GST Important Changes w.e.f. 1st October, 2022

GST Important Changes w.e.f. 1st October, 2022 The Central Board of Indirect Taxes and Customs (CBIC), has  set 1^st October, 2022 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. 1. Due date for availing input tax credit pertaining to the previous financial year has been extended from the due date of filing the GST return for September to 30 November. 2. The due date for rectification of errors in reporting details of sales has also been extended to 30 November. 3. Also the due date of issuance of credit notes and declaration in the returns has been extended from 30 September to 30 November. 4. Input tax credit regarding an invoice can be availed only if it has not been restricted as per an auto-drafted tax credit statement generated on the basis of the information furnished by the entity’s suppliers. 5. GST registration may be canceled where 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. 6. Further, the old provisions related to the claim of the tax credit have been substituted with new tax rules, which signal the overhauling of GST compliance in the near future. 7. 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. All the above changes are effective from today in addition to the e-invoicing which has been made mandatory for registered persons having a turnover over Rs. 10 crore in any financial year upto 31^st March 2022. Have you taken care of the above changes in your organization ? Check the notifications here The author is a practicing Chartered Accountant, Senior Partner in Kohli Chitkara & Co. LLP and can be contacted at [email protected]. Any comments or queries are welcome. DISCLAIMER The information provided in this article is for general informational purposes only. All efforts have been made to provide accurate information in this document, however it should not be perceived as a professional or legal advice. Reader should consult a professional before making any decision based upon this document. Under no circumstance author or the publisher shall have any liability to you for any loss or damage of any kind incurred as a result of the use of this information.