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Empowering Global Business with Expert Financial Solutions
We, OPENMAC, a highly experienced international accounting and management consultants based in India, continuously serving since two decades, dedicated to providing world-class financial solutions to businesses across the globe. With a deep understanding of international accounting standards, tax regulations, and compliance requirements, team OPENMAC help organizations navigate complex financial landscapes with precision and efficiency. Our team comprises seasoned professionals, including chartered accountants, tax advisors, and financial consultants, who bring extensive expertise to every client engagement.
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Events & Updates
- Jun 23
INCOME TAX RELATED
- New Tax Act 2025: The old Income Tax Act of 1961 is repealed, replaced by the Income Tax Act, 2025, effective April 1, 2026.
- Income Tax Rules, 2026: Notified by the Central Board of Direct Taxes (CBDT), these rules focus on strengthening disclosures and streamlining procedures.
- Key Rule Changes: The tax-free loan limit increased to ₹2 lakh, and there are revisions to HRA benefits and motor car perks.
- TDS/TCS Corrections: Corrections for FY 2018-19 (Q4) through FY 2023-24 (Q3) must be filed by March 31, 2026.
- PRARAMBH 2026: The department launched a nationwide awareness campaign to familiarize taxpayers with the new Act, according to the Income Tax India X handle.
- Return Filing Extensions: The deadline for filing Returns for AY 2025–26 was extended to September 15, 2025.
- Bank Reporting Stricter: Banks must comply with amended rules requiring more detailed reporting of account holders and controlling persons, including self-certification, as noted on the PDICAI website
- New Tax Regime Default: For FY 2025-26, the new, streamlined tax regime is the default, notes ClearTax.
- Major Form Overhaul: Nearly 30 commonly used forms, including those for tax audits (3CA/3CB replaced by Form 26) and TDS, have been updated under the Income Tax Rules 2026.
- Restaurant Crackdown: Following a nationwide investigation, the tax department found ₹408 crore in suppressed sales at restaurants.
- International Reporting Changes: Rule 114-G has been updated to require more detailed reporting for non-U.S. accounts, including e-money and Central Bank Digital Currencies (CBDC)
- Pending Returns/Refunds: As of February 2026, over 24.64 lakh ITRs for the 2025-26 assessment year are pending for over 90 days, say YouTube news sources.
- Old Tax Regime Savings: Despite the shift to the new regime, some taxpayers may find better savings under the old regime,
- Jun 23
GOODS AND SERVICES TAX RELATED
Mar 16th, 2026
1. In terms of the provisions of Section 50 of the Central Goods and Services Tax (CGST) Act, 2017, interest is payable where the tax liability pertaining to a previous tax period is discharged in a subsequent tax period. Accordingly, the tab “Tax Liability Breakup, As Applicable” in Form GSTR-3B is meant to capture the tax liability relating to supplies of previous tax periods which are being reported and discharged in the current tax period.
2. From the February 2026 tax period onwards, the GST Portal auto-populates the “Tax Liability Breakup, As Applicable” in GSTR-3B on the basis of the document dates of supplies reported in GSTR-1 / GSTR-1A / IFF, where such supplies pertain to any previous tax period but the corresponding tax liability is being discharged in the current period’s GSTR-3B.
3. Accordingly, from the February 2026 tax period, after offsetting the liability in GSTR-3B, taxpayers are required to click on the “Tax Liability Breakup, As Applicable” tab available on the payment page and confirm the breakup of tax liability by clicking the “SAVE” button or edit the same, if required.
4. Once the breakup of tax liability is confirmed and saved, the taxpayer will be able to proceed with filing Form GSTR-3B using EVC or DSC.
5. Feedback has been received that this confirmation should be mandatory only in cases where supplies pertaining to previous tax periods have been reported in the current tax period. However, the confirmation is presently being required in all cases, including where the liability relates only to the current tax period. The feedback is acknowledged by GSTN and the same is under resolution.
