*What is New Time limit for GST Credit Note*: [ ❌Don’t follow wrong practice ]

👍 As per Amended Sec 34(2), now GST Credit Note can be declared in GST return till 30th Nov of next F.Y.

👍 Normally Oct month GSTR 1 will be filed by 11th Nov. Thereafter no GSTR 1 will be filed in Nov month. *Therefore, for practical purpose* -

     ✅ Maximum time till credit note can be “issued” is 31st Oct of next FY
     ✅ And, then such credit note should be declared in Oct GSTR 1 and 3B. However kindly ensure to file Oct GSTR 1 and 3B by maximum 30th Nov

👍 So, in nutshell, *Remember to issue credit note till* 31st Oct of next FY and its *disclosure in GST Return* before 30th Nov.

❌ Don’t get confused and follow wrong practice. Nothing can be done in Dec month for GST Credit note ( neither issuance or disclosure will be possible ).

INCOME FROM SALARY=
BASIC SALARY + ALLOWANCES + PERQUISITES.

Penal Offences Covered Under IPC Maybe Removed From GST Law: Report

The proposal, is expected to be considered in the next meeting of the GST Council, making it part of the exercise to decriminalise GST law


The government is planning to cut the penal offences already covered under the Indian Penal Code (IPC) from the purview of GST Act in order to make it more taxpayer-friendly, said an official.

The proposal, is expected to be considered in the next meeting of the GST Council, making it part of the exercise to decriminalise GST law.

Once it receives the essence of GST Council, the Finance Ministry will propose the amendments to the GST law.

 This may be discussed in the upcoming winter session of Parliament, in the next month.
According to the official, the changes in Section 132 has finalised by the GST Act Law committee as part of the exercise to decriminalise the law.

The offences on similar lines covered under the Indian Penal Code would be removed from GST law, the official added.

The amendments would be placed before the GST Council for approval. Thereafter, it would go to Parliament for effecting changes in the GST Act.

After the proposal receives approval from the Parliament, states would be required to change their state GST laws.

The offences like primarily fake billing may become a part of the decriminalisation exercise, according to tax experts. Also, supplies of goods or services or both without proper invoices and issues of invoices or bills without a supply of goods, may form part of the same.
The act of availing input tax credit (ITC) by using fake invoices too could be covered under the offences laid in the IPC.

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