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An accounting firm, outdated laws relating to the claim of the tax credit have been replaced with new tax rules, indicating that GST compliance will be overhauled in the near future.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

According to reports, India’s finance ministry is investigating how the goods and services tax (GST) could be applied to cryptocurrency transactions. “A greater grasp of how cryptocurrencies integrate into our legal structure is required before determining the GST rate,” a source told local media.

The Goods and Services Tax (GST) in India may soon apply to cryptocurrency transactions.
According to Livemint, India’s finance ministry is working on a comprehensive goods and services tax (GST) regime. According to a source who spoke to the publication:

The decision on the GST rate is contingent on a greater understanding of how cryptocurrencies fit into our legal structure.

The GST will only apply to the margin or service fees, not the total value of the asset, according to the publication, which also stated that the government is looking at the treatment of some transactions, such as mining or airdropped crypto tokens.

According to reports, an Indian ministerial panel convened at the end of June to consider the GST tax on cryptocurrency transactions. The officials, however, did not reveal the outcome of the meeting.

The Indian government has already begun taxing cryptocurrency earnings and transactions. On April 1, a 30% tax on profits from crypto assets went into effect. Furthermore, on July 1, a 1% tax deducted at source (TDS) on crypto asset payments went into effect.

Read More: GST Council Meeting – October Reschedule.

Meanwhile, the Indian government is developing the country’s cryptocurrency policy. In order to become FATF-compliant, the government intends to formalize its position on the legality of cryptocurrencies by early next year. Nirmala Sitharaman, India’s Finance Minister, has also encouraged the International Monetary Fund (IMF) to take the lead in building a worldwide framework for cryptocurrency.