GST rules will change for companies with a turnover of more than five crores, this bill will be necessary
Highlights
- A top official gave this information on Thursday.
- This change will help prevent tax evasion and increase collection
- In recent times, many changes have been made in the GST rules.
GST Businesses with an annual turnover of more than Rs 5 crore registered under this Act will have to generate electronic invoices or bills for (B2B) transactions between companies. A top official gave this information on Thursday. Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri said that the GST Council headed by Finance Minister Nirmala Sitharaman had decided to implement it in a phased manner. The Finance Ministers of the states are also included in the GST Council.
no need to mix bill
After the implementation of e-invoicing, tax authorities will no longer need to tally bills under GST for every B2B transaction. “We have started with a very high limit and soon we will have all taxpayers with an annual turnover of more than Rs 5 crore to generate e-bills for their B2B business,” Johri said at an event organized by industry body PHDCCI here. . With this launch, we will not need to mix bills. Currently, companies with a turnover of more than Rs 20 crore have to generate e-invoice for B2B transactions.
Now this limit is Rs 20 crores.
Under GST, from October 1, 2020, it was made mandatory for companies with a turnover of more than Rs 500 crore to generate e-bills for B2B transactions. With effect from January 1, 2021, it has been implemented for companies with a turnover of more than Rs 100 crore. From April 1 last year, companies with a turnover of more than Rs 50 crore are generating B2B e-bills and with effect from April 1, 2022, this limit was raised to Rs 20 crore.
function loadFacebookScript(){
!function (f, b, e, v, n, t, s) {
if (f.fbq)
return;
n = f.fbq = function () {
n.callMethod ? n.callMethod.apply(n, arguments) : n.queue.push(arguments);
};
if (!f._fbq)
f._fbq = n;
n.push = n;
n.loaded = !0;
n.version = ‘2.0’;
n.queue = [];
t = b.createElement(e);
t.async = !0;
t.src = v;
s = b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t, s);
}(window, document, ‘script’, ‘//connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1684841475119151’);
fbq(‘track’, “PageView”);
}
window.addEventListener(‘load’, (event) => {
setTimeout(function(){
loadFacebookScript();
}, 7000);
});
,
