Electronic GST Invoicing, Atal Pension Yojana Laws for Taxpayers: Tax Laws to Change from October
Changes in tax laws from next month: September is half way through and at the end of it the second quarter of the financial year will come to an end. From the beginning of October, a new quarter, the third quarter, will begin. This means that many laws will be changed in early October of this year. This includes tax laws. Basically, there will be two changes that taxpayers will see from October – one that affects GST payers and one that affects taxpayers.
Here are two tax laws that will change from OCTOBER 1, 2022
GST Electronic Filing Rule Amendment
From October 1, electronic invoicing for businesses with a total turnover of Rs 10 crore or more under goods and services tax, or GST, will be mandatory. The government has reduced the limit from Rs 20 crore now to avoid tax deduction and ensure better corporate tax compliance.
“In the said notification, in the first paragraph, dated October 1, 2022, the words ‘Rupees ten crore rupees’ shall be substituted,” said a statement by the Central Excise and Tax Board. Customs (CBIC) in the announcement of the date of August. 1, Monday. These rules were announced based on the recommendations given by the GST Council, he said.
According to experts, this decision will improve tax compliance and is a step towards making it mandatory for all GST taxpayers. Atal Pension Yojana Legal changes for taxpayers
From October 1, any citizen who is or has been a taxpayer will not be able to participate in the Atal pension scheme. According to a notification from the Ministry of Finance, if a taxpayer who participates in the APY program on or after October 1, the APY account will be closed . According to a letter from the Financial Services Department of the Ministry of Finance, those who were or are currently in the income tax scheme will not be eligible to participate in the APY scheme.
“If from October 1, 2022, any citizen who is or has been a taxpayer, is not eligible for APY,” the department said in a notification dated August 10, 2022. “If the registrant, who joined on or after October 1, 2022, is later found to be a taxpayer on or before the date of this application, the APY Account will be closed in the rest room This is accumulated until the date the subscriber is awarded,” the announcement reads.
