India is internet hosting the annual BRICS summit in New Delhi on September 12 and 13, which is anticipated to deliberate on a lot of urgent world challenges, together with the financial penalties of the West Asia disaster.
BRICS, initially comprising Brazil, Russia, India, China, and South Africa, expanded in 2024 to incorporate Egypt, Ethiopia, Iran, and the United Arab Emirates, with Indonesia becoming a member of in 2025.
Learn extra: BRICS Summit: Delhi govt to inspect key route from Bharat Mandapam to IGI airport, spruce up city parts
Sources stated in view of the BRICS summit, the 57th GST Council assembly has been rescheduled for October 7. The assembly can be preceded by an officers’ assembly on October 5 and 6.
The council, chaired by Sitharaman and comprising state finance ministers, could be assembly after a niche of over a 12 months. The 56th GST Council assembly had taken place on September 3-4, 2025, throughout which the Centre and states selected a significant restructuring of Goods and Services Tax (GST) charges and slabs.
Learn extra: GST Council meeting likely to be postponed, say sourcesEfficient September 22, 2025, GST grew to become a two-tier construction of 5 and 18 per cent, and a highest 40 per cent price just for extremely luxurious and sin items, changing the 4 slabs of 5,12, 18 and 28 per cent which was in place since July 1, 2017.
At its 57th assembly on October 7, 2026, the GST Council is prone to talk about simplification in GST registration of companies that go on tax credit of over Rs 2.5 lakh a month.
Additionally, automation and different modifications in GST registration cancellation can be anticipated to be taken up by the council.
At present, there isn’t a uniformity within the process adopted by the central GST formation and numerous state formations in granting GST registration to massive companies who go on credit score over Rs 2.5 lakh/month and this creates uncertainty within the minds of taxpayers.
The GST Council in its September 2025 assembly had already accredited a simplified GST registration scheme for small and low-risk biz and the identical was rolled out from November 1.
Small and low-risk companies candidates whom the GST system identifies primarily based on knowledge evaluation, or these candidates who self-assess that their output tax legal responsibility doesn’t exceed Rs 2.5 lakh monthly (inclusive of CGST, SGST/UTGST and IGST) can go for the scheme.
About 1.68 crore companies are at present registered beneath GST.
