2026-10-06· TaxscanFEMA

From 1 October, service exporters file an EDF with their bank too

Summary

Under new RBI rules, from 1 October 2026 service exporters as well as goods exporters must file an Export Declaration Form with their bank — including Indian units billing their Korean parent for services.

Key points

For EDI ports, part of the shipping bill
Services: file with the AD bank
Track it with export proceeds

For Korean companiesService subsidiaries billing HQ should check bank filing from October invoices; keep LUT and transfer-pricing figures consistent.

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2026-10-27· IANS · Punjab KesariGST

First set of GST changes notified, in force from 1 November

CBIC notified the first set of 57th GST Council changes on 26 October. From 1 November 2026, post-sale discount and credit-note rules are simplified, inverted-duty refunds can be paid 90% provisionally after risk checks, and the place of supply for intermediary services moves to the recipient's location.

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2026-10-27· Business StandardGST

CBIC tightens GST notices: split by year, prove fraud claims

Circulars issued on 26 October (including Circular 258) require multi-year GST notices to show the demand year by year, with facts, evidence, legal provisions and the exact tax. Unpaid tax or a mismatch alone no longer justifies invoking fraud or suppression provisions without specific evidence of intent.

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2026-10-18· TaxGSTGST