Highlights of 57th GST Council Meeting dtd 08.10.2026
Highlights of 57th GST Council Meeting dtd 08.10.2026:
Bizsol Update (October 2026)
Bizsol Update for the month October 2026. From the Desk of Chairman Article on ‘THE POWER DISTANCE INDEX – CULTTURAL ACCEPTANCE OF AUTHORITY AND ORGANISATIONAL BAHAVIOUR’ , by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt. Ltd. Note on ‘Trade & Industry : Major Changes Effected from October 2026’, by CMA Ashok Nawal, Founder, Bizsolindia …
Judicial Corner : Mechanical ITC Reversal for Supplier Default Section 16(2)(c) {Shaurya Alloys Pvt. Ltd. & Ors. v. State of Punjab & Another & connected matters CWP-34296-2024 (O&M) 2026 LLBiz HC(P&H) 58} (03.10.2026)
Mechanical ITC Reversal for Supplier Default Section 16(2)(c) {Shaurya Alloys Pvt. Ltd. & Ors. v. State of Punjab & Another & connected matters CWP-34296-2024 (O&M) 2026 LLBiz HC(P&H) 58} Facts: A batch of 424 writ petitions was filed by purchasing dealers whose ITC was denied/reversed because their suppliers had failed to deposit GST, filed nil/short …
DGFT:The Export Promotion Mission has revised and unified the composition of the Sub-Committee on Trade Finance across all Niryat Protsahan interventions, superseding previous notifications(03.10.2026)
DGFT The Export Promotion Mission has revised and unified the composition of the Sub-Committee on Trade Finance across all Niryat Protsahan interventions, superseding previous notifications. [Trade Notice No. 29/2026-27 dated 01.10.2026]
From the Desk of Chairman (October 2026)
The Tata Trusts–Tata Sons imbroglio is one of the most consequential governance disputes in the history of the Tata group. It is not merely a disagreement about the reappointment of N. Chandrasekaran as the Executive Chairman of Tata Sons. It exposes a deeper tension between the board-led management of Tata Sons and the control rights …
Article on ‘ THE POWER DISTANCE INDEX – CULTTURAL ACCEPTANCE OF AUTHORITY AND ORGANISATIONAL BAHAVIOUR’, by CS Venkat R Venkitachalam, Chairman, Bizsolindia Services Pvt Ltd. ( October 2026)
Introduction: Hierarchy is not merely an organisational arrangement in India. It is more often a social language in India’s corporate scene. We know how hierarchy influences organisational performance in India’s corporate governance. It influences how people address one another, how decisions travel through an institution, who speaks in meetings, how disagreements are expressed and above …
Note on ‘FEMA Export & Import of Goods & Services Regulations 2026 effective from 1st Oct 2026’, CS Anita Patil, Sr. Advisior, Bizsolindia Services Pvt Ltd. (October 2026)
Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 including amendments thereof effective from 1st Oct 2026: Time period for realization of exports: Particulars FEMA Realization Period Prior to 1st Oct 2026 w.e.f. 1st Oct 2026 Export of Goods 15 Months 9 Months: from the date of shipment in case of …
Note for ‘Trade & Industry : Major Changes Effected from October 2026’,by CMA Ashok Nawal, Founder, Bizsolindia Services Pvt. Ltd. (October 2026)
Kindly note important changes which need your immediate attention : Trade and Industry should take the note of major changes effected and made applicable and need focus in the month of October : Provident Fund : Salary needs to be calculated for the month of Sept 2026 to be paid on or before 7th October …
Judicial Corner: Refund of ITC under Inverted Duty Structure Allowed Despite Same HSN{ Commissioner of CGST & Central Excise vs. HP Cotton Casuals (P.) Ltd. [2026] 190 taxmann.com 451 (GSTAT – KOLKATA)/[2026] 117 GST 632 (GSTAT – KOLKATA)} (02.10.2026)
Refund of ITC under Inverted Duty Structure Allowed Despite Same HSN{ Commissioner of CGST & Central Excise vs. HP Cotton Casuals (P.) Ltd. [2026] 190 taxmann.com 451 (GSTAT – KOLKATA)/[2026] 117 GST 632 (GSTAT – KOLKATA)} Facts: Assessee claimed refund of unutilised ITC accumulated due to an inverted duty structure, where the tax rate on …
