LatestIncome Tax 5 October 2026
India Tax Reforms Accelerate Refunds and GST Overhaul
Recent judicial and policy moves in India are reshaping tax administration: the Supreme Court clarified that Section 46(5A) payments are treated as garnishee settlements, while the GST 2.0 framework introduces faster refunds, higher input‑tax credit limits, and streamlined registration. The GST Council is set to vote on sweeping process reforms, and a new property‑tax regime has launched in Hyderabad under the CURE Act, signaling broader fiscal modernization.
Key updates
- The Supreme Court allowed the Union to record satisfaction of decree in a customs duty refund case, treating Section 46(5A) payments as garnishee settlements. (source)
- GST 2.0 offers fast‑track refunds and expands the monthly input‑tax credit ceiling to ₹2.5 lakh for eligible taxpayers. (source)
- The GST Council will consider reforms to simplify registration, filing and goods movement processes. (source)
- A new property‑tax regime has begun in Hyderabad under the CURE Act, affecting the GHMC and Cyberabad areas. (source)
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