Work for Taxation and Accounts

The Central Board of Indirect Taxes & Custom (CBIC) has lowered the threshold for mandatory issuance of e- invoice (electronic invoice) under Goods & Services Tax (GST) to ₹20 crore from the earlier prescribed limit of ₹50 crore.

It means businesses with turnover of ₹20 crore or more will have to issue e-invoice from April 1. If the invoice is not valid, ITC (Input Tax Credit) on the same cannot be availed by the recipient, besides attracting applicable penalties. Experts say this amendment seems to be tailored to suit the Government’s digital economy agenda.

The last date to file income tax return (ITR) for the financial year 2020-21 has been extended till September 30,2021. The ITR filing last date is generally July 31 of the year till which the returns can be filed for the relevant assessment year. “As per Income Tax Act, Due date for filing Income Tax Return of Individual Taxpayers is 31st July. For FY 20-21, CBDT has extended the due date to file Income Tax Return of Individual Taxpayer to September 30, 2021 and now the Individual Taxpayer can file his Income Tax Return till 30th September,” says Sujit Bangar