Threshold Limit: Entities whose annual gross revenue exceeds ₹5 crore require the generation of e-invoices for all B2B transactions. Previous Threshold: Previously, before the amendment in August 2023, the threshold was set at ₹10 crore. ...
GSTR-9/9A Exemption:Exempt for taxpayers with turnover up to Rs.2