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🏦 Bank Holiday Update – PIB Clarification: Fake News About All Saturdays Being Holidays

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🚨 Fake News Alert: Not All Saturdays Are Bank Holidays Social media and messaging platforms are often flooded with announcements claiming changes in bank holidays. One such claim states that all Saturdays have been declared bank holidays for Public Sector Banks, including State Bank of India (SBI) . This claim is fake and misleading . There has been no general change making every Saturday a bank holiday for banks in India. The established holiday arrangement continues to provide for the 2nd and 4th Saturdays of each month as bank holidays , while other Saturdays are treated as working Saturdays, subject to applicable branch-specific arrangements and local holidays. The Reserve Bank of India (RBI) announced the 2nd and 4th Saturday holiday arrangement in 2015, with banks observing full working days on Saturdays other than the 2nd and 4th Saturdays. The Central Government also formally declared the second and fourth Saturday of every month as public holidays for banks in India , effecti...
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📢 GST Council Meeting Rescheduled – 57th GST Council Meeting on 8 October 2026

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Important GST Update for Businesses and Taxpayers The 57th GST Council Meeting , which was earlier scheduled for 7 October 2026, has been rescheduled to 8 October 2026 . According to the latest communication from the GST Council Secretariat, the meeting will now be held on: 📅 Date: 8 October 2026 ⏰ Time: 11:00 AM onwards 📍 Venue: Summit Room, Bharat Mandapam, New Delhi The GST Council Secretariat issued an Office Memorandum dated 5 October 2026 , stating that the meeting was rescheduled due to unavoidable circumstances . The memorandum was issued with the approval of the Revenue Secretary, who is the ex-officio Secretary to the GST Council. The rescheduling has attracted considerable attention because the meeting comes at a time when the government is working on the next phase of GST reforms, including measures intended to simplify compliance, improve the tax-credit mechanism, streamline refunds and reduce unnecessary disputes. What Is the GST Council? The GST Council is the cons...
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📢 GST 2.0 – Major GST Reforms on the Cards!

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Simplifying GST Compliance, Expanding ITC and Reducing Litigation India’s Goods and Services Tax system has undergone several major changes since its introduction in 2017. The next phase of reform is now being discussed as “GST 2.0” , with the focus shifting beyond tax-rate rationalisation towards making GST easier to administer, improving access to Input Tax Credit (ITC), speeding up refunds and reducing unnecessary litigation. The proposed reforms are expected to be considered by the GST Council , with the latest reports indicating that its upcoming meeting on 7 October 2026 may examine several measures relating to ITC, registration, refunds, e-way bills, enforcement and compliance. ⚠️ Important: The measures discussed in this article are proposals under consideration. They should not be treated as final law until the appropriate notifications, amendments, rules or circulars are officially issued. What Is GST 2.0? GST 2.0 represents the next stage in the evolution of India's in...
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📢 Income Tax Due Date – Form No. 121: 7 October 2026

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Important Income Tax Compliance Update for Payers The Income-tax Rules, 2026 have introduced several changes in the way tax deduction declarations are handled. One important change is the introduction of Form No. 121 , which replaces the earlier Forms 15G and 15H for declarations relating to receipt of certain incomes without deduction of tax. For the quarter ending September 2026 , persons responsible for paying specified income and receiving Form No. 121 declarations must ensure that the required declarations are properly reported within the prescribed timeline. 📅 Due Date: 7 October 2026 This deadline is particularly relevant for payers who received Form No. 121 declarations during the quarter ending September 2026. Proper reporting, identification and record-keeping are important parts of the new TDS compliance framework. What Is Form No. 121? Form No. 121 is a declaration under Section 393(6) of the Income-tax Act, 2025 , read with Rule 211 of the Income-tax Rules, 2026 . It is ...
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📢 Export Declaration Form (EDF) – New FEMA Compliance From 1 October 2026

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🌍 Important FEMA Update for Service & Software Exporters Indian businesses providing services to overseas customers have an important new FEMA compliance requirement from 1 October 2026 . Under the new Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 , exporters of services are required to furnish an Export Declaration Form (EDF) declaring the full export value of their services. The change brings service exports, software exports and goods exports under a more unified declaration framework. One of the most significant changes is for software exporters. Under the earlier framework, software exports were reported through the SOFTEX mechanism. From 1 October 2026, the new framework uses EDF for software exports as well , subject to the applicable procedures. This means businesses such as software companies, SaaS providers, IT/ITeS businesses, consultants, agencies, freelancers and other service providers receiving export income should review ...
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