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RBI and GST Council Set to Make Major Decisions Impacting Your Finances
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News18•07-10-2026, 06:11
RBI and GST Council Set to Make Major Decisions Impacting Your Finances
- •RBI will announce key decisions regarding home and auto loan interest rates and repo rates.
- •The GST Council meeting chaired by Nirmala Sitharaman is scheduled for October 8.
- •Proposals include reducing the tax refund timeline to 17 days and simplifying tax laws.
- •Future tax rate changes may only be introduced once a year starting from April 1.
- •New uniform standards for issuing tax notices and thresholds to exempt small cases are under consideration.
Key Questions Answered
Governor Sanjay Malhotra will lead the RBI on October 7 to announce decisions on home and auto loan interest rates. Meanwhile, Finance Minister Nirmala Sitharaman will chair the GST Council meeting on October 8 to deliberate on law simplifications and tax refund timelines.
The GST Council will consider changing tax rates only once a year starting from April 1. Additionally, the Council is reviewing a proposal to cut the GST refund verification and issuance timeline down to 17 days.
The Council is considering creating uniform standards for issuing notices and hearings while avoiding notices for cases below a specified threshold. Furthermore, registration processes are being streamlined to ensure smooth processing without unnecessary queries.
