GST Updates

REVENUE DATA  |  MINISTRY OF FINANCE  |  1 JULY 2026

June 2026 GST Collections at ₹1.95 Lakh Crore, Up 13.9% YoY: Fastest Monthly Growth in Thirteen Months, Q1 FY27 Closes at ₹6.32 Lakh Crore

India's gross GST collections for June 2026 came in at ₹1,94,812 crore, a 13.9% year-on-year increase over the ₹1,71,105 crore collected in June 2025, per provisional data released by the Ministry of Finance on 1 July 2026. This is the fastest monthly YoY growth in thirteen months, a sharp acceleration from the 3.2% headline print of May 2026, and puts to rest the transient-slowdown narrative that had built up in late May. Net of refunds, June collections stood at ₹1,62,377 crore, up 11.2% YoY. Cumulative Q1 FY 2026-27 gross collections reached ₹6,31,699 crore, an 8.4% increase over the corresponding quarter of the previous year, with net revenue at ₹5,40,217 crore. June 2026 is now the second-highest non-April gross collection on record, edging past the January 2026 print.

The composition of the growth carries the more meaningful signal. Gross GST on imports surged 34.6% YoY to ₹60,038 crore, continuing the import-led pattern that has now dominated three consecutive months. Domestic GST grew a steadier 6.5% YoY to ₹1,34,774 crore, a notable recovery from May's 2.6% contraction and a sign that domestic consumption momentum is stabilising. Total refunds disbursed rose 29.1% YoY to ₹32,436 crore, with domestic refunds up 42.9% to ₹17,767 crore and ICEGATE export refunds up 15.6% to ₹14,669 crore. On tax components, CGST came in at ₹37,376 crore, SGST at ₹45,116 crore, IGST at ₹1,12,320 crore, and import-related collections at ₹60,038 crore. State-wise, Maharashtra remained the largest contributor with domestic collections of ₹30,714 crore, followed by Karnataka and Gujarat. The Q1 print gives the government headroom in the fiscal year, and the 57th GST Council meeting, still expected later in July or August, will now take up the deferred inverted duty structure and refund mechanics agenda.

Sources: TheMunim — GST Collections June 2026: ₹1,94,812 Crore, Up 13.9% YoY  |  SAGInfotech — June 2026 GST Collection Rises 13.9%

Income Tax Updates

NOTIFICATIONS 74/2026 + 75/2026  |  CBDT  |  3 JULY 2026

CBDT Extends TDS Exemption to IFSC Aircraft and Ship Leasing Units Under the IT Act 2025: Retrospective From 1 April 2026, Twenty-Year Declaration Window

The Central Board of Direct Taxes issued two notifications on 3 July 2026 that carry forward, under the new Income Tax Act, 2025, the TDS relief that IFSC-based aircraft leasing and ship leasing units had earlier enjoyed under the 1961 Act. Notification No. 74/2026 and Notification No. 75/2026 (S.O. 3610(E)), issued under Section 400(1) read with Section 147 of the IT Act 2025, provide that no tax shall be deducted at source under Section 393(1) [Table Sl. No. 2] on payments of lease rent or supplemental lease rent made by a lessee to a Unit of an International Financial Services Centre engaged in the business of aircraft leasing (Notification 74) or ship leasing (Notification 75), subject to prescribed conditions. Both notifications are deemed to have come into force on 1 April 2026, providing retrospective coverage for the current tax framework, and the explanatory memoranda clarify that no person is adversely affected by the retrospective operation.

The mechanics require the IFSC lessor to furnish a Statement-cum-Declaration in Form No. 1(N) to the lessee. The declaration must set out the twenty consecutive tax years for which the lessor elects to claim the deduction available under Section 147 of the IT Act 2025, and must be furnished and verified in the prescribed manner for every relevant tax year covered by the chosen period. On the lessee side, the payer must not deduct TDS on payments made or credited to the lessor once the Form 1(N) is on file, and must disclose the particulars of such payments in the TDS reporting statement referenced in Section 397(3)(b) read with Rule 219 of the Income-tax Rules, 2026. The exemption is available only during the twenty consecutive tax years declared in Form 1(N); for tax years falling outside that declared period, the lessee must revert to normal TDS deduction under Section 393. The Principal Director General of Income-tax (Systems) has been authorised to prescribe the procedures, formats, and technical standards for secure capture and transmission of the declarations. For GIFT City IFSC lessors and their lessees, the notifications provide much-needed clarity and eliminate cash flow drag from the transition, while also extending the twenty-year horizon that supports long-tenure leasing structures typical of the sector.

