calendar: Major Income Tax, ITR, TDS, GST & MCA Deadlines

August 2026 is a crucial month for tax compliance, with several important statutory deadlines applicable to taxpayers, businesses, professionals, companies, and tax deductors. After the busy filing season in July, various obligations under the Income-tax Act, GST laws, MCA regulations, and labour legislations become due during August.

Failure to comply with these deadlines may lead to late filing fees, interest liabilities, penalties, delays in processing returns, or even the loss of certain tax benefits.

Below is a detailed compliance calendar highlighting the key due dates for August 2026.

Income Tax Compliance

7 August 2026 – Due Date for Deposit of TDS/TCS

Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) deducted or collected during July 2026 should generally be deposited with the Central Government on or before 7 August 2026, unless a different timeline applies under the law.

This requirement generally applies to:

Employers
Companies
Partnership firms
Proprietorship businesses
Government deductors and other entities responsible for TDS/TCS compliance

31 August 2026 – Last Date to File ITR-3 & ITR-4

The revised Income-tax framework prescribes a separate filing deadline for certain non-audit business taxpayers.

Accordingly, 31 August 2026 is the due date for filing:

ITR-3 (for eligible taxpayers not subject to tax audit)
ITR-4 (Sugam)
Eligible working partners covered under the prescribed provisions

Taxpayers should carefully determine the due date applicable to their category rather than assuming that every return was due on 31 July.

Belated Return for ITR-1 & ITR-2

The original due date for filing ITR-1 and ITR-2 was 31 July 2026, and that deadline has already passed.

Those who could not file within the due date may still submit a Belated Return within the time permitted under the Income-tax Act. However, such filing may attract late filing fees, interest, and other statutory consequences wherever applicable.

Before submitting a belated return, taxpayers should reconcile and verify:

Annual Information Statement (AIS)
Form 26AS
Taxpayer Information Summary (TIS)
Any outstanding tax demand
Bank account validation status

Updated Return (ITR-U)

Eligible taxpayers also have the option of filing an Updated Return (ITR-U), provided they satisfy the conditions specified under the Income-tax Act.

The amended provisions now allow updated returns to be filed for a longer period than earlier, subject to payment of the prescribed additional tax and compliance with other statutory requirements.

TDS/TCS Compliance

Quarter 1 TDS/TCS Statements

The due date for filing Quarter 1 TDS/TCS statements for FY 2026-27 was 31 July 2026.

If the statement has not yet been filed, deductors should complete the filing without further delay.

Delayed filing may result in:

Late filing fee under Section 234E
Interest, where applicable
Additional penalties or other legal consequences in eligible cases

Important TRACES Portal Update

The TRACES Portal has introduced revised TDS certificate formats, including Form 131, for Tax Year 2026–27.

Deductors should use the updated portal functionality to download and issue the applicable TDS certificates wherever required.

GST Compliance

For GST-registered businesses, August 2026 is another important month with multiple return filing deadlines that must be monitored carefully.

10 August 2026

Due date for filing:

GSTR-7
GSTR-8

11 August 2026

Last date to file:

Monthly GSTR-1 (for taxpayers filing returns on a monthly basis)

13 August 2026

Due date for:

GSTR-5
GSTR-6

20 August 2026

Due date for filing:

Monthly GSTR-3B
GSTR-5A (where applicable)

GST Update: E-Way Bill System Changes Postponed

GSTN has deferred the implementation of the proposed enhancements to the E-Way Bill system.

As a result, businesses are not required to make immediate changes to their ERP software or existing operational processes. The revised rollout timeline will be communicated separately by GSTN.

MCA (Ministry of Corporate Affairs)

Company Compliance Facilitation Scheme (CCFS) 2026

A significant MCA compliance opportunity continues to be available through the Company Compliance Facilitation Scheme (CCFS), 2026, which remains open until 31 August 2026.

The scheme allows eligible companies to regularize pending ROC filings and obtain the benefits offered under the scheme, subject to the prescribed conditions.

Companies with outstanding ROC compliances should complete the necessary filings before the scheme expires to avoid missing this one-time compliance opportunity.

Regular ROC Compliances

Apart from the special compliance schemes, companies should also ensure that all routine ROC filings are completed within the prescribed timelines under the Companies Act.

Depending on the nature of the transaction, the commonly applicable ROC forms include:

DIR-12
MGT-14
INC-22
SH-7

Companies should review their statutory obligations and file the relevant forms on time to avoid additional fees and regulatory non-compliance.

EPF & ESI Compliance

15 August 2026

Employers covered under the respective labour laws should ensure timely remittance of:

EPF (Employees’ Provident Fund) contributions
ESI (Employees’ State Insurance) contributions

Timely payment helps employers remain compliant and prevents interest and penalty liabilities.

Checklist Before Filing Your Income Tax Return

Whether filing your original Income Tax Return or submitting a belated return, it is advisable to verify the following documents and records before filing:

✅ Annual Information Statement (AIS)
✅ Form 26AS
✅ Taxpayer Information Summary (TIS)
✅ Form 16 or Form 16A (where applicable)
✅ Capital Gains Statement
✅ Interest Certificates
✅ Validated Bank Account Details

Cross-checking these documents helps ensure accurate reporting of income and reduces the chances of receiving tax notices or processing delays.