Income Tax: Joint Commissioners (Appeals) and Additional Commissioners (Appeals) are now subordinate to the Principal Chief Commissioners or Chief Commissioners of Income-tax within their jurisdiction (01.10.2026)
Income Tax: Joint Commissioners (Appeals) and Additional Commissioners (Appeals) are now subordinate to the Principal Chief Commissioners or Chief Commissioners of Income-tax within their jurisdiction [Notification No. 133/2026 dated 30.09.2026]
Central Excise:Special Additional Excise Duty on Aviation Turbine Fuel revised to Rs. 18.5 per litre starting October 1, 2026.(01.10.2026)
Central Excise: Special Additional Excise Duty on Aviation Turbine Fuel revised to Rs. 18.5 per litre starting October 1, 2026. [Notification No. 52/2026-Central Excise dated 30.09.2026]
Central Excise: Excise duty on Aviation Turbine Fuel revised to Rs. 10.5 per litre starting October 1, 2026.(01.10.2026)
Cetral Excise: Excise duty on Aviation Turbine Fuel revised to Rs. 10.5 per litre starting October 1, 2026. [Notification No. 53/2026-Central Excise dated 30.09.2026]
Customs:Updated tariff values for Edible oils, gold, silver, and areca nuts have been notified. Changes apply from 1st October 2026.(01.10.2026)
Customs: Updated tariff values for Edible oils, gold, silver, and areca nuts have been notified. Changes apply from 1st October 2026. [Notification No. 80/2026-CUSTOMS (N.T.) dated 30.09.2026]
DGFT: The RoDTEP Scheme is extended and shall apply to eligible exports from DTA, AA, SEZ, and EOU units up to 31st December 2026.(01.10.2026)
DGFT: The RoDTEP Scheme is extended and shall apply to eligible exports from DTA, AA, SEZ, and EOU units up to 31st December 2026. [Notification No. 41/2026-27 dated 30.09.2026]
DGFT: Minimum Import Price (MIP) of Rs. 1,774 per Kg on Sulfadiazine API (Chapter 29) extended up to November 30, 2026.(01.10.2026)
DGFT: Minimum Import Price (MIP) of Rs. 1,774 per Kg on Sulfadiazine API (Chapter 29) extended up to November 30, 2026. [Notification No. 40/2026-27 dated 30.09.2026]
DGFT: Minimum Import Price (MIP) of USD 111 per Kg on ATS-8 under Chapter 29 extended up to November 30, 2026 (01.10.2026)
DGFT: Minimum Import Price (MIP) of USD 111 per Kg on ATS-8 under Chapter 29 extended up to November 30, 2026 [Notification No. 39/2026-27 dated 30.09.2026]
DGFT:Minimum Import Price (MIP) of INR 67,220 per MT on Virgin Multi-layer Paper Board (VPB) under Chapter 48 extended for six months up to March 31, 2027.(01.10.2026)
DGFT: Minimum Import Price (MIP) of INR 67,220 per MT on Virgin Multi-layer Paper Board (VPB) under Chapter 48 extended for six months up to March 31, 2027. [Notification No. 38/2026-27 dated 30.09.2026]
DGFT: The eligibility timelines under Component II of the EPM RELIEF intervention are extended up to 31st March 2027 to support Indian exporters and mitigate logistics challenges arising out of the continuing West Asia Crisis. (01.10.2026)
DGFT: The eligibility timelines under Component II of the EPM RELIEF intervention are extended up to 31st March 2027 to support Indian exporters and mitigate logistics challenges arising out of the continuing West Asia Crisis. [Notification No. 37/2026-27 dated 30.09.2026]
DGFT: The deadline for raw sugar importers to return unused import quotas has been extended to October 15, 2026, subject to a 0.5% fee (01.10.2026)
DGFT The deadline for raw sugar importers to return unused import quotas has been extended to October 15, 2026, subject to a 0.5% fee [Public Notice No. 31. /2026-27 dated 30.09.2026]
Customs: Special Notified Zone is approved at Surat Diamond Bourse, Khajod, allowing eligible foreign mining companies to import rough diamonds for viewing/sale and re-export unsold lots. (29.09.2026)
Customs: Special Notified Zone is approved at Surat Diamond Bourse, Khajod, allowing eligible foreign mining companies to import rough diamonds for viewing/sale and re-export unsold lots. (Circular No. 44/2026-Customs dated 28.09.26)
