Important changes in GST w.e.f 01.10.2022

Registration liable to be cancelled in additional two situations

  • Registered person required to file monthly returns fails to furnish returns for a continuous period of six months
  • Registered person required to file quarterly returns has not furnished returns for a continuous period of two tax periods

Time limit to avail input tax credit extended

  • Section 16(4) of the CGST Act is amended to give time to avail input tax credit in respect of any invoice or debit note for the previous financial year upto 30th November following the end of financial year (Previously it was allowed till September returns following the end of financial year)
  • Time limit to issue credit notes has been extended till 30th November following the end of financial year ((Previously it was allowed till September returns following the end of financial year)
  • Any error or mistake in GSTR 3B in any financial year now can be rectified till 30th November following the end of such financial year.

More stringent conditions to avail input tax credit

  • Clause (ba) added to sub section 2 of section 16 of the CGST Act, which now in addition to other 5 conditions, now new condition has been added, which says the input tax credit appearing GSTR 2B can be availed only if such credit is not restricted.

E-invoicing applicable for all registered persons whose aggregate turnover in any of the previous financial years starting with the financial year 2017-18 does not exceed Rs. 10 crs.