6. Meanwhile, taxpayers are requested to kindly open the “Tax Liability Breakup, As Applicable” tab on the payment page and click “SAVE” within the tab for filing during the current reform cycle. Thereafter, filing of Form GSTR-3B can be completed normally.
Taxpayers are requested to kindly follow the above interim procedure till the issue is resolved on the portal.
Thanks,Team GSTN
- Simplified Slab Structure: The primary slabs are now 5% and 18%. Most goods previously taxed at 12% or 28% have moved to the 18% slab, with many essentials moving to 5%.
- Cheaper Items: Electronics (ACs, TVs, fridges, washing machines), cement, and small automobiles (engine <1200cc petrol, <1500cc diesel, <4m length) have seen rates reduced to 18%.
- Essential Items: Daily-use items like food products, toothpaste, umbrellas, and small-sachet FMCG goods are now taxed at 5%.
- Health & Life Insurance: Exempted from GST, providing relief to consumers.
- Luxury/Sin Goods: A 40% slab applies to luxury items, tobacco, and aerated beverages.
- Stricter Compliance (Jan 1, 2026): Automatic late fees for annual returns, a three-year limit on filing past returns, and stricter ITC (Input Tax Credit) validation based on GSTR-2B are now in effect.
- ITC Changes (Oct 1, 2025): Input Tax Credit is strictly restricted to invoices accepted in GSTR-2B.
- Biometric Authentication: As of March 4, 2025, directors can complete biometric authentication at any GST Seva Kendra (GSK) in their home state, not just in the jurisdiction of the company's principal place of business. This applies to new registrations for corporate entities, including foreign companies.
- Multi-Factor Authentication (MFA):
- January 1, 2025: MFA became mandatory for taxpayers with an Annual Aggregate Turnover (AATO) over ₹20 Crores.
- February 1, 2025: It was extended to taxpayers with an AATO over ₹5 Crores.
- April 1, 2025: MFA is now applicable to all taxpayers, regardless of turnover.
- Return Filing: Rules for quarterly filers (QRMP) were updated from July 2025 to ensure data accuracy in GSTR-3B by requiring the use of IRP (Invoice Registration Portal) during the first two months of the quarter.
- E-Way Bill Portal: A second e-way bill portal was launched on July 1, 2025.
The most significant recent GST update is the simplification of the tax structure into a three-tier system of 5%, 18%, and a 40% rate for luxury/sin goods, effective from September 22, 2025. This change eliminates the previous 12% and 28% slabs, and many common and essential goods now fall under the 5% and 18% brackets, respectively. Other updates include new rules for biometric authentication and mandatory multi-factor authentication for certain taxpayers.
- Effective Date: September 22, 2025, following the 56th GST Council meeting.
- New Slabs: The structure has been simplified to primarily three rates:
- 5%: For essential goods and services.
- 18%: The new standard rate for most goods and services.
- 40%: A special rate applied to luxury and "sin" goods like tobacco and high-end vehicles.
- Changes: The previous 12% and 28% slabs have been removed for most items.
Jul 20th, 2025
Advisory: Regarding GSTR-3A Notices issued for non-filing of form GSTR 4 to cancelled Composition Taxpayers
As per the provisions of Section 39(2) of the Central Goods and Services Tax (CGST) Act, 2017, read with Rule 68 of the CGST Rules, 2017, notices in Form GSTR-3A are required to be issued in cases of non-filing of Form GSTR-4. However, it has come to notice that, due to a system-related glitch, such notices have been inadvertently issued in certain cases where they were not applicable — including instances involving taxpayers whose registrations had been cancelled prior to the Financial Year 2024–25.
2. The issue is currently under active examination, and the technical team is implementing appropriate corrective measures to ensure that such instances do not recur. In the meantime, taxpayers who have either duly filed the relevant return or whose registrations were cancelled prior to the Financial Year 2024–25 are advised to ignore these notices, as no further action is required on their part in such cases.