Sources: CAclubindia — CBDT Notifies TDS Exemption on Ship Lease Rentals (Notif 75/2026)  |  Taxscan — S.O. 3610(E) Dated 3 July 2026 (Read Circular)

PORTAL & FORMS  |  CBDT  |  EARLY JULY 2026

Second Set of Statutory Forms Now Live, Online Challan Correction Enabled, and ITR-3 Utility Bumped to v1.2.0 for the July Compliance Cycle

The Income Tax Department has continued to build out the operational infrastructure around the IT Act 2025 in the past week. A second set of statutory forms is now available for e-filing on the portal: Quarterly Statement of TDS on Salary (Form 138), Quarterly Statement of TDS on Non-Salary Payments (Form 140), Quarterly Statement of TDS on Payments to Non-Residents (Form 143), Quarterly Statement of TCS (Form 144), and Quarterly Statements Forms 147 and 148, alongside Form 121 (Statement of TDS on Interest Income) and Form 105 (Application for Registration and Approval by Charitable Trusts). These forms replace the legacy Form 24Q, 26Q, 27Q, 27EQ series that operated under the 1961 Act, and will govern the first quarterly TDS/TCS filing cycle for Tax Year 2026-27, due 31 July 2026. The Income Tax Department has also released ITR-U utilities for AY 2022-23, reflecting the 48-month updated return window under the Finance Act, 2026.

On the taxpayer service side, the online challan correction facility has been enabled on the e-filing portal, allowing correction of assessment year, minor head, and major head fields for challans, without needing to visit an income tax office. This is an operationally significant addition given the dual-Act challan interface that went live on 1 April 2026, where mis-selection of the Act at entry has been a recurring source of allocation errors. The ITR-3 Common Offline Utility has been updated to Version 1.2.0, resolving several field-mapping issues reported in the initial 19 June release. Two further items round out the direct tax picture for the week: Notification 70/2026 (F. No. 500/Misc./S10(23FE)/FT&TR-I) updates the specified business list in Note 5(d)(i) of Schedule V for sovereign wealth fund investments, and Circular 06/2026 allows condonation of delay in filing Form 10AB for renewal of Section 80G approval till 31 March 2026. Practitioners handling charitable trusts should review the circular against their client base.

Sources: Income Tax Department — Latest News (e-Filing Portal)  |  SAGInfotech — Latest Income Tax and TDS Notifications

MCA Updates

GENERAL CIRCULAR 02/2026  |  MCA  |  19 JUNE 2026

DPT-3 Extended to 31 July 2026 Without Additional Fees After 5 June MCA Data Centre Fire: Name Reservation and Resubmission Reliefs Also Granted

The Ministry of Corporate Affairs has issued General Circular No. 02/2026 dated 19 June 2026 (F. No. Policy-02/2/2020-CL-V-MCA), extending the due date for filing Form DPT-3 (Return of Deposits) for FY 2025-26 from 30 June 2026 to 31 July 2026, without additional fees. The relief has been granted in view of capacity enhancement and restoration activities at the MCA Data Centre following a fire incident on 5 June 2026, which forced an unscheduled switchover to the Disaster Recovery site and left MCA21 services partially unavailable through the critical pre-deadline filing window. The circular is signed by Indrajit Vania, Joint Director (Policy), and is addressed to the DGCoA, all Registrars of Companies, all Regional Directors, and all stakeholders. Companies should note that this is a fee relaxation only, not a change to the substantive filing obligation: DPT-3 continues to apply to all companies with outstanding deposits or exempted deposits (which include director loans, shareholder loans, inter-corporate borrowings, and bank loans) as on 31 March 2026, and filing after 31 July 2026 will attract normal additional fees.

Two adjacent reliefs granted in the same MCA response are worth noting. First, company and LLP name reservations expiring between 21 and 30 June 2026 have been automatically extended to 10 July 2026, with no Helpdesk request needed. Reservations that expired between 5 and 20 June 2026 can also be extended to 10 July, but require a Helpdesk request before 30 June 2026. Second, e-forms with resubmission dates falling between 21 and 30 June 2026 remain valid until 10 July 2026, and those due between 5 and 20 June can be extended via a Helpdesk request. Two important non-extensions to flag: the DIR-3 KYC triennial deadline of 30 June 2026 was NOT extended, meaning DIN-holders who missed it face a ₹5,000 reactivation fee per DIN; and the CCFS-2026 amnesty window continues to close on 15 July 2026, with no further extension expected. On MCA also, the Ministry has separately released Corporate Mitra Scheme Guidelines 2026 and a Rule 12A amendment making DIR-3 KYC triennial rather than annual from FY 2026-27 onwards, meaning the next KYC cycle for compliant DIN-holders will now fall on 30 June 2028.

