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Changes in tax, GST, company law and business rules, explained in a few lines, with what to do next and the official source.

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Business Compliance

November due dates: no GST date extended; audited businesses file by 21 November

No GST due date for November 2026 has been extended. GSTR-1 for October is due on 11 November and GSTR-3B on 20 November. The income-tax return for businesses under tax audit is due on 21 November, and for transfer-pricing cases on 30 November.

Who it affects, what it means, what to do
Affects
Every GST-registered business, and businesses whose accounts are audited.
Means
30 November is also the last day to claim any input tax credit for FY 2025-26 that you have missed, and to correct last year’s invoices in your GST returns. After that the credit is lost.
Do
Reconcile GSTR-2B with your purchase register for April 2025 to March 2026 now, and claim any missed credit in the October or November return.

Source: Income Tax Department, latest news (CBDT Circular 07/2026) ↗

Income Tax

Audited businesses: income-tax return due on 21 November 2026

CBDT Circular 07/2026 of 28 September 2026 moved the return due date for assessment year 2026-27 from 31 October to 21 November 2026 for companies and other businesses whose accounts must be audited (where transfer pricing reporting under section 92E does not apply).

Who it affects, what it means, what to do
Affects
Companies, firms and other taxpayers under tax audit, and the partners of those firms. Transfer-pricing cases keep 30 November.
Means
The tax audit report was due by 21 October. The return itself can now be filed up to 21 November without late fee or extra interest for the delay.
Do
Match the return with the audit report, Form 26AS and the AIS now; leave a few days before 21 November for the portal.

Source: CBDT Circular 07/2026 of 28 September 2026 (PDF) ↗

GST

GST collections for October 2026 up 22.9%

Gross GST revenue for October 2026 was ₹2,31,290 crore, against ₹1,88,125 crore in October 2025. Net revenue after refunds was ₹2,03,356 crore, up 25.6%. Revenue from imports rose 42.2%.

Who it affects, what it means, what to do
Affects
No one has to act on this. It is a measure of business done across the country in September.
Means
Tamil Nadu collected ₹11,661 crore, up 3%, slower than the national growth.
Do
Use it as a yardstick for your own sales growth over the same months.

Source: GST revenue report for October 2026, GST portal (PDF) ↗

GST

Scrap and e-waste sellers must register for GST from 1 November 2026

Notification 6/2026-Central Tax removes the registration exemption for suppliers of used cooking oil, plastic scrap, tyre scrap, metal scrap and e-waste, even if all their sales fall under reverse charge. Notification 7/2026-Central Tax extends GST TDS to registered buyers of these goods.

Who it affects, what it means, what to do
Affects
Scrap, waste and e-waste dealers, and factories and recyclers that buy from them.
Means
A small scrap dealer who stayed unregistered because the buyer paid tax under reverse charge now needs a GST registration. Registered buyers deduct GST TDS on these purchases, as they already did for metal scrap.
Do
Sellers: apply for registration now. Buyers: list your scrap suppliers, check their GSTINs and set up TDS deduction and the monthly GSTR-7.

Source: CBIC Central Tax notifications of 27 October 2026 ↗

GST

Reverse charge now covers cooking oil, plastic, tyre and e-waste bought from unregistered sellers

From 1 November 2026, Notification 4/2026-Central Tax (Rate) makes the registered buyer pay GST when an unregistered person sells used cooking oil (HSN 1518), plastic waste (3915), tyre waste (4004) or e-waste (8549). Metal scrap was already covered.

Who it affects, what it means, what to do
Affects
Registered recyclers, manufacturers and traders who buy these wastes from unregistered collectors.
Means
The buyer pays the tax in cash under reverse charge and then takes input tax credit, so purchase bills from small collectors need a self-invoice.
Do
Raise a self-invoice for each such purchase, pay the tax in GSTR-3B and keep the collector’s details on file.

Source: CBIC Central Tax (Rate) notifications of 27 October 2026 ↗

GST

Post-supply discounts: no prior agreement needed from 1 November 2026

With sections 153 to 155 of the Finance Act 2026 in force (Notification 3/2026-Central Tax), a discount given after the sale can reduce the taxable value without being agreed before the supply. A credit note is enough, provided the buyer reverses the matching input tax credit.

Who it affects, what it means, what to do
Affects
Manufacturers and distributors who give rebates, schemes or volume discounts after the invoice.
Means
Year-end and volume discounts are easier to pass through GST, but the supplier must make sure the buyer has reversed the credit.
Do
Issue credit notes in time and get confirmation, or check GSTR-2B, that the buyer has reversed the credit.

