Goods & Service Tax (GST) 31 October 2026
Nov 1 GST Rules Overhaul Discounts MSMEs
Effective November 1, the GST framework introduces several key reforms affecting taxpayers, MSMEs and businesses, including revised treatment of post‑supply discounts, changes to input tax credit eligibility, and new compliance timelines. The updates aim to simplify filing and reduce tax cascading.
New GST rules start Nov 1
- Post‑supply discounts will now be accounted for at the time of invoice, altering credit claims.
- Input tax credit rules are tightened for certain services.
- Compliance deadlines for filing returns are shifted to simplify reporting.
For full details, see the original article.
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