Income Tax 17 October 2026
India Tax Landscape Shifts: Faceless Reassessment, GST Reforms & Rising Collections
India’s tax system is undergoing major changes as the JAO vs NFAC case challenges the constitutional validity of Section 147A, prompting possible reforms to faceless reassessment. Direct tax collections jumped 13.21% to Rs 13.38 lakh crore, while GST return reforms propose real‑time ITC reconciliation. Additional updates include lower duty drawback rates for gold and silver jewellery, a Supreme Court ruling upholding passenger tax on PSU transport, and revised export duties on petrol and diesel.
Faceless reassessment case – The JAO vs NFAC challenge to Section 147A may reshape the faceless tax administration model. Read more
- Direct tax collections rose 13.21% to Rs 13.38 lakh crore as of 14 Oct 2026. Details
- GST return reforms aim for real‑time ITC reconciliation starting Apr 2027. Analysis
- Duty drawback rates lowered for gold and silver jewellery effective 15 Oct 2026. CBIC notice
- Passenger tax upheld by Supreme Court for complimentary PSU transport services. Ruling
- Export duties on petrol and diesel revised from 16 Oct 2026. Update
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