Now it will be necessary to generate e-invoices for companies registered in GST with an annual turnover of Rs 10 crore or more. It will be implemented from October 1. This will be mandatory for companies that do BTUB (business-to-business) business.
The Finance Ministry said, at present, it is necessary to generate e-invoices for companies with a turnover of Rs 20 crore and above. The Central Board of Excise and Customs issued a notification in this regard on August 1. The GST Council had decided to implement e-invoicing in a phased manner. The CBIC said, after the implementation of this system, there will be no need for the tax authorities to reconcile bills under GST for all companies on B2B transactions. Under the arrangement in the future, the businessmen will get all the return forms pre-filled.
There was a rule for Rs 500 crore in 2020
With effect from October 1, 2020, B2B transactions were made mandatory for those companies whose turnover was Rs 500 crore. On January 1, 2021, its scope was expanded to include companies with a turnover of 100 crores. Companies with a turnover of Rs 50 crore from April 2021 and Rs 20 crore from April 1 this year were also included in this purview.
5 crore companies can also come under the ambit
CBIC plans to bring companies with turnover up to Rs 5 crore under its ambit in the future. MS Mani, Partner, Deloitte India, said the decision will further expand the tax base of GST. Also, tax authorities will get more data to enable better compliance. However, going forward, it will be mandatory for all categories of GST taxpayers.
Preparation to remove the 12 percent tax slab
According to sources, the Group of Ministers is contemplating removing the 12 percent tax slab from the GST. The 12 percent slab contributes only 8 percent to the total revenue of GST, so it can be done away with. The Group of Ministers was given 3 months in June to submit its report on this. Fruit juices, almonds, solar water heaters, and other items come in the 12 percent slab.
Also Read: Economy: Stupid comparing the economic situation of Sri Lanka with India, said Anil Panagariya
Afghanistan Earthquake Today: Earthquake tremors felt in Afghanistan, magnitude 4.7 on the Richter scale
Afghanistan Earthquake Today: Earthquake tremors have been felt in Afghanistan. Today i.e. on March 9, at 7.06 am, the intensity of the earthquake was 4.7. The matter of relief is that there was no
70-year-old Kamal Haasan's romance with two actresses surprised people, the Thug Life scene went viral
The trailer of South Cinema's much-awaited film Thug Life has been released. 70-year-old Kamal Haasan is once again returning to create a stir on the big screen in his action avatar.
Elections: Elections have begun in Jammu-Kashmir and Haryana, this will be the first election in the valley after the removal of Article 370
The much-awaited elections to the Jammu and Kashmir Assembly have finally been announced, which will be held in three phases. This will be the first assembly election in the state after the removal of
VVS Laxman and Daniel Vitari were elected to the ICC Men's Cricket Committee, got this important responsibility
Former Indian batsman and National Cricket Academy (NCA) chief VVS Laxman has been elected the current player representative in the ICC Men's Cricket Committee. Apart from Laxman, former New Zealand
Pushpa 2 The Rule: Pushpa 2 rocks in booking, Allu Arjun-rashmika's film earned this much from the US premiere
Fans are eagerly waiting for Pushpa 2 The Rule. Apart from Allu Arjun, stars like Rashmika Mandanna and Fahadh Fasil will also be seen in the film. The film will be released in theaters on December 5.
BPSC Exam Protest: Decision on re-conducting BPSC exam today! The government is ready, it is just waiting for this
In the student parliament that went on for seven hours in Gandhi Maidan, everyone was unanimous that the main demand was to cancel the BPSC 70th Combined Preliminary Competitive Examination. Nothing
PM Modi: PM Modi became emotional while addressing the public, said- It gives great satisfaction to see these things.
Prime Minister Narendra Modi became emotional while addressing the public in Solapur. Actually, under PM Awas Yojana, a residential colony has been constructed in Solapur for the poor people. PM Modi
PAK vs NZ: New Zealand desperate to return to winning track against Pakistan, Kiwis' record bad against PAK
New Zealand, which is struggling with the problem of injured players, will take on Pakistan in its important World Cup match at the M Chinnaswamy Stadium here on Saturday with both the teams desperate
UP Police Constable Exam Date: The UP Police Constable Recruitment Exam will be held in August, note the complete schedule from here.
It has been decided by the Uttar Pradesh Police Recruitment and Promotion Board to conduct the written examination of Direct Recruitment-2023 for 60244 posts of Constable Civil Police on 23, 24, 25,
Weather Update: Fog and cold wave in North India, chances of rain in these areas from February 3
After two days of sunshine, fog has again increased and the icy cold has increased in most areas of North India. On Sunday, there was dense fog along with severe cold in most areas of Haryana, Punjab,
