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Union Budget 2026-27 - Finance Bill, 2026
GOODS AND SERVICE TAX
Note: (a) (i) CGST Act means Central Goods and Services Tax Act, 2017
(ii) IGST Act means Integrated Goods and Services Tax Act, 2017
(b) Unless otherwise specified, amendments carried out through the Finance Bill, 2026 will come into effect from the date when the same will be notified concurrently, as far as possible, with the corresponding amendments to the similar Acts passed by the States & Union territories with legislature
I. AMENDMENTS IN THE CGST ACT, 2017:
S.No. | Amendment | Clause of the Finance Bill, 2026 |
1. | Sub-section (3) of section 15 of the Central Goods and Services Tax Act, 2017 is being amended to do away with the requirement of linking the post-sale discount with an agreement and to refer to issuance of credit note under section 34 where the input tax credit is reversed by the recipient. | [137] |
2. | Section 34 of the Central Goods and Services Tax Act, 2017 is being amended so as to include the reference of section 15 in the said section. | [138] |
3. | Sub-section (6) of Section 54 of the Central Goods and Services Tax Act, 2017 is being amended to extend the provisions of provisional refund to refunds arising out of inverted duty structure. | [139] |
4. | Sub-section (14) of Section 54 of the Central Goods and Services Tax Act, 2017 is being amended to remove the threshold limit for sanction of refund claims in case of goods exported out of India with payment of tax. | [139] |
5. | Sub-section (1A) is being inserted in Section 101A of the Central Goods and Services Tax Act, 2017 to provide that the Central Government may, pending the constitution of the National Appellate Authority, by notification empower an existing Authority, for hearing appeals under section 101B of the CGST Act, 2017; and to provide that the provisions of sub-sections (2) to (13) shall not be applicable where a Tribunal has been so empowered under sub-section (1A). An explanation to sub - section (1A) is also being inserted to clarify that the existing Authority also includes a tribunal. This will come into effect from 01.04.2026. | [140] |
Full Text:
Goods and Services Tax: amendments remove discount-agreement link, expand refund scope, and allow interim appellate authorities. Amendments remove the requirement that a post-sale discount be linked to an agreement and prescribe issuance of a credit note under section 34 when input tax credit is reversed; section 34 is amended to reference section 15. Section 54 is amended to extend provisional refunds to inverted duty structure claims and to remove the sanction threshold for refunds on exported goods with tax paid. Section 101A gains sub-section (1A) allowing the Central Government to notify an existing authority or tribunal to hear appeals under section 101B pending the National Appellate Authority, with sub-sections (2)-(13) not applying where such empowerment occurs, effective 01.04.2026. of Press 'Enter' after typing page number.
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