The Central Board of Indirect Taxes and Customs has notified 1 November 2026 as the date from which Sections 153 to 155 of the Finance Act, 2026 come into force (Notification No. 03/2026-Central Tax, dated 27 October 2026). These sections amend Section 15 (value of taxable supply), Section 34 (credit and debit notes) and Section 54 (refund of tax) of the CGST Act, 2017. Registered persons who value supplies, issue credit or debit notes or claim refunds should review their processes before the date. The detailed changes will be covered here once the notified provisions have been reviewed.
CBIC clarifies that ITC on demo vehicles is not blocked for authorised dealers
CBIC Circular No. 262/08/2026-GST, issued in October 2026, withdraws the earlier clarification that denied input tax credit on demo vehicles held by authorised dealers…
