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Monday, 16 November 2026
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GST · 8 Oct

57th GST Council: arrest power to go, prosecution threshold ₹5 crore, automatic refunds and wider input tax credit recommended

The GST Council, in its 57th meeting on 8 October 2026, recommended omitting the arrest power in section 69 of the CGST Act, raising the prosecution threshold from ₹1 crore to ₹5 crore and cutting the general penalty from ₹25,000 to ₹10,000. It also recommended system-sanctioned refunds, refund of credit on capital goods and input services, a shorter list of blocked credits and a simpler registration for small e-commerce sellers. None of it is law yet: each item needs a circular, notification or amendment.

Relief

Licences · 8 Oct

Government approves cap on margins of non-scheduled anti-cancer drugs at 30% of MRP; NPPA to notify after DGHS expert committee finalises the list

The Government has approved a cap on the margins charged in the supply and sale of non-scheduled anti-cancer drugs, limiting them to 30% of the Maximum Retail Price, according to a Department of Pharmaceuticals release of 8 October 2026. An expert committee under the Directorate General of Health Services will finalise the list of medicines, after which NPPA will take a decision and issue the notification. Manufacturers of these drugs will be required to maintain their current production levels.

Relief

Insolvency · 7 Oct

NCLT approves 107 resolution plans in July–September 2026, its highest in any quarter; 335 plan applications pending or reserved on 30 September

The National Company Law Tribunal approved 107 resolution plans in the second quarter of FY 2026–27, which it says is the highest in any quarter since its inception, with an aggregate approved plan value of more than ₹11,000 crore. As on 30 September 2026, 294 resolution plans were pending for approval and orders were reserved in a further 41. The Tribunal is working with 48 Members against a sanctioned strength of 62.

Top story

Income Tax · 28 September 2026

Audit-case ITR for AY 2026-27 can now be filed till 21 November 2026; audit report date moves to 21 October

CBDT has extended the return due date for persons subject to audit from 31 October 2026 to 21 November 2026. The specified date for the audit report moves from 30 September to 21 October 2026.

Income Tax · Extended21 November 2026EarlierAudit report by 30 September 2026 and return of income by 31 October 2026.NowAudit report by 21 October 2026 and return of income by 21 November 2026.
ExtendedBy EditorSource: CBDT press release, 28 September 2026Read the full story →

In numbers

  • 20Nov GSTR-3B4 days left
  • 21Nov ITR filing5 days left
  • 25Nov PMT-06 (QRMP)9 days left
  • 29Nov MGT-7 / 7A13 days left
  • 30Nov ITR filing14 days left
  • 7Dec TDS / TCS deposit21 days left

Income Tax

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GST

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Due this month

5 dates
  • 20Fri GSTR-3B 4 days left Summary return · Oct 2026
  • 21Sat ITR filing 5 days left Audit cases · AY 2026-27 · extended from 31 Oct
  • 25Wed PMT-06 (QRMP) 9 days left Monthly GST payment · Oct 2026
  • 29Sun MGT-7 / 7A 13 days left Annual return · FY 2025-26
  • 30Mon ITR filing 14 days left Transfer-pricing cases · AY 2026-27

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