From 1st October 2023, this will be mandatory for e-Waybills and e-Invoices. Read Also 01st September 2023 The GSTN has introduced Electronic Credit Reversal and Re-claimed statements for correct and accurate reporting of ITC reversal. View More, Read PDF 31st August 2023 The new advisory ...
Top GST News for the month of October 2023 The month of October 2023 witnessed significant developments in the realm of GST, with multiple crucial announcements and revisions impacting businesses and taxpayers. From enhanced compliance regulations to the introduction of new digital functionalities, the ...
Section 122(1B) Amendment:Clarified penal provision applicability for TCS-required e-commerce operators from 1st October 2023. New GST Section Additions Introduction ofsection 74A, which imposes a time limit on the filing of claim notices without regard to allegations of fraud or misrepresentation. ...
The e-invoicing implementation is set to roll from 1st October 2022 for companies with a turnover Rs. 10 crores and above. IRIS is now an official Invoice Registration Portal (IRP), you can get yourself registered right away if you have newly come under the e-invoicing mandate. Check out...
While the government clarified that the hike that came into force from October 1st, 2023, was not retrospective, claims emerged of some of the tax demands in these orders going back years, which some argued was retrospective taxation. Thus, many contested these notices, including Dream Sports, ...
Turnover More Than 500 Crores – Start from 1st October 2020 Note: “The roll out of e-invoicing is set to come from 1st Oct onwards relevant to the companies having turnover more than 500 crs”. “Seeks to exempt certain class of registered persons capturing dynamic QR code and the...
Initial achieved threshold value: The CBDT clarification states, "It may be noted that this TCS shall be applicable only on the amount received on or after 1st October 2020. However, the threshold is based on the yearly receipt, it may be noted that only for calculation of this threshold ...
exceeding Rs 10 crore from 1st October 2022, mandating all businesses under the said category to register for e-invoicing. And the businesses with an annual turnover exceeding Rs 5 crore will be mandated to issue e-invoices from 1st August 2023 in any preceding financial year from 2017-2018 ...
August 2023 Starting from 1st August, 2023 businesses that have an annual turnover over 5 crores are required to issue e-invoice. Please refer to the following table: Business annual turnover of previous financial year (FY) E-invoice issue date Over 10 crore 1st October 2022 Over 5 ...
Standard Goods and Services fall under 1st slab at 12%, Standard Goods and Services fall under 2nd Slab at 18% and Special category of Goods and Services including luxury - 28%. The most essential goods and services attract nil rate of GST under Exempted Categories. Luxury goods and services...