Important Due Dates – August 2026

Due Date	Compliance
7 August 2026	Deposit of TDS/TCS deducted or collected during July 2026
10 August 2026	Filing of GSTR-7 and GSTR-8
11 August 2026	Monthly GSTR-1 return
13 August 2026	Filing of GSTR-5 and GSTR-6
15 August 2026	Payment of EPF and ESI contributions
20 August 2026	Monthly GSTR-3B and GSTR-5A (where applicable)
31 August 2026	Due date for filing ITR-3 and ITR-4 for eligible non-audit taxpayers
31 August 2026	Last date to avail benefits under the Company Compliance Facilitation Scheme (CCFS) 2026

Conclusion

August 2026 is a significant month for meeting tax, GST, and corporate compliance obligations. Eligible taxpayers should ensure that ITR-3 and ITR-4 are filed by 31 August 2026, while businesses must also comply with GST return filing schedules, TDS/TCS payment requirements, EPF and ESI contributions, and applicable ROC filings.

Companies with pending ROC compliances should make full use of the Company Compliance Facilitation Scheme (CCFS) 2026 before the scheme concludes on 31 August 2026. Completing these compliances within the prescribed timelines can help avoid late fees, interest, penalties, and other legal consequences while ensuring smooth regulatory compliance.

Mrs. Snehal Ubale

Aug, Sun, 2026

Academy Blog Business Careers Easy Smart Shop Events Finance and Taxation GST Internships Social Technology

Complete Inventory Management Software for Retail & Wholesale

Complete Inventory Management Software for Every Business

Inventory is one of the most valuable assets of any business. Whether you own a retail shop, wholesale business, supermarket, medical store, hardware shop, garment showroom, electronics store, mobile shop, or manufacturing company, proper inventory management is essential for business growth and profitability.

Many businesses still rely on manual stock registers or Excel sheets, which often result in stock shortages, duplicate entries, incorrect pricing, billing mistakes, and inventory losses.

Easy Smart Shop Inventory Management Software is designed to eliminate these challenges by providing a complete inventory management solution. From product creation to barcode printing, stock monitoring, HSN management, price list control, inventory reports, and product identity tracking, everything is managed from a single dashboard.

The software provides real-time visibility into your inventory, helping businesses reduce errors, save time, improve stock accuracy, and make better purchasing decisions.

Why Inventory Management is Important?

Proper inventory management helps businesses:

Maintain accurate stock records
Prevent stock shortages
Avoid excess inventory
Improve cash flow
Reduce inventory losses
Speed up billing operations
Improve customer satisfaction
Generate accurate business reports

Easy Smart Shop automates all these processes, allowing business owners to focus on growing their business rather than managing manual stock records.

Powerful Features of Easy Smart Shop Inventory Management Software

1. Item Master – Centralized Product Management

The Item Master is the foundation of the inventory system. It stores complete information about every product in one place.

You can manage:

Item Code
Product Name
HSN/SAC Code
GST Ledger
Product Category
Product Group
Unit of Measurement
Purchase Price
Selling Price
MRP
Purchase Discount
Sales Discount
Opening Stock
Available Stock
Minimum Stock Reminder
CESS Tax
Product Photos
Documents
Product Remarks

Benefits

Easy product creation
Better inventory organization
Faster billing
GST-ready inventory
Centralized product database

2. Store Item Management

Manage Active, Inactive, and All Items from a single screen.

The software allows you to:

Add New Products
Edit Existing Products
Delete Products
View Product Transactions
View Product Identities
Manage Price Lists
Export Item Lists to Excel

This ensures every product remains properly organized and easily searchable.

3. Real-Time Stock Overview

Easy Smart Shop provides a live overview of inventory.

Business owners can instantly view:

Current Stock
Available Quantity
Low Stock Items
Negative Stock
Inventory Value
Order Reminder Quantity
Item-wise Stock
Group-wise Stock
Category-wise Stock

Products running below minimum stock are automatically highlighted, helping businesses reorder inventory before stock-outs occur.

4. Category & Group Wise Inventory

Organize thousands of products into categories and groups for faster management.

Examples:

Electronics

Mobile
Laptop
Accessories

Hardware

Paint
Cement
Electrical
Plumbing

Benefits include better reporting, faster searching, and organized inventory management.

5. Price List Management

Different customers often require different pricing structures.

Easy Smart Shop allows businesses to maintain multiple price lists for:

Retail Customers
Wholesale Customers
Dealers
Distributors
Corporate Clients
Special Offers

This flexibility improves pricing accuracy and customer service.

6. Bulk Price Update

Updating product prices manually is time-consuming.

Easy Smart Shop allows bulk price updates using predefined price lists.

Users can review:

Average Purchase Rate
Selling Price
Purchase Rate
Discount
Available Stock
Last Updated Date
Last Updated By

Thousands of products can be updated within minutes.

7. Barcode Generation & Printing

Generate professional barcode labels for products instantly.

Features include:

Item-wise Barcode
Date-wise Barcode
Default Barcode Templates
Barcode Label Printing
Selling Price on Barcode
Multiple Item Barcode Printing
Lot-wise Barcode Printing

Professional barcode labels improve billing speed and inventory accuracy.

8. Barcode Template Management

Customize barcode labels using adjustable templates.

Supported options include:

Label Height
Label Width
Margins
Horizontal Gap
Vertical Gap
Printer Settings

This allows businesses to print barcode labels according to their preferred sticker sizes.

9. Product Identity Tracking

Track every individual product using:

Barcode Number
Serial Number
IMEI Number
Identity Number
Product Code

Businesses can instantly view complete product history using identity tracking.

Ideal for:

Mobile Shops
Electronics Stores
Medical Stores
Manufacturing Companies

10. HSN & GST Management

Easy Smart Shop simplifies GST compliance by allowing businesses to manage:

HSN Codes
SAC Codes
GST Rates
Product Classification
GST Ledger
CESS Tax

Every product remains GST-ready, reducing tax filing errors.

