As a result, the deadline for claiming input tax credits for the previous fiscal year has been pushed back from the end of September to the end of November. In addition, the deadline for Issuing Credit Notes and declaring them in returns has been pushed back from September 30 to November 30.

According to an official order, the central government has scheduled October 1 as the date for important legal changes pertaining to the Goods and Services Tax (GST) enacted in the Finance Act earlier this year to take effect.

As a result, the deadline for claiming input tax credits for the previous fiscal year has been pushed back from the end of September to the end of November. In addition, the deadline for issuing credit notes and declaring them in returns has been pushed back from September 30 to November 30.

The amendments also mean that input tax credit for an invoice can be claimed if it is not restricted by an auto-drafted tax credit statement prepared based on information provided by the entity’s suppliers.

Furthermore, GST registration may be revoked if a registered person fails to file returns for a continuous tax term that is prescribed rather than a continuous period of six months.

An accounting firm, outdated laws relating to the claim of the tax credit have been replaced with new tax rules, indicating that GST compliance will be overhauled in the near future.

The deadline for correcting inaccuracies in sales reporting details has now been extended to November 30. Furthermore, GST reports for sales and monthly summaries of transactions for a tax period cannot be filed if they have not been filed for the preceding tax period.

Read More: Tax Audit Last Date extended to 7th October

The Central Board of Indirect Taxes and Customs (CBIC) rule increases the time limit for availing input tax credit, issuing credit notes, and rectification in GST forms relating to the previous fiscal year from 30 September to 30 November. These adjustments would take effect on October 1.

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