- Date : 30/09/2022
- Read: 2 mins
New tax rules from October!
With the beginning of the new quarter in October, two tax rules are set to change. One rule is related to GST, and the other is related to Atal Pension Yojana. The new rules are expected to be implemented from next month, i.e., October. Here are the details you should be aware of as we enter the third quarter.
Related: GST completed 5 years: The hits and misses of the indirect tax
GST E-Invoicing Rule Change
If your business turnover is more than Rs 10 crores, you have to mandatorily go for e-invoicing as well. The earlier limit was Rs 20 crores. The limit was lowered to tackle revenue leakages and to ensure compliance with tax laws. The move is expected to improve compliance, and slowly the limit will be reduced to include all taxpayers.
Atal Pension Yojana Rule
The Atal Pension Yojana is not applicable to taxpayers anymore. If you are a part of the income tax regime, you will not be eligible for Atal Pension Yojana. The notification was issued on 10th August 2022. If the subscriber who joins after 01st October is later found to be an income tax payer, the APY account will be closed, and the pension wealth accumulated will be given to the subscriber. Any Indian citizen above the age of 18 can join the scheme as of now. But going forward, income taxpayers are not eligible.
Related: 3 Tax Filing Apps That Can Simplify Filing Income Tax Returns
The new tax rules are applicable from 1st October, and you should note down the rules to keep yourself updated about the rules. This will help you if you are an income tax payer who wants to open an APY account and also if you are a GST payer with a turnover of over Rs 10 crores. Also, the new GST law might be applicable to all taxpayers in the future, and therefore you should keep the new rules in mind.
Related: New Tax Regime Vs Old Tax Regime: Should you switch?
New rules from 01st October
With the beginning of the new quarter in October, two tax rules are set to change. One rule is related to GST, and the other is related to Atal Pension Yojana. The new rules are expected to be implemented from next month, i.e., October. Here are the details you should be aware of as we enter the third quarter.
Related: GST completed 5 years: The hits and misses of the indirect tax
GST E-Invoicing Rule Change
If your business turnover is more than Rs 10 crores, you have to mandatorily go for e-invoicing as well. The earlier limit was Rs 20 crores. The limit was lowered to tackle revenue leakages and to ensure compliance with tax laws. The move is expected to improve compliance, and slowly the limit will be reduced to include all taxpayers.
Atal Pension Yojana Rule
The Atal Pension Yojana is not applicable to taxpayers anymore. If you are a part of the income tax regime, you will not be eligible for Atal Pension Yojana. The notification was issued on 10th August 2022. If the subscriber who joins after 01st October is later found to be an income tax payer, the APY account will be closed, and the pension wealth accumulated will be given to the subscriber. Any Indian citizen above the age of 18 can join the scheme as of now. But going forward, income taxpayers are not eligible.
Related: 3 Tax Filing Apps That Can Simplify Filing Income Tax Returns
The new tax rules are applicable from 1st October, and you should note down the rules to keep yourself updated about the rules. This will help you if you are an income tax payer who wants to open an APY account and also if you are a GST payer with a turnover of over Rs 10 crores. Also, the new GST law might be applicable to all taxpayers in the future, and therefore you should keep the new rules in mind.
Related: New Tax Regime Vs Old Tax Regime: Should you switch?
