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The February 2026 edition of our GST Compendium provides a crisp analysis of proposals from the Union Budget 2026-27, legislative, administrative, and judicial developments across GST, Customs, erstwhile laws and SEZ, along with GSTN advisories.
It also covers the implications of the India–EU Free Trade Agreement and the India–US interim trade agreement announcements, reflecting India’s deepening global trade integration.
Key highlights of the GST Compendium February 2026
- Important updates/announcements: On the GST front, the proposed amendments operationalise the recommendations of the 56th GST Council meeting, addressing some of the most persistent areas of interpretational friction. The post-sale discount framework has been eased by removing the rigid requirement of a pre-existing agreement, with deduction linked solely to the issuance of a credit note.
- Key judicial pronouncements: The Supreme Court clarified that the refunds of statutory pre-deposit under GST are governed by the appellate provisions, not by the general refund framework, thereby excluding the limitation period applicable to Section 54.
- Significant updates in direct taxes: The OECD/G20 Inclusive Framework has released the side-by-side Package under Pillar Two. The package introduces new safe-harbour mechanisms, including the side-by-side system, a simplified ETR and a substance-based tax-incentive safe harbour.
Overall, these developments collectively shape tax certainty, compliance processes and dispute management across the evolving regulatory framework.
This edition also features our experts’ views on the consolidation of 29 central labour laws into four labour codes, highlighting parallel compliance and governance reforms shaping India’s business environment.
Access all our GST Compendium editions here