Quick Summary
This creative tax update article draws inspiration from the eternal dialogue between Arjuna and Krishna, blending the vibrant spirit of Holi with key Budget 2026 and GST reforms. Through symbolic Holi colours - pink, green, red, fragrant flowers, and permanent hues, the article explains major tax ch
Daily Limit Reached
You have reached your daily limit of 2 Free Articles
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Articles Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
Buy CCI PRO Now
Already a PRO member? Login here for an ad-free experience.
The 'pink' colour represents benefits for the MSME sector, including a new £10,000 crore SME Growth Fund and an additional £2,000 crore for micro enterprises through the Self-Reliant India Fund.
The 'green' colour highlights taxpayer-friendly reforms such as using PAN alone for TDS on property purchases, the ability to apply for digital lower TDS certificates, and relaxed timelines for depositing employee PF contributions.
The 'red' colour signifies stricter compliance measures. This includes mandatory late fees for delayed tax audit reports and the new rule that CBDT guidelines on TDS/TCS will be statutorily binding.
From February 2026, the interest on belated GSTR-3B filings is calculated only on the outstanding tax liability after deducting any available balance in the electronic cash ledger, reducing the excess interest burden.
Taxpayers can now use CGST and SGST ITC in any sequence to pay IGST liability, after exhausting their IGST credit. This offers greater flexibility compared to the previous fixed order of utilisation.
CAclubindia