11. Unit Management

Manage products in multiple measurement units including:

Nos
Kg
Gram
Liter
Feet
Set
Meter
Box
Packet

Each unit can also be linked with GST Units for better tax compliance.

12. Complete Item Transaction History

Every purchase and sale transaction is stored automatically.

Users can check:

Customer Name
Invoice Number
Invoice Date
Quantity Sold
Purchase History
Selling Price
GST Amount
Discount
Total Amount

This provides complete traceability for every product.

13. Inventory Reports

Generate powerful reports including:

Stock Report
Inventory Valuation
Low Stock Report
Negative Stock Report
Category Report
Group Report
Product Transaction Report
Barcode Report
HSN Report
Price List Report

All reports can be exported to Excel.

Industries Using Easy Smart Shop

Retail Stores
Wholesale Businesses
Supermarkets
Medical Stores
Garment Shops
Hardware Shops
Mobile Shops
Electronics Stores
FMCG Distributors
Manufacturing Industries
Automobile Spare Parts
Stationery Shops
Cosmetic Stores

Why Choose Easy Smart Shop?

Easy Smart Shop combines inventory management, stock control, barcode generation, GST compliance, HSN management, product tracking, pricing, and reporting into a single integrated software.

Whether your business manages 100 products or 100,000 products, the software provides speed, accuracy, automation, and complete inventory visibility.

With an easy-to-use interface and powerful reporting tools, it helps businesses save time, reduce operational costs, and make smarter inventory decisions.

Frequently Asked Questions

Is Easy Smart Shop suitable for retail stores?

Yes. It is designed for retail, wholesale, supermarkets, medical stores, hardware shops, garment businesses, electronics stores, and manufacturers.

Can I print barcode labels?

Yes. The software includes barcode generation, customizable barcode templates, and professional label printing.

Does it support GST and HSN codes?

Yes. Easy Smart Shop supports HSN/SAC codes, GST rates, GST ledgers, and CESS tax management.

Can I manage multiple price lists?

Yes. You can create separate price lists for retail, wholesale, dealer, distributor, and corporate customers.

Can I export reports?

Yes. Inventory reports, stock reports, and price lists can be exported to Excel.

Conclusion

Inventory management plays a critical role in business success. Easy Smart Shop Inventory Management Software provides businesses with a comprehensive solution for managing products, stock, pricing, barcode labels, GST compliance, HSN codes, inventory reports, and transaction history.

By automating routine inventory tasks, businesses can reduce errors, improve productivity, maintain accurate stock records, and deliver better customer service.

If you are looking for a reliable, user-friendly, and feature-rich inventory management software, Easy Smart Shop is the right choice.

Get Your Free Demo Today

Take complete control of your inventory with Easy Smart Shop Inventory Management Software.

Why Choose Easy Smart Shop?

✅ Real-Time Stock Management
✅ Barcode Generation & Printing
✅ HSN & GST Ready
✅ Multiple Price Lists
✅ Bulk Price Updates
✅ Product Identity Tracking
✅ Smart Inventory Reports
✅ Low Stock Alerts
✅ Excel Export
✅ Fast & User-Friendly Interface

📞 Call: 8180009888
🌐 Website: www.easysmartshop.com

🎁 Request your FREE Demo today and experience smarter inventory management with Easy Smart Shop.

Meghana Badmore

Jul, Sat, 2026

Academy Blog Business Careers Easy Smart Shop Events Finance and Taxation GST Internships Social Technology

Easy Smart Shop Reports Module | GST, Sales & Profit Reports

Easy Smart Shop Reports Module – Make Better Business Decisions with Powerful Reports

Running a business without proper reports is like driving a vehicle without a dashboard. Every business owner needs accurate and real-time reports to monitor sales, purchases, profits, inventory, GST, and outstanding payments.

The Easy Smart Shop Reports Module provides all essential reports in one place, helping business owners make quick and informed decisions.

Whether you own a retail shop, wholesale business, supermarket, medical store, hardware shop, or any trading business, the Reports Module simplifies your daily business analysis.

Reports Available in Easy Smart Shop

The Reports menu includes several useful reports that help monitor every aspect of your business.

1. Receivables Report

Track all customer outstanding payments.

Benefits
Customer-wise pending payments
Due amount tracking
Improve cash flow
Easy payment follow-up

Perfect for businesses that sell on credit.

2. Payables Report

Monitor supplier payments and outstanding bills.

Benefits
Vendor-wise outstanding
Payment reminders
Better financial planning
Avoid late payment penalties

3. Item Wise Sale Summary

Know which products generate the highest sales.

Benefits
Best-selling products
Slow-moving products
Sales comparison
Better stock planning

This report helps improve inventory management.

4. Item Wise Sale Purchase Register

Compare item purchase and sales in one report.

Benefits
Purchase history
Sales history
Gross profit analysis
Product performance

5. Route Wise Balance

Useful for businesses with delivery routes or field sales executives.

Benefits
Route-wise outstanding
Collection tracking
Delivery management
Sales route analysis

6. SMS Log Report

Track all SMS notifications sent from the software.

Benefits
Customer SMS history
Payment reminders
Invoice notifications
Marketing SMS tracking

7. Day Book Report

Monitor all daily financial transactions.

Includes
Receipts
Payments
Expenses
Cash Transactions
Bank Transactions

Perfect for daily accounting.

8. Profit & Loss Report

Instantly know whether your business is making profit.

Report Includes
Sales Income
Purchase Cost
Expenses
Gross Profit
Net Profit

This report helps business owners evaluate overall performance.

9. Balance Sheet

View your business financial position.

Includes:

Assets
Liabilities
Capital
Closing Balance

Useful during financial year closing.

