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Starting March 1, 2024, the National Informatics Centre (NIC) has announced that certain GST payers must have e-invoice details to generate GST e-way bills. This requirement applies specifically to e-invoice-enabled taxpayers involved in B2B and export transactions. However, for other transactions like B2C, the e-way bill process remains unchanged, operating as usual. Currently, businesses with […]
The government is contemplating a heightened use of technology-driven advanced risk profiling to prevent input tax credit (ITC) fraud. They aim to halt suspected claims until undergoing thorough scrutiny. This move comes as Goods and Services Tax (GST) evasion, totalling over ₹4 lakh crore, has been unearthed in merely four years, with less than 30% […]
The CBIC department has made the most awaited filing changes in the GSTR 1 form from January 2024 onwards. The form has now fifteen tables including new tables 14 and 15. Table 14 is related to supplies made through e-commerce operators and Table 15 is related to supplies U/S 9(5). These changes are showing after […]
As small businesses look ahead to further Goods and Services Tax (GST) reforms in the upcoming year, several crucial GST-related changes impacted MSMEs in 2023. Let’s take a swift look back at the significant events of the past year for these resilient small businesses that have navigated through regulatory shifts with determination. Validate the Units […]
The government is exploring the inclusion of electricity within the goods and services tax (GST) framework. The Union Power Ministry is actively assessing its potential effects on various fronts such as industry, state revenues, and household electricity expenses. Historically, electricity, along with commodities like petrol, diesel, and natural gas, has existed outside the realm of […]
The Tamil Nadu government has offered an extension for filing November’s GST returns, aiming to ease the burden on those significantly affected by Cyclone Michaung. Originally due on December 20, 2023, the deadline for submitting the monthly return form GSTR-3B for November 2023 under the TNGST Act and Rules, 2017, has been prolonged until December […]
A Parliamentary Panel has urged the Centre to grant GST exemption to imported pharmaceutical products utilized by hospitals or scientific institutions engaged in life-saving medication and treatment research. Adhir Ranjan Chowdhury, a Congress member and the Panel’s Chairman, emphasized that offering incentives to entities like cancer institutes would significantly bolster the development of medicines aimed […]
According to an official, the government is expected to introduce a mandatory requirement for businesses to generate electronic or GST E-invoices for B2C transactions within the next 2-3 years. Presently, for companies with a turnover of Rs. 5 crores and above, it is mandatory to issue e-invoices for their Business-to-business (B2B) sales and purchases. The […]
The CBIC official mentioned that approximately 33,000 GST notices have been dispatched by central tax officers to businesses due to inconsistencies in filed returns and underpayment of taxes during the financial years 2017-18 and 2018-19. Additionally, the official mentioned that the National Coordination Committee, led by the Revenue Secretary, is expected to convene by the […]
