Business: E-waybill mandatory for traders having annual turnover of 10 crores or more
Earlier this rule was for traders having turnover of 20 crores, additional time found in many GST rules
Till now, the rule of e-waybill was only for traders having annual turnover up to 20 crores, but from tomorrow i.e. from October 1, e-waybill has been made mandatory for traders with annual turnover of more than 10 crores. At the same time, it has also been decided to extend the deadline for claiming input tax credit from September 30 to November 30 for those traders who have defaulted on taking input tax credit after depositing GST during the previous financial year.
Credit note issuance deadline extended from 30th September to 30th November
Let us tell you that by allotting additional time for taking input tax credit of GST, the government has given additional time to the traders to comply with the provisions of GST. Thus, the deadline for filing returns for claiming input tax credit has also been extended by two months. The deadline for disclosure of return details and issuance of credit notes has been extended from September 30 to November 30. In such a situation, if the trader is not eligible for input tax credit as per the auto-draft accounts in the credit statement of GST, then the trader will not get the input tax credit. A trader can get input tax credit only if it is shown and left to claim. How much information is provided by the supplier will also determine whether he is eligible for input tax credit.
Time given for rectification of wrong information given in GST return
At the same time, the GST registration of traders who have not filed returns under the Goods and Services Tax (GST) rules for six months will be cancelled. The old provision for accounting firms to claim GST credit has been changed, so they will have to try afresh next time. A fresh effort will be made for GST Compilation within days. Simultaneously, the date for rectification of any mistake in filling the details related to sales in GST return has also been extended to November 30. Also if the details of the previous year period are not shown in the return, now the return of GST on sales and monthly statement on business transactions cannot be furnished.
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