The Central Government has appointed 1 November 2026 as the date from which sections 153, 154 and 155 of the Finance Act, 2026 (4 of 2026) come into force. These sections amend sections 15, 34 and 54 of the CGST Act, 2017.

Section 15(3)(b) is substituted. A discount given after the supply is now excluded from the value of supply if the supplier issues a credit note for it and the recipient reverses the input tax credit attributable to the discount, in terms of section 34. The earlier conditions that the discount must be agreed at or before the time of supply and linked to specific invoices are removed. Section 34(1) is amended so that a credit note can also be issued where such a discount is given.

Section 54(6) is amended so that provisional refund (90%) is also available for refund of unutilised input tax credit on account of inverted duty structure. Section 54(14) is amended so that the minimum refund limit of ₹1,000 does not apply where refund is claimed on goods exported out of India with payment of tax.