GST Changes w.e.f 1st October 2022: All You Need to Know

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The Central Board of Indirect Taxes and Customs (CBIC), on Wednesday, 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.

Accordingly, the 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. Also, the due date of issuance of credit notes and declaration in the returns has been extended from 30 September to 30 November.

The changes also mean that 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.

Also, 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.

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.

The 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.

The Central Board of Indirect Taxes and Customs (CBIC) issued an order extending the time limit for availing input tax credit, issuance of credit notes, and rectification in GST returns relating to the previous financial year from 30 September to 30 November. These changes would be effective from 1 October.

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