GST Notification No 03/2026- Central Tax
The Central Government has notified 01.11.2026 as the effective date for implementation of Sections 153 to 155 of the Finance Act, 2026. The key amendments are as follows:
Section 153 & 154 of Finance Act 2026 – Post-Supply Discounts [Sections 15(3)(b) and 34(1)]
With effect from 01.11.2026, the requirement of a pre-existing agreement and invoice-wise linkage for post-supply discounts shall be removed. Accordingly, post-supply discounts can be excluded from the value of supply where the supplier issues a credit note and the recipient reverses the corresponding ITC in accordance with Section 34. Further, Section 34(1) shall be amended to expressly permit the issuance of credit notes for such discounts.
Section 155 of Finance Act 2026 – 90% Provisional Refund for Inverted Duty Structure [Section 54(6)]
With effect from 01.11.2026, the facility of granting 90% provisional refund shall also be extended to eligible refund claims arising from accumulation of unutilised ITC due to an inverted duty structure under Section 54(3). Earlier, this facility was available for zero-rated supplies.
Removal of Minimum Refund Limit of ₹1,000 [Section 54(14)]
With effect from 01.11.2026, the minimum refund limit of ₹1,000 shall not apply to refunds of IGST paid on export of goods. Accordingly, exporters can claim refunds even where the amount is below ₹1,000.
