Tax Rule Changes from October Month: The month of September has already reached halfway, and with its end, the second quarter of the financial year will be ending. With the beginning of October, a new financial quarter, Q3, will begin. This means that several rules will be changed with the onset of October this year. This includes rules related to taxes. Broadly, there will be two changes that taxpayers will see beginning October — with one affecting GST payers and the other affecting income tax payers.
2 major Tax Rule that will changes from October 1, 2022
GST e-Invoice Rule Change
Starting from October 1, e-invoicing for businesses with an aggregate turnover of Rs 10 crore and above, under the Goods and Services Tax, or GST regime, will become mandatory. The government has lowered the limit from Rs 20 crore at present in a bid to tackle revenue leakage and to ensure better tax compliance from businesses.
“In the said notification, in the first paragraph, with effect from the 1stday of October, 2022, for the words “twenty crore rupees”, the words “ten crore rupees” shall be substituted,” said the announcement made by the Central Board of Indirect Taxes and Customs (CBIC) in a notification date August 1, Monday. The rules have been notified on the basis of the recommendations made by the GST Council, it said.
As per experts, the move will ensure better tax compliance and is a step towards making it compulsory for all GST taxpayers.
Atal Pension Yojana Rule Change for Income Tax Payers
Starting from October 1, any citizen who is or has been an income taxpayer will not be eligible to join the Atal pension scheme. As per a notification from the ministry of finance, if an income tax-paying investor joins the APY scheme on or after October 1, the APY account will be liable to be closed.
As per the notification by the Department of Financial Services under the Ministry of Finance, individuals who have been or is currently a part of income tax regime will not be eligible to join the APY scheme.
“Provided that from 1st October 2022, any citizen who is or has been an income-tax payer, shall not be eligible to join APY,” the department said in a notification dated August 10, 2022.
“In case a subscriber, who joined on or after 1st October 2022, is subsequently found to have been an income-tax payer on or before the date of application, the APY account shall be closed and the accumulated pension wealth till date would be given to the subscriber,” the notification said.
At present, any citizen of India who is not a minor can join the APY scheme.
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