GST e-Invoicing, Atal Pension Yojana Guidelines for Taxpayers: Key Tax Guidelines That Change from October

Tax Rule Modifications from Subsequent Month: The month of September has already reached midway, and with its finish, the second quarter of the monetary 12 months will likely be ending. With the start of October, a brand new monetary quarter, Q3, will start. Because of this a number of guidelines will likely be modified with the onset of October this 12 months. This contains guidelines associated to taxes. Broadly, there will likely be two adjustments that taxpayers will see starting October — with one affecting GST payers and the opposite affecting revenue tax payers.

Listed here are the 2 tax guidelines that can change from October 1, 2022

GST e-Bill Rule Change

Ranging from October 1, e-invoicing for companies with an combination turnover of Rs 10 crore and above, beneath the Items and Companies Tax, or GST regime, will grow to be obligatory. The federal government has lowered the restrict from Rs 20 crore at current in a bid to deal with income leakage and to make sure higher tax compliance from companies.

“Within the stated notification, within the first paragraph, with impact from the 1stday of October, 2022, for the phrases “twenty crore rupees”, the phrases “ten crore rupees” shall be substituted,” stated the announcement made by the Central Board of Oblique Taxes and Customs (CBIC) in a notification date August 1, Monday. The principles have been notified on the premise of the suggestions made by the GST Council, it stated.

As per specialists, the transfer will guarantee higher tax compliance and is a step in the direction of making it obligatory for all GST taxpayers.

Atal Pension Yojana Rule Change for Earnings Tax Payers

Ranging from October 1, any citizen who’s or has been an revenue taxpayer is not going to be eligible to hitch the Atal pension scheme. As per a notification from the ministry of finance, if an revenue tax-paying investor joins the APY scheme on or after October 1, the APY account will likely be liable to be closed.

As per the notification by the Division of Monetary Companies beneath the Ministry of Finance, people who’ve been or is at present part of revenue tax regime is not going to be eligible to hitch the APY scheme.

“Offered that from 1st October 2022, any citizen who’s or has been an income-tax payer, shall not be eligible to hitch APY,” the division stated in a notification dated August 10, 2022.

“In case a subscriber, who joined on or after 1st October 2022, is subsequently discovered to have been an income-tax payer on or earlier than the date of utility, the APY account shall be closed and the collected pension wealth until date could be given to the subscriber,” the notification stated.

At current, any citizen of India who isn’t a minor can be a part of the APY scheme.

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