The central government has set 1 October as the date from which key legislative changes related to Goods and Services Tax (GST), introduced in the Finance Act earlier this year, will take effect, showed an official order. Read here the Key GST Changes to take place from 1st October, 2022.
The changes are meant for further strenghtening tax compliance. We recommend to readers and whomever this is applicable to, to take a detail read of these changes and comply accordingly.
4 Key GST Changes
E-invoicing Turnover Limit
With effect from 1st October, 2022, every registered taxable person whose aggregate annual turnover exceeds Rs. 10 Cr in any of the financial year shall be now liable to issue E-Invoice. Earlier the limit was Rs. 20 Crores but now its changed.
Cancellation Of Registration
GST registration may get cancelled when a registered person does not file the returns for a continuous tax period that would be prescribed instead of a continuous period of six months.
Due Date To Rectify Sales In Return
Due date for rectification of errors in reporting details of sales has also been extended to 30 November. Also, GST returns regarding sales and monthly summary of transactions for a tax period cannot be filed if the same has not been filed for a previous tax period.
Extension Of Date To Avail Input Tax Credit
The due date for availing input tax credit for financial year 2021-22 has been extended from the due date of filing of GST return for September to 30 November.
Also, the due date of issuance of credit notes and declaration in the returns has been extended from 30 September to 30 November.
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