Source: CBIC Central Tax notifications of 27 October 2026 ↗

GST

Buying scrap or e-waste from a registered seller: deduct 2% GST TDS above ₹2.5 lakh

From 1 November 2026, Notification 07/2026-Central Tax makes a registered buyer deduct GST TDS of 2% (1% CGST and 1% SGST, or 2% IGST) on used cooking oil, plastic scrap, tyre scrap, metal scrap and e-waste bought from a registered supplier, where one contract is worth more than ₹2.5 lakh.

Who it affects, what it means, what to do
Affects
Factories, recyclers and traders that buy these wastes in large lots from registered dealers.
Means
The buyer becomes a GST TDS deductor: it needs TDS registration, deposits the tax and files GSTR-7 by the 10th of the next month. The seller sees the credit in its cash ledger.
Do
List scrap contracts above ₹2.5 lakh, register as a GST TDS deductor if you are not one, and set up the deduction in your payment process.

Source: CBIC Central Tax notifications of 27 October 2026 ↗

Income Tax

Draft government-securities reporting rule: proposal is not a final requirement

The Income Tax Department’s 27 October announcement describes proposed Rule 281A and Form 173A for information supporting specified government-securities exemptions. It is a proposal, so readers should check the final notified position before changing a filing process.

Who it affects, what it means, what to do
Affects
Persons reviewing the specified government-securities exemption reporting.
Means
A proposed form is different from an operative filing requirement.
Do
Read the official proposal and check whether a final notification applies to your facts.

Source: Income Tax Department — 27 October 2026 announcement ↗

Companies Act & MCA

Cost audit report (CRA-4) can be filed till 31 December 2026 without additional fee

MCA General Circular 06/2026 of 27 October 2026 says that CRA-4, the cost audit report in XBRL for FY 2025-26, attracts no additional fee if filed up to 31 December 2026.

Who it affects, what it means, what to do
Affects
Companies whose cost records must be audited under the Companies (Cost Records and Audit) Rules, 2014.
Means
A company that has received its cost auditor’s report but not yet filed CRA-4 has until the end of the year without paying extra.
Do
Check that the board has taken the report on record, then file CRA-4. After 31 December the additional fee counts from the original due date.

Source: MCA circulars, including General Circular 06/2026 of 27 October 2026 ↗

Companies Act & MCA

AOC-4 till 31 December and MGT-7 till 31 January, with no additional fee

For FY 2025-26, MCA General Circular 05/2026 lets companies file financial statements in AOC-4 up to 31 December 2026 and the annual return in MGT-7 or MGT-7A up to 31 January 2027, without additional fees.

Who it affects, what it means, what to do
Affects
All companies filing their FY 2025-26 financial statements and annual return.
Means
The late fee is waived; the time to hold the AGM is not extended.
Do
File AOC-4 by mid-December and MGT-7 by mid-January to avoid the last-week rush on the MCA portal.

Source: MCA General Circular 05/2026, 24 October 2026 (PDF) ↗

GST

GSTN announces an e-invoicing facility for recipient-generated reverse-charge self-invoices

GSTN’s 16 October announcement introduces an e-invoicing facility for recipient-generated self-invoices for domestic supplies from unregistered persons and imports of services. Check the current advisory and whether your transaction is covered before using the facility.

Who it affects, what it means, what to do
Affects
Businesses reviewing self-invoicing under reverse charge.
Means
The announcement concerns a portal facility; it should not be read as making every purchase from an unregistered person taxable under reverse charge.
Do
Confirm the underlying reverse-charge and self-invoice requirements separately from the portal steps.

Source: GSTN — official news listing, 16 October 2026 ↗

Income Tax

Form 161 revised for applications seeking penalty waiver under section 440(2)

CBDT Notification 134/2026 substitutes Form 161 and amends rule 231. The form asks for order details, assessed income, relevant payment details and declarations. A revised application form does not itself grant a waiver.

Who it affects, what it means, what to do
Affects
Persons considering an application under section 440(2) of the Income-tax Act, 2025.
Means
The application and the statutory conditions need to be reviewed together.
Do
Check eligibility, payments, timing and appeal-related declarations before applying.

Source: CBDT Notification 134/2026 — Income-tax (Sixth Amendment) Rules, 2026 ↗

Income Tax

Individuals and HUFs buying property from a non-resident: no TAN needed from 1 October 2026

A resident individual or Hindu undivided family (HUF) buying immovable property from a non-resident can now deduct the tax and pay it using their own PAN (Permanent Account Number), in Form 141. A new Schedule E in the form takes the details of the property, the seller and the stamp duty value. The change is in the Income-tax (Fifth Amendment) Rules, 2026, notified on 22 September 2026.

