LatestIncome Tax 7 October 2026
India Tax Updates: GST Reset, Gift Income, Export Forms
One year post‑GST reset, collections climb unevenly as imports drive growth and refunds lag. A Rs 85.3 lakh cash gift was labelled unexplained yet a tribunal upheld it. From Oct 1 exporters need EDFs, Karnataka's AIB tax lifted liquor revenue 13.4%, and a ₹567 cr GST show‑cause hit Tenneco; UPI fees rise 0.4% on payments over Rs 2,000.
- GST collections a year after India’s rate reset are rising unevenly, with imports boosting growth while refunds lag. (Business Standard)
- Cash‑gift notice: A man who deposited Rs 85.3 lakh as gifts was deemed to have unexplained income, but the Income Tax Appellate Tribunal upheld the gift deeds. (Times of India)
- Exporter filing rule: From 1 Oct 2026 exporters must submit an Export Declaration Form (EDF) for all goods and services. (Taxscan)
- Karnataka AIB tax: The new Alcohol‑in‑Beverage regime lifted liquor tax collections by 13.4% to Rs 22,191 crore. (BusinessWorld)
- Tenneco GST notice: Maharashtra tax authorities issued a ₹567 cr show‑cause notice for FY23. (ScanX)
- UPI fee change: Effective 15 Oct 2026, UPI transactions above Rs 2,000 will incur a 0.4% merchant discount rate. (CAclubindia)
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