Four things set to change from November 1. Check Details Here.
Four things set to change from November 1. Check Details Here - Pune Pulse
There are five more days left for the month of October and then the month of November will begin. On the first day of every month, there are many changes across the country which are directly related to the common man’s pocket.
It is important for people to be aware of these changes from the first day of the month in advance.
As per further information, following are the changes which could come into effect from November 1:
· LPG Gas Cylinder Prices:
LPG (domestic and commercial) cylinder prices change on the 1st day of every month as they are revised on the 1st day of every month. In such a situation, the price of LPG cylinders may increase and decrease as well. Also, there can be no change in prices so LPG cylinder prices can be kept stable.
· New Time Limit For Reporting of Invoices:
According to the National Informatics Center (NIC), it has been decided by the GST Authority to impose a time limit of 30 days for reporting of invoices from date of invoice, on e-invoice portals. This time limit is applicable for taxpayers with AATO greater than or equal to 100 crores. Hence, the taxpayers in this category will not be allowed to report invoices older than 30 days on the date of reporting. Please note that this restriction will apply to all document types for which IRNs are to be generated. Thus, the Credit / Debit note will also have to be reported within 30 days of issue from date of issue. For example, if an invoice has a date of Nov. 1, 2023, it cannot be reported after Nov. 30, 2023.
This validation will come into effect from 1st Nov, 2023.
· Import related deadlines:
The government had given exemption on import of laptops, tablets, personal computers and other electronic goods under HSN 8741 category till October 30. However, no official announcement has been made yet about what will happen from November 1.
· Stock exchange transaction fees:
From November 1, transaction fees on the equity derivatives segment will increase. These changes will apply to S&P BSE Sensex options. Rising transaction costs will have a negative impact on traders, particularly retail investors.
Shreyas Vange
