LatestIncome Tax 11 September 2026
India Fiscal Pulse: Borrowing Tactics, Tax Court Relief, GST & Banking Updates
State governments are turning to public sector undertakings and special purpose vehicles to sidestep borrowing caps, prompting transparency concerns. The High Court struck down a retrospective tax amendment, easing the burden for over 200,000 taxpayers. Gujarat passed a GST amendment removing export refund thresholds, while banks warn customers ahead of a looming strike. Additional alerts cover incorrect tax codes triggering notices and upcoming advance tax deadlines.
- State borrowing via PSUs and SPVs – States are using public sector undertakings and special purpose vehicles to borrow beyond constitutional limits, raising fiscal transparency worries. (Mint)
- High Court nullifies retrospective tax law – Section 147A of the Income Tax Act was deemed unconstitutional, granting relief to more than 200,000 taxpayers. (Economic Times)
- Gujarat GST amendment – The state removed the refund threshold for exported goods, simplifying export tax refunds. (Times of India)
- Bank strike warning – Major banks advise customers to prepare for a possible strike on September 11. (Upstox)
- Tax code errors trigger notices – Incorrect professional codes on returns are causing income‑tax notices for many. (Times of India)
- Advance tax 2nd instalment due – Pay the FY 2026‑27 advance tax by 15 Sept to avoid interest. (CAclubindia)
Need help understanding this update?
Connect with our domain experts instantly via WhatsApp for customized legal guidance.