3. For any other issues or concerns, taxpayers are advised to raise a grievance through the Self-Service Portal available on the GST Portal, along with all relevant details, to facilitate prompt and effective resolution.
Regards,Team GSTN
CBIC issued the circular specifying the procedure related to review, revision, and appeals for orders passed by Common Adjudicating Authority(CAA). It was clarified that principal commissioner or commissioner of Central Tax shall be reviewing authority u/s 107 and revisional authority u/s 108 of CGST Act, 2017, respectively.
NIC is launching a new e-way bill portal 2 from 1st July 2025, as per the GSTN's advisory dated 16th June 2025. The move is to eliminate dependency on a single portal and ensure real-time synchronisation of data. It means the E-Way Bill2 portal is designed to synchronise e-way bill details with the main portal within a few seconds.
12 June 2025
In an advisory dated 12th June 2025, GSTN has clarified that wherever the payment details are not accurately auto-filled while filing applications for amnesty scheme in forms SPL-01/02, they can proceed to file waiver application even if payment and demand details do not match. Upload the payment details as attachments along with application for tax officers to verify.
Jun 19th, 2025
Question 1: How can a recipient avail ITC of wrongly rejected Invoices/ Debit notes/ECO-Documents in IMS as corresponding GSTR-3B of same tax period was also filed by recipient?
Answer: In such cases recipient can request to the corresponding supplier to report the same record (without any change) in same return period’s GSTR-1A or respective amendment table of subsequent GSTR-1/IFF. Thus, recipient can avail the ITC basis on amended record by accepting such record on IMS and recomputing GSTR-2B on IMS. Here the recipient will get ITC of complete amended value as original record was rejected by the recipient.
However, recipient will be able to take ITC for the again furnished document by the supplier, as stated above, only in the GSTR-2B of the concerned tax-period.
Question 2: If any original record is rejected by the recipient and supplier furnishes the same record in GSTR-1A of same tax period or in the amendment table of GSTR-1/IFF of subsequent period, till the specified time limit, then what impact it will have on supplier’s liability?
Answer: In case supplier had furnished an original record in GSTR-1/IFF but the same record was rejected wrongly by the recipient in IMS. In such cases supplier on noticing the same in the supplier’s view of IMS dashboard or on request of recipient, may furnish the same record again (without any change) in GSTR-1A of same tax period or in the amendment table of GSTR-1/IFF in any subsequent period, till the specified time limit, then the liability of supplier will not increase. As amendment table take delta value only. Thus, in present case of same values, differential liability increase will be zero.
Question 3: As a recipient taxpayer, how to reverse ITC of wrongly rejected Credit note in IMS as the corresponding GSTR-3B has already been filed?
Answer: In such cases recipient can request the concerned supplier to furnish the same Credit note (CN) without any change in the same return period’s GSTR-1A or in amendment table of subsequent period’s GSTR-1/IFF. Now recipient can reverse the availed ITC based on the amended CN by accepting the CN on IMS. Hence, the recipient’s ITC will get reduced with complete amended value, as soon as the recipient recomputes GSTR-2B on IMS. The reduced value is same as that of the value of original CN as in this case the complete original CN was rejected by the recipient.
Question 4: If any original Credit note was rejected by the recipient and supplier furnishes the same credit note in GSTR-1A of same tax period or in the amendment table of GSTR-1/IFF of any future tax-period, till the specified time limit, then what impact it will have on supplier’s liability?
Answer: At first instant the supplier’s liability will be added back in the open GSTR-3B return, because of original credit note rejection by the recipient. However, as the supplier furnishes the same credit note in GSTR-1A of same tax period or in amendment table of GSTR-1/IFF in any subsequent period, supplier’s liability for this amendment will get reduced again corresponding to the value of amended CN (which in this case is same as original). Thus, net effect on liability of supplier will be only once.
Thanking You,
Team GSTN
