04/04/2026
*New Financial Year 2026-27: Key Updates and Compliance Tasks 📌*
As the new financial year begins, here are the crucial updates and tasks to focus on:
1. *TDS Applicability*: If your turnover exceeded ₹1 crore in FY 2025-26, general TDS/TCS provisions apply. Deduct TDS on expenses like interest, rent, commission, and contractor payments .
2. *TDS u/s 194Q*: If turnover exceeded ₹10 crore in FY 2025-26, TDS applies on purchase of goods exceeding ₹50 lakhs.
3. *HSN/SAC Code*: Mandatory 6/8 digit HSN/SAC for all supplies (B2B & B2C) if annual aggregate turnover > ₹5 crore.
4. *E-Invoicing*: Mandatory for businesses with turnover > ₹5 crore (any previous FY from 2017-18 to 2025-26). Configure accounting systems and generate API credentials.
5. *QRMP Scheme (GST)*: Taxpayers with turnover up to ₹5 crore can opt for Quarterly Return + Monthly Payment (QRMP). Deadline: 30.04.2026.
6. *LUT for Exporters*: File LUT (GST RFD-11) for zero-rated supplies (exports/SEZ) in FY 2026-27.
7. *New Billing Series*: Start a fresh invoice series for tax invoices, debit/credit notes, and bills of supply from 1 April 2026.
8. *Customs Updates*: Update IEC on DGFT portal (mandatory before June 2026) and file Annual RoDTEP Return (ARR) if claim > ₹1 crore (FY 2023-24) .
*Some other key updates include:*
- New tax payment challans introduced on the Income Tax portal, effective from 1 April 2026.
- Changes in TDS rules for salaried employees, with default calculation under the new tax regime.
- GST compliance calendar for April 2026, including GSTR-1, GSTR-3B, and QRMP scheme deadlines .
*GST, Tax & Finance Alerts 🚨