10. HSN Summary Report

Generate GST-ready HSN Summary within seconds.

Benefits
HSN Code-wise Sales
GST Filing Support
Tax Summary
Easy Accountant Sharing
Why Reports Matter for Every Business

Business decisions should be based on data, not assumptions.

With Easy Smart Shop Reports you can:

Monitor Business Performance
Increase Profitability
Reduce Inventory Loss
Improve Cash Flow
Track Outstanding Payments
Simplify GST Filing
Generate Reports Instantly
Save Time Every Day
Businesses That Can Use These Reports

Easy Smart Shop Reports are suitable for:

Grocery Stores
Supermarkets
Mobile Shops
Hardware Shops
Electrical Shops
Garment Stores
Footwear Shops
Gift Shops
Wholesale Businesses
FMCG Distributors
Retail Stores

Why Choose Easy Smart Shop?

Easy Smart Shop is more than just billing software. It provides complete business management with powerful reporting tools.

Key Features

✔ GST Billing

✔ Inventory Management

✔ Stock Reports

✔ Sales Reports

✔ Purchase Reports

✔ Customer Management

✔ Supplier Management

✔ Outstanding Tracking

✔ Profit Analysis

✔ Dashboard

✔ Backup

✔ Multi User Support

✔ Barcode Support

✔ E-Invoice Support

✔ E-Way Bill Support

Conclusion

The Reports Module in Easy Smart Shop gives business owners complete visibility into their daily operations. From sales and purchases to GST, profit analysis, outstanding payments, and financial statements, everything is available in just a few clicks.

If you want to make smarter business decisions and grow your business with accurate data, Easy Smart Shop Reports Module is the perfect solution.

Meghana Badmore

Jul, Thu, 2026

Supreme Court Safeguards GST ITC Rights of Genuine Purchasers

The Supreme Court has provided major relief to genuine taxpayers by dismissing the Revenue’s Special Leave Petition (SLP) in Additional Commissioner Grade 2 & Anr. v. M/s Safecon Lifescience Private Limited [SLP (C) No. 23993 of 2026, Order dated 17 July 2026]. As a result, the judgment of the Allahabad High Court continues to hold the field and reinforces a crucial principle under GST law.

A genuine purchaser cannot be denied Input Tax Credit (ITC solely because the supplier’s GST registration was cancelled with retrospective effect. Such denial can be justified only where fraud, deliberate misrepresentation, or suppression of material facts is established on the part of the recipient.

The decision is expected to bring significant relief and clarity to honest businesses that face ITC disputes because of subsequent action taken against their suppliers, even after legitimate transactions have already been completed.

Background of the Case

M/s Safecon Lifescience Private Limited was involved in the wholesale trading and manufacturing of pharmaceutical products. During April 2021, the company purchased medicines from a supplier who was registered under GST.

At the time of the transactions:

The supplier held a valid GST registration.
Proper tax invoices were issued.
E-way bills and transportation records were maintained.
The goods were actually delivered and received.
Payments were made through banking channels.
The supplier filed the applicable GST returns.

Later, the GST Department received intelligence regarding alleged irregularities in the supplier’s business activities. Proceedings were subsequently initiated under Section 74 of the UPGST Act against Safecon Lifescience.

The Department denied the company’s ITC mainly on the ground that the supplier’s GST registration was later cancelled and that certain irregularities were allegedly found in the supplier’s upstream transactions.

Issue Before the Court

The key legal question before the Court was:

Can a genuine purchaser be denied Input Tax Credit merely because the supplier’s GST registration was subsequently cancelled retrospectively or because the supplier was allegedly involved in certain irregularities, despite the purchaser having undertaken a genuine transaction and fulfilled the necessary conditions for claiming ITC?

Allahabad High Court’s Findings

The Allahabad High Court ruled in favour of the taxpayer and set aside the GST demand.

The Court noted that:

The purchaser had submitted sufficient documentary evidence to establish that the transactions were genuine.
The Department was unable to disprove the actual movement and delivery of the goods or the payments made through banking channels.
There was no specific finding that the recipient had engaged in fraud, wilful misstatement, or suppression of material facts.
Proceedings under Section 74 cannot be based solely on suspicion or unverified information.
Information received from another authority must be independently examined and verified before being used against a taxpayer.

Supreme Court’s Ruling

The Revenue subsequently challenged the Allahabad High Court’s decision before the Supreme Court.

The Supreme Court, however, declined to interfere with the High Court’s order and dismissed the Revenue’s SLP, finding no sufficient ground to entertain the petition.

While the Supreme Court’s order was brief, its effect is significant. The Allahabad High Court’s decision remains undisturbed, thereby strengthening the legal protection available to genuine purchasers claiming ITC.

Key Legal Principle Emerging from the Decision

The ruling reinforces the principle that a recipient should not automatically lose Input Tax Credit merely because:

The supplier’s GST registration was cancelled retrospectively;
The supplier later failed to comply with GST requirements; or
Allegations of irregularities were subsequently raised against the supplier.

The recipient should remain protected where the transaction was genuine, the recipient acted in good faith, and there is no evidence of fraud, collusion, or deliberate wrongdoing on the recipient’s part.

Documents Businesses Should Maintain

The case also underlines the importance of maintaining complete and reliable transaction records.

Businesses should preserve documents such as:

Valid GST tax invoices;
E-way bills;
Transport documents and lorry receipts;
Proof confirming actual receipt of goods;
Bank statements and payment records;
Purchase registers and related accounting records;
GST return records; and
Vendor verification and due diligence documents.

Maintaining proper documentation can significantly strengthen a taxpayer’s defence during GST scrutiny, audit, or litigation.