Who it affects, what it means, what to do
Affects
Resident individuals and HUFs buying a house, flat or land from a non-resident seller. The notification covers only these buyers, so companies, firms and others still need a TAN (tax deduction and collection account number).
Means
One step less. Until now the buyer had to get a TAN for a single purchase and file a quarterly TDS (tax deducted at source) statement. The rate has not changed. It is still the rate that applies to the seller's capital gain, not the 1% that applies when the seller is a resident.
Do
Confirm the seller's residential status before you pay. If the seller is a non-resident, deduct at the rate that applies to the seller's capital gain (usually on the full sale price, unless the seller holds a lower-deduction certificate), pay and report through Form 141 within 30 days from the end of the month of deduction, and give the seller the certificate in Form 132.

Source: CBDT Notification No. 121/2026 (Income-tax (Fifth Amendment) Rules, 2026), Income Tax Department ↗

GST

GST collections for September 2026 up 14.7%

Gross GST revenue for September 2026 was ₹2,03,521 crore, against ₹1,77,365 crore in September 2025. After refunds, net revenue was ₹1,76,520 crore, up 18.1%. Collections in Tamil Nadu were ₹10,188 crore, about 5% lower than a year earlier.

Who it affects, what it means, what to do
Affects
No one has to act on this. It is a measure of how much business was done across the country in August, the month these collections relate to.
Means
Net revenue grew faster than gross because refunds were slightly lower: about ₹27,000 crore, against about ₹27,850 crore a year ago. Tamil Nadu moved against the national trend.
Do
Use it as a yardstick. If your own sales grew by less than the national figure, look at whether you lost volume or price. If you are waiting for a GST refund, check its status on the portal.

Source: GST revenue report for September 2026, GST portal ↗

Income Tax

Tax audit report date extended to 21 October 2026

CBDT Circular 07/2026 dated 28 September 2026 extends the AY 2026–27 return deadline from 31 October to 21 November 2026 for persons covered by serial number 2 of the table below Explanation 2 to section 139(1) of the Income-tax Act, 1961. It also specifies 21 October 2026 for the related audit report date under clause (ii) of the Explanation to section 44AB.

Who it affects, what it means, what to do
Affects
Only persons within the category cited in Circular 07/2026; confirm applicability.
Means
The extension is category-specific, not a blanket extension for all taxpayers. As at 30 October 2026, the stated audit-report date has already passed.
Do
Check the category, audit-report filing status and return deadline. Verify any subsequent official order before relying on a date.

Source: CBDT Circular 07/2026, 28 September 2026 ↗

MSME

Central public sector enterprises to pay MSME invoices through TReDS

By a notification of 30 June 2026, all operating central public sector enterprises have to settle invoices for goods and services bought from micro, small and medium enterprises through TReDS (Trade Receivables Discounting System) platforms authorised by the Reserve Bank of India (RBI).

Who it affects, what it means, what to do
Affects
Micro, small and medium enterprises that supply goods or services to a central public sector enterprise.
Means
Your invoice can be accepted on the platform and discounted by a financier, so you are paid early while the buyer pays on the due date.
Do
Register on an RBI-authorised TReDS platform if you have not, keep your Udyam registration current, and ask the buyer which platform it uses.

Source: Press Information Bureau release of 10 July 2026 ↗

Items older than 12 months move to older updates.

Explained

Longer notes on the changes that need more than a few lines.

Explained · Companies Act & MCA

Companies: AOC-4 till 31 December, MGT-7 till 31 January, CRA-4 till 31 December, with no extra fee

For FY 2025-26, MCA will accept financial statements (AOC-4) and the cost audit report (CRA-4) up to 31 December 2026, and the annual return (MGT-7 or MGT-7A) up to 31 January 2027, without additional fees. The AGM date is not extended.

27 Oct 2026
Explained · GST

57th GST Council meeting: distinguish recommendations from operative requirements

Read the 57th GST Council meeting release as recommendations; verify implementing instruments and effective dates for each relevant point.

8 Oct 2026
Explained · Income Tax

AY 2026–27: check whether the audit-case return extension applies to you

Category-specific AY 2026–27 deadlines under CBDT Circular 07/2026: audit report 21 October and return 21 November 2026. Check whether the cited category applies.

28 Sep 2026
Explained · Income Tax

Income-tax Act, 2025: the new form numbers to know

With the Income-tax Act, 2025 in force from 1 April 2026, the forms businesses use most have new numbers. Returns for financial year (FY) 2025-26 stay on the old forms.

27 Sep 2026
Explained · Income Tax

Individuals and HUFs buying property from a non-resident: no TAN needed from 1 October 2026

A resident individual or Hindu undivided family (HUF) buying immovable property from a non-resident can deduct and deposit TDS (tax deducted at source) without obtaining a TAN (tax deduction and collection account number), using Form 141.

22 Sep 2026
Explained · Income Tax

Foreign assets disclosure scheme for small taxpayers: open until 31 December 2026

A one-time scheme under the Finance Act, 2026 lets small taxpayers declare foreign assets or income that were not reported, within set limits, until 31 December 2026.

14 Aug 2026