Sources: TaxGuru — MCA Extends DPT-3 Late Fee Waiver Till 31 July 2026 (General Circular 02/2026)  |  CAclubindia — MCA Compliance Relief 2026: DPT-3 Extension and Complete ROC Filing Calendar

Importance & Applicability

Who each update applies to, why it matters, and the action it triggers.

INDIRECT TAX June 2026 GST ₹1.95 lakh cr, +13.9% YoY	APPLIES TO All GST-registered businesses. Importers particularly, given the 34.6% import surge. CFOs and treasury teams tracking Q1 print for FY 2026-27 planning.	WHY IT MATTERS Domestic growth recovered from 2.6% contraction to 6.5% growth. Consumption is stabilising. 57th GST Council meeting now expected later in July or August; inverted duty structure agenda pending.
DIRECT TAX IFSC aircraft + ship lease TDS exemption (Notif 74 + 75/2026)	APPLIES TO GIFT City IFSC aircraft leasing and ship leasing lessors. Indian and foreign airlines, shipping lines, and their treasury teams that are IFSC-lessees. TDS compliance teams handling Section 393 payments.	WHY IT MATTERS Retrospective from 1 Apr 2026. Form 1(N) declaration mandatory (20-year window). Lessees still report exempt payments in TDS statement. Cash flow relief for long-tenure leasing structures.
DIRECT TAX Second batch of quarterly forms live; challan correction enabled	APPLIES TO All TDS / TCS deductors filing Q1 TY 2026-27 statements (Forms 138, 140, 143, 144, 147, 148). Charitable trusts renewing 80G / 12A / 12AB (Form 105). Anyone with challan-tagging errors.	WHY IT MATTERS Q1 TY 2026-27 TDS due 31 July using new forms. Challan correction facility eliminates the visit-to-office step. ITR-U for AY 2022-23 available under the 48-month window.
CORPORATE LAW DPT-3 extended to 31 July 2026 after MCA Data Centre fire	APPLIES TO All companies with outstanding deposits or exempted deposits as on 31 March 2026 (director / shareholder / inter-corporate / bank loans). Company secretaries managing name reservations and resubmissions.	WHY IT MATTERS DPT-3 fee relaxation till 31 Jul (obligation unchanged). Name reservations 21-30 Jun auto-extended to 10 Jul. DIR-3 KYC NOT extended. CCFS-2026 still closes 15 Jul.

KEY COMPLIANCE DEADLINES — JULY TO OCTOBER 2026

7 JUL 2026 — TODAY TDS / TCS deposit for June 2026 (transactions under IT Act 2025). Use unified challan interface; new payment codes 1001-1067 under Section 393.	11 JUL 2026 — SATURDAY GSTR-1 for June 2026 (monthly filers). GSTR-1 IFF for QRMP. Q1 FY 2026-27 closing month; IMS reconciliation before filing.
15 JUL 2026 — EIGHT DAYS e-Way Bill portal upgrade live: Ship-To GSTIN mandatory; EWB Closure facility. CCFS-2026 amnesty window closes; no extension expected.	20 JUL 2026 GSTR-3B for June 2026 (monthly filers). Second full filing cycle under IMS hard block + Tax Liability Breakup tab + ECL-based interest formula.
31 JUL 2026 ITR-1 / ITR-2 / ITR-4 for AY 2026-27 (non-audit). DPT-3 (extended). TDS / TCS Q1 statements: Forms 138, 140, 143, 144, 147, 148 under IT Act 2025.	31 AUG 2026 ITR-3 for AY 2026-27 (non-audit business / profession filers, partners of non-audit firms). Deadline extended from 31 July under Finance Act 2026.
30 SEP 2026 AGM deadline for 31 March year-end companies. Triggers AOC-4 (30 Oct) and MGT-7 (29 Nov) filing clocks. OPC AOC-4 due earlier on 27 Sep.	31 OCT 2026 ITR filing for audit cases (AY 2026-27). AOC-4 for most companies. Tax Audit Report under Form 26 (replaces Form 3CD under IT Act 2025).

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This bulletin is for general information only and does not constitute legal, tax, or financial advice.
Please verify with primary sources and consult your CA or advisor before acting.