Practical Impact on Businesses

The decision offers considerable relief to businesses that have genuinely purchased goods from registered suppliers and complied with the applicable GST requirements.

However, the ruling should not be understood as providing unconditional protection in every ITC dispute.

The benefit of the judgment may not be available where the Department is able to establish that:

The transaction was fictitious or non-existent;
The invoices were fabricated;
The goods were never actually supplied; or
The recipient knowingly participated in fraudulent activities.

Key Takeaways

A genuine purchaser should not ordinarily be penalised for a supplier’s subsequent tax default.
Retrospective cancellation of a supplier’s GST registration, by itself, does not automatically justify denial of ITC.
Proceedings under Section 74 must be supported by evidence of fraud, wilful misstatement, or suppression of facts attributable to the recipient.
Complete and accurate documentation remains one of the strongest safeguards in GST disputes.
The Supreme Court’s decision not to interfere provides additional support to taxpayers facing similar ITC-related proceedings.

The Safecon Lifescience decision is a significant development for genuine taxpayers. It reinforces the principle that businesses acting honestly and complying with the statutory requirements should not be punished solely because of subsequent defaults or regulatory action involving their suppliers.

At the same time, taxpayers should continue to conduct reasonable vendor due diligence and maintain proper transaction records. The decision makes it clear that the retrospective cancellation of a supplier’s GST registration, standing alone, cannot be the sole reason for denying ITC where the purchaser has acted bona fide and satisfied the applicable legal requirements.

Mrs. Snehal Ubale

Jul, Thu, 2026

Latest Tax & Financial Changes from 1st July 2026 | Income Tax and GST Updates

With the commencement of July 2026, a number of significant regulatory and financial changes have become effective across India. These updates are expected to affect individual taxpayers, businesses, professionals, and the general public. Whether you are filing your Income Tax Return, managing GST compliance, dealing with TDS/TCS provisions, or using services related to Aadhaar, PAN, or passports, it is essential to stay informed about these latest developments.

1. Passport Fees Revised from 1 July 2026

One of the key changes effective from 1 July 2026 relates to passport services.

The Passport Seva system has introduced a revised fee structure for passport applications.

Some of the important revisions include:

The application fee for a fresh 36-page passport has increased from ₹1,500 to ₹2,500.
Charges for passport renewal, Tatkal applications, and replacement of lost or damaged passports have also been updated.

Individuals planning to apply for a new passport or renew an existing one should review the latest fee schedule before submitting their application.

2. Quarter-1 TDS and TCS Returns Due by 31 July 2026

With the completion of the first quarter of Tax Year 2026–27 (April to June 2026), the due date for filing quarterly TDS and TCS statements has arrived.

Due Date: 31 July 2026

Tax deductors and collectors are required to submit both TDS and TCS returns by this date. While returns may be filed earlier, 31 July 2026 is the final deadline for Quarter-1 compliance.

3. New TDS/TCS Return Forms and Updated Filing Utility

The Income Tax Department has introduced updated TDS/TCS return forms in line with the new Income-tax framework.

To facilitate return filing for Tax Year 2026–27 onwards, a new Return Preparation Utility (RPU) and Validation Utility have also been released.

Tax deductors should ensure they are using:

Latest RPU Version 1.0
Updated Validation Utility
Revised quarterly TDS/TCS return forms

Utilities applicable to FY 2025–26 should not be used for returns relating to Tax Year 2026–27. Businesses and professionals managing payroll or TDS compliance should update their software without delay.

4. Income Tax Return Filing Due Date for ITR-1 and ITR-2

July continues to be a crucial month for individual Income Tax Return filing.

For taxpayers filing ITR-1 and ITR-2, the due date remains:

31 July 2026

Before submitting the return, taxpayers should carefully verify the following information:

Annual Information Statement (AIS)
Form 26AS
Pre-filled return details
Bank account information

Checking these records on the Income Tax e-filing portal helps minimize errors and reduces the chances of receiving notices later.

5. Extended Due Date for ITR-3 and ITR-4 (Non-Audit Cases)

Business taxpayers have received additional time to file their Income Tax Returns.

For taxpayers filing ITR-3 or ITR-4 where a tax audit is not applicable, the due date has been extended to:

31 August 2026

This extension is particularly beneficial for taxpayers such as:

Futures & Options (F&O) traders
Intraday traders
Small business owners
Professionals

Considering the extended deadline, tax professionals may focus first on completing ITR-1 and ITR-2 filings during July.

6. Deadline Extended for Filing Appeals Before GSTAT

Taxpayers have also received relief regarding appeals before the GST Appellate Tribunal (GSTAT).

The deadline for filing appeals under Section 112 of the CGST Act has been extended to:

31 July 2026

The extension applies to eligible orders covered under the prescribed conditions, providing taxpayers with additional time to submit pending appeals before the Tribunal.

7. E-Way Bill Enhancements Postponed

GSTN had earlier announced two new features for the E-Way Bill system to improve reporting and compliance.

(a) E-Way Bill Closure Option

A new functionality will allow taxpayers to close an E-Way Bill after the transportation of goods is completed or if the movement does not take place.

(b) Mandatory “Ship To GSTIN”

For Bill-to Ship-to transactions, entering the GSTIN of the actual recipient (Ship To party) will become mandatory wherever applicable.

These enhancements have not yet been implemented. Their rollout has been postponed and is now expected to take effect from 1 August 2026. Until then, taxpayers need not be concerned if these options are unavailable on the E-Way Bill portal.

8. Updated TDS Return Forms Available on the Income Tax Portal

The Income Tax Department has enabled the revised quarterly TDS return forms for Tax Year 2026–27 on the e-filing portal.

