Blocked ITC Section 17(5): Before vs After 57th GST Council Quick Answer The 57th GST Council Meeting (8 October 2026) recommended amending Section 17(5) of the CGST Act, 2017 to allow Input Tax Credit (ITC) on outdoor catering, health and life insurance, telecom towers, pipelines laid outside factory premises, free samples, and goods destroyed or […]
Foreign Assets Disclosure Scheme 2026: Form 1 Guide QUICK ANSWER What is FADS 2026? The Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (also called FAST-DS) is a one-time scheme under Chapter IV of the Finance Act, 2026. It lets eligible taxpayers declare specified undisclosed foreign assets and foreign income online through Form 1 on […]
GST 3-Year Cutoff Rule: Pending Returns Locked, ITC at Risk If your books show GST returns that were never filed for 2022 or earlier, the portal may already be closed to you. Since the three-year limit went live, the GST system simply refuses late returns once that window passes. Paying a late fee does not […]
57th GST Council Meeting 2026: Key Decisions The 57th GST Council Meeting, held on 8 October 2026 at the Summit Room, Bharat Mandapam, New Delhi, delivered the biggest process-reform package since GST was launched in 2017. Union Finance Minister Nirmala Sitharaman chaired the meeting. If the 56th meeting in September 2025 was about rates (GST […]
RBI FEMA Export Regulations 2026: Unified EDF Replaces SOFTEX For more than two decades, an Indian company shipping goods abroad had to declare every export, a software firm had to file a SOFTEX form, and a consultant, agency or freelancer billing foreign clients for services had no declaration to file at all. That asymmetry ended […]