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
T20 World Cup: Additional tickets for the two matches of the Indian team will be sold on this day, know complete details.
This year, the T20 World Cup 2024 will be jointly hosted by West Indies and America starting from June 1. Additional tickets for the six T20 World Cup matches to be held in New York will go on sale
India Legends vs Australia Legends 1st Semifinal: Sachin Tendulkar's India Legends made it to the final, beat AUS by 5 wickets in the semi-final
India Legends beat Australia Legends by 5 wickets in the first semifinal of Road Safety World Series 2022 to make it to the final, where they will face the winner between West Indies and Sri Lanka.
Uttarkashi Tunnel Collapse: 40 lives trapped in the tunnel... Now efforts are being made to rescue them by inserting 900 mm steel pipe.
The rescue operation has entered the third day after the landslide in the under-construction tunnel in Uttarkashi. The rescue operation is going on rapidly to rescue the workers trapped after the
Ryan Burle of Zimbabwe sees his glimpse in Rishabh Pant, and does not become a threat to Team India!
The three-match ODI series between India and Zimbabwe is to begin on August 18. The Indian team will play under the captaincy of KL Rahul, as players like Rohit Sharma, Virat Kohli, Rishabh Pant, and
Quiet Hiring: Companies doing recruitment quietly amid layoffs, a trend started in many places in 2022
The corporate world has seen several trends in the recent past which have grabbed a lot of headlines. These include trends like 'resigning in large numbers', 'quitting jobs quietly', 'working in
Hyderabad University: Professor accused of molesting foreign student suspended, police detained
A case of alleged molestation of an international student (of foreign origin) by a professor has come to light on the University of Hyderabad campus. Students protested in the University of Hyderabad
Petrol Diesel Price Today: Oil companies released the prices of petrol and diesel, know the prices of your city
Oil companies have released the prices of petrol and diesel for today. Today companies have changed the prices of oil in Delhi and Chennai. A few months back, the government announced a reduction in
Tamil Nadu: Politics heats up due to ED's action against Minister Senthil Balaji, Congress said - we will not be afraid
ED's action against Tamil Nadu Government's Electricity Minister Senthil Balaji has heated the politics. Opposition parties have criticized the detention of Senthil by the ED, terming it as an abuse
Defense News: Defense Minister Rajnath Singh said, 'The war is fought with the enemy's army, not with their citizens'
Defense News: There is war with the army of the enemy country, not with their common citizens. Therefore, there is a dire need for precision ammunition in the country as was used during the Balakot
Oppo Reno 10 5G Series launched in India with a powerful camera, it has a 32MP selfie sensor, know the price
Oppo launched its new camera phone series Oppo Reno 10 5G Series in India on Monday 10 July. Under this series, Oppo Reno 10 5G, Reno 10 Pro 5G, and Reno 10 Pro+ 5G have been launched. The new Reno