Forms introduced under the updated Income-tax framework—including Forms 138, 140, 143, and 144, wherever applicable—are now available for filing.

As the new law has introduced revised section references and reporting codes, taxpayers and deductors should ensure that returns are prepared using the latest prescribed forms and utilities.

9. GST Quarterly Compliance Schedule Begins

With the April–June quarter now completed, several important GST return filings become due during July.

Key due dates include:

GSTR-3B

Monthly taxpayers – 20 July
QRMP taxpayers – 22 July or 24 July, depending on the State

GSTR-1

Monthly filers – 11 July
Quarterly filers – 13 July

Other GST returns due during the month include:

GSTR-5
GSTR-6
GSTR-7
GSTR-8

Taxpayers are also advised to reconcile purchase data through the Invoice Management System (IMS) Dashboard, which helps match invoices with GSTR-2B and improves the accuracy of GST reporting.

10. Aadhaar Email ID Update Now Free Through the Mobile App

UIDAI has introduced a welcome concession for Aadhaar users.

From 1 July 2026, updating an email ID through the Aadhaar Mobile App is free of cost.

Previously, a fee of ₹75 was charged for this service.

The waiver will remain available for six months. However, it applies only to updates made through the mobile application and not through the online portal.

11. PAN Application Procedure Revised

The process for applying for a Permanent Account Number (PAN) has also been updated under the revised Income-tax framework.

Applicants should keep the following changes in mind:

Aadhaar alone may not satisfy all identity or verification requirements.
Where proof of date of birth is required, documents such as a Matriculation Certificate or any other approved document may need to be submitted.
Applications should be filed using the revised PAN forms notified under the new Income-tax provisions.

Anyone planning to obtain a new PAN should carefully review the latest documentation requirements before submitting the application.

Quick Overview

Update	Applicable Date
Passport application fees revised	1 July 2026
Quarter-1 TDS/TCS return due date	31 July 2026
New TDS/TCS forms and filing utilities	Now Available
ITR-1 & ITR-2 filing due date	31 July 2026
ITR-3 & ITR-4 (Non-Audit) due date	31 August 2026
GSTAT appeal filing deadline	31 July 2026
New E-Way Bill features	Expected from 1 August 2026
GST quarterly return filings	July 2026
Aadhaar email update through App	Free from 1 July 2026
Revised PAN application process	Currently Effective

Conclusion

July 2026 is a crucial month for tax and regulatory compliance. A number of significant changes—including revised passport fees, updated TDS/TCS return procedures, Income Tax Return deadlines, GSTAT appeal relief, GST filing obligations, Aadhaar service updates, and changes to the PAN application process—have come into effect or are scheduled for implementation.

Whether you are an individual taxpayer, business owner, GST-registered entity, accountant, or tax professional, staying informed about these developments is essential. Timely compliance with the latest rules can help you avoid interest, penalties, and unnecessary notices while ensuring that you benefit from the relief measures and new facilities introduced from 1 July 2026.

Mrs. Snehal Ubale

Jun, Tue, 2026

Academy Blog Business Careers Easy Smart Shop Events Finance and Taxation GST Internships Social Technology

Easy Smart Shop Purchase Management: Simplify Your Business Purchase Process

Managing purchases efficiently is one of the most important parts of running a successful business. Manual purchase entries, supplier records, invoice tracking, and stock updates can take valuable time and may lead to errors.

Easy Smart Shop Purchase Management Software by SwaNirmit Technologies helps businesses manage their complete purchase process in a simple, organized, and efficient way.

What is Purchase Management in Easy Smart Shop?

Purchase Management in Easy Smart Shop is a smart solution designed to manage all purchase-related activities from a single platform.

It helps businesses maintain supplier details, record purchase invoices, update stock automatically, and keep complete purchase transaction history.

With this system, businesses can easily control purchasing activities and improve overall efficiency.

Key Features of Easy Smart Shop Purchase Management

1. Easy Purchase Entry

Create and manage purchase entries quickly with complete details.

The Purchase Entry module allows you to record:

Purchase Date
Supplier Name
Invoice Number
Item Details
Quantity
Purchase Rate
Discount
GST Details
Total Purchase Amount

This helps maintain accurate purchase records.

2. Supplier Management

Manage complete supplier information in one place.

You can maintain:

Supplier Name
Address
Contact Number
Email Details
GST Number
Purchase History

This makes supplier communication and tracking easier.

3. GST Purchase Management

Easy Smart Shop supports GST-based purchase transactions.

It manages:

HSN Code
GST Rate
CGST
SGST
IGST
Taxable Amount
Total Invoice Amount

Businesses can maintain proper GST purchase records easily.

4. Automatic Stock Update

Whenever a purchase entry is created, stock quantity gets updated automatically.

Benefits:

✔ Real-time Stock Availability
✔ Better Inventory Control
✔ Avoid Stock Shortage
✔ Easy Product Tracking

5. Purchase Invoice Management

Maintain all purchase invoices digitally.

You can track:

Invoice Details
Purchase Amount
Supplier Balance
Payment Status

This helps businesses manage their accounts more effectively.

6. Purchase Reports & Tracking

Easy Smart Shop helps generate useful purchase information for better decision-making.

Track:

Purchase History
Supplier Transactions
Item Purchase Details
Payment Records

Benefits of Easy Smart Shop Purchase Management

✔ Reduces Manual Work
✔ Saves Business Time
✔ Improves Purchase Accuracy
✔ Maintains Complete Records
✔ Helps Manage Suppliers Easily
✔ Provides Better Business Control

Why Businesses Choose Easy Smart Shop

Easy Smart Shop is designed for retailers, wholesalers, traders, and enterprises who want a simple yet powerful solution to manage their daily business operations.

