GST Rules: GST rules will change from October 1, will have a direct impact on common man

New Delhi: There is going to be a big change in the rules of Goods and Service Tax from October 1. Under this, now businesses with a turnover of more than 10 crores will have to generate electronic invoices for b2b transactions from October 1. The Central Board of Direct Taxes and Customs has given […]
 


GST Rules: GST rules will change from October 1, will have a direct impact on common man

New Delhi: There is going to be a big change in the rules of Goods and Service Tax from October 1. Under this, now businesses with a turnover of more than 10 crores will have to generate electronic invoices for b2b transactions from October 1. The Central Board of Direct Taxes and Customs has given this information by issuing a circular.

information given by the department

Earlier in March, the facility of registration and login was enabled for taxpayers with a turnover of 20 to 50 crores. On 1st April 2022, the board had reduced the GST challan limit from 50 crores to 20 crores. It is worth noting that from April 1 last year, companies with turnover of more than 50 crores were generating b2b invoices, which is now being reduced to the company with turnover of more than Rs 10 crores.

Know why this decision was taken

The central government is constantly making major changes in the Goods and Services Tax. Actually, its purpose is to reduce tax evasion. Regarding this, in October 2020, the government had decided that such companies whose turnover is more than 50 crores will be required to generate e-invoice for their b2b transactions.

Information to be given on the portal

At present, the company whose turnover is more than Rs 20 crores has to generate challan only on their b2b transactions. Now the CBDT has decided to reduce it again to Rs 10 crore. Let us tell you that GST payers will be able to send online e-invoice through the registration portal.

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