With advanced purchase management features, businesses can improve productivity and focus on growth.

SwaNirmit Technologies – Smart Business Solutions

SwaNirmit Technologies provides reliable software solutions that help businesses move towards digital transformation.

Our goal is to provide easy, efficient, and smart technology solutions for every business.

📍 SwaNirmit Technologies
Chhatrapati Sambhaji Nagar, Maharashtra, India

📞 +91 81 8000 9888
📧 sales@swanirmit.com
🌐 www.swanirmit.com

Easy Smart Shop – Smart Management for Every Shop & Enterprise

Meghana Badmore

Jun, Mon, 2026

Mandatory “Ship To GSTIN” Entry and Voluntary E-Way Bill Closure Features Delayed by GSTN

Relief for Businesses: GSTN Provides Additional Time for System Preparedness

In a welcome move for taxpayers, transporters, GST Suvidha Providers (GSPs), ERP solution providers, and other stakeholders, the Goods and Services Tax Network (GSTN) has postponed the rollout of two key E-Way Bill enhancements that were originally scheduled to take effect from 15 June 2026.

According to the latest GSTN advisory released on 9 June 2026, the implementation of the following features has been rescheduled and will now come into force from 1 August 2026:

Mandatory reporting of “Ship To GSTIN” in Bill-To/Ship-To transactions.
Facility for Voluntary Closure of E-Way Bills.

Why Was the Implementation Deferred?

Earlier, through an advisory dated 20 May 2026, GSTN had announced that these functionalities would be introduced from 15 June 2026. Following the announcement, several industry bodies, businesses, ERP vendors, and other stakeholders highlighted the need for additional preparation time before the changes could be implemented smoothly.

The requests primarily cited the need for:

Upgrading and modifying existing software systems
API development, integration, and testing
Necessary changes in ERP applications
Correction and validation of master data
Training of users and operational teams
Ensuring overall system readiness

Taking these concerns into account, GSTN has extended the implementation timeline by around six weeks, providing stakeholders with sufficient time to complete the required technical and operational preparations before the new requirements become mandatory.

1. Mandatory Reporting of “Ship To GSTIN” in Bill-To/Ship-To Transactions

As part of the proposed enhancement to the E-Way Bill system, taxpayers involved in Bill-To/Ship-To transactions will be required to mention the GSTIN of the actual consignee (Ship-To party) while generating E-Way Bills.

This measure aims to:

Improve the quality and accuracy of transaction data
Minimize reporting discrepancies and mismatches
Create a stronger and more reliable audit trail
Increase transparency in the movement and delivery of goods

Businesses using accounting, billing, or ERP software should use the extended timeline to ensure that the necessary Ship-To GSTIN fields are incorporated and functioning correctly before the revised implementation date.

2. Introduction of Voluntary E-Way Bill Closure Facility

GSTN is also set to launch a new feature enabling taxpayers to voluntarily close an E-Way Bill in specified situations where the movement of goods does not take place or the E-Way Bill is no longer required.

The proposed facility is expected to offer several benefits, including:

Greater control over E-Way Bill management
Prevention of misuse of inactive or unused E-Way Bills
Better compliance tracking and monitoring
Improved reliability of logistics and transportation records

Further procedural instructions and operational guidelines are likely to be issued by GSTN before the feature becomes effective.

Revised Implementation Schedule

Particulars	Earlier Effective Date	Revised Effective Date
Mandatory reporting of Ship-To GSTIN in Bill-To/Ship-To transactions	15 June 2026	1 August 2026
Voluntary E-Way Bill Closure Facility	15 June 2026	1 August 2026

What Taxpayers Should Do Now

Taxpayers should make the most of the additional time provided by GSTN and undertake the following activities:

✅ Upgrade ERP, billing, and accounting applications

✅ Validate and test E-Way Bill API integrations

✅ Review and update customer and consignee GSTIN master data

✅ Conduct training sessions for GST, accounts, and logistics personnel

✅ Coordinate with GSPs, ERP providers, and software vendors

✅ Perform end-to-end testing to ensure readiness before 1 August 2026

Proper preparation during this extended period will help businesses achieve a smooth transition and avoid compliance issues once the new E-Way Bill requirements become operational.

Mrs. Snehal Ubale

Jun, Tue, 2026

Key Compliance Due Dates in June 2026 – GST, Income Tax, PF, ESI, MCA & Other Filings

June 2026 Compliance Calendar: Key GST, Income Tax, PF, ESI, MCA & Statutory Deadlines

June 2026 is a crucial month for businesses, professionals, LLPs, companies, and taxpayers, as several important statutory compliances fall due during the month. Timely completion of GST filings, TDS/TCS payments, PF and ESI deposits, and other regulatory obligations is necessary to avoid penalties, interest charges, and compliance-related notices.

Presented below is a detailed compliance calendar for June 2026 covering significant due dates under GST, Income Tax, PF, ESI, MCA, and other applicable laws.

7 June 2026 (Sunday)

Income Tax

✅ Deposit of TDS/TCS deducted or collected during May 2026.

Applicable to all taxpayers responsible for deducting or collecting tax at source, subject to prescribed exceptions under the Income-tax provisions.

10 June 2026

GST

✅ GSTR-7 for May 2026
Return to be filed by taxpayers required to deduct TDS under GST.

✅ GSTR-8 for May 2026
Return to be filed by e-commerce operators liable to collect TCS under GST.

11 June 2026

GST

✅ GSTR-1 (Monthly) for May 2026
Filing of details relating to outward supplies by monthly GST return filers.

13 June 2026

GST

✅ GSTR-6
Return applicable to Input Service Distributors (ISD).

✅ GSTR-5
Return applicable to Non-Resident Taxable Persons (NRTP), wherever required.

15 June 2026

Income Tax

✅ First Advance Tax Installment for FY 2026-27

Taxpayers liable to pay advance tax should ensure payment of at least 15% of their estimated annual tax liability by this date.

PF & ESI

✅ Deposit of EPF contributions for May 2026.

✅ Deposit of ESI contributions for May 2026.

Applicable to establishments covered under the respective labour laws.

20 June 2026

GST

✅ GSTR-3B for May 2026

Monthly summary return and tax payment for regular GST taxpayers.

25 June 2026

GST

✅ GST PMT-06 Payment

Tax payment under the QRMP Scheme for May 2026 through Form GST PMT-06.

30 June 2026

Income Tax

✅ Submission of Challan-cum-Statements for tax deducted during May 2026 under:

• Section 194-IA – Purchase of Immovable Property (Form 26QB)

• Section 194-IB – Rent Paid by Individual/HUF (Form 26QC)

• Section 194M – Specified Payments by Individual/HUF (Form 26QD)

• Section 194S – Transfer of Virtual Digital Assets, where applicable (Form 26QE)

Additional Compliance Activities

✅ Review and update books of accounts for the first quarter of FY 2026-27.

✅ Reconcile GST liabilities, Input Tax Credit (ITC), and E-Way Bill records.

✅ Verify vendor GST compliance to safeguard ITC eligibility.

✅ Complete TDS reconciliation before filing quarterly TDS returns.

Compliance Tip

Businesses and professionals should avoid postponing compliance activities until the due date. Regular reconciliation of GST returns, accounting records, TDS transactions, and employee-related statutory payments helps minimize compliance risks and prevents avoidable notices, late fees, and interest liabilities. Maintaining a structured monthly compliance calendar can greatly improve regulatory adherence and support smooth business operations throughout the financial year.

The above due dates have been compiled after reviewing GST, Income Tax, and professional compliance calendars available from official and industry-recognized sources.

Mrs. Snehal Ubale

May, Sun, 2026

New Rules from 1 September 2026: Key Updates on ITR, Tax, GST and Banking

ITR Filing: 31 August Deadline Has Ended

Which ITR Can Be Filed After 1 September?

For AY 2026-27:

Therefore, the key takeaway from 1 September is:

Major Change in the Revised ITR Filing Timeline

New Last Dates for Revised ITR

31 December 2026

31 March 2027

In Simple Terms:

Important Difference Between Belated and Revised ITR

Belated Return

Revised Return

57th GST Council Meeting: Major Meeting Scheduled for 12 September

57th GST Council Meeting

Officers’ Meeting

ATM Cash Withdrawal Charges

5 Free Transactions

Metro Cities — 3 Free Transactions

Non-Metro Cities — 5 Free Transactions

Are All Banks Increasing ATM Charges from 1 September?

Important Point

ATM Transaction Failed but Money Was Debited?

New Alpha-Numeric Security Code May Be Introduced in Cheque Books

Will All Old Cheque Books Become Invalid After 31 December 2026?

Second Advance Tax Instalment Due in September

15 June → 15%

15 September → 45%

15 December → 75%

15 March → 100%

GST Compliance Also Remains Important in September

Another Important Income Tax Deadline in September

MCA DIR-3 KYC: No Longer an Annual Requirement

DIR-3 KYC Is No Longer Required Every Year

However, There Is an Important Condition

Example

Another Important Point

Companies Compliance Facilitation Scheme 2026

September MCA Compliance Checklist

Major Opportunity for Small Taxpayers with Foreign Assets — FAST-DS 2026

On 1 September 2026, the Income Tax Department enabled FAST-DS Form 1 for online filing.

Who May Benefit from FAST-DS?

1. Foreign Bank Account

2. Foreign Shares / ESOP / RSU

3. Foreign Insurance

4. Foreign Property

5. Foreign Income

What Is the Value Limit Under FAST-DS?

Category A

Category B

FAST-DS Last Date

31 December 2026

What Should Foreign Asset Holders Do?

Important: A Foreign Asset Is Not Limited to a Foreign Bank Account

FAST-DS and Foreign Asset Disclosure in ITR — Understand Both Separately

🚨 1 September 2026 — Major Tax Update

Important SFT Reporting Thresholds

Disclaimer

When Will the 57th GST Council Meeting Be Held? Date Announced

57th GST Council Meeting: Key Dates

Why Is the 57th GST Council Meeting Significant?

1. Possible Relief for Genuine Buyers When Suppliers Fail to Pay GST

What Is the Existing Issue?

What Relief Could Be Considered?

Important

2. Possible Changes in Blocked ITC Under Section 17(5)

3. ITC on Health and Life Insurance Provided to Employees

4. Corporate Guarantees: Possible Simplification of GST Provisions

What Changes Could Be Expected?

5. Possible Simplification of GST Registration

6. Simplified Multi-State GST Registration for Small Businesses

7. Possible Automation of GST Registration Cancellation

8. Unutilised ITC Refund and Inverted Duty Structure

9. Compensation Cess Credit and Transitional Concerns

10. Mobile Phones: Could GST Be Reduced From 18% to 5%?

Has 5% GST on Mobile Phones Been Confirmed?

11. Will There Be Another Reduction in GST Rates?

12. GST Litigation and Pending Legacy Issues

13. GST Treatment of App-Based Passenger Transport Services

14. Petroleum Products Under GST — Will Petrol and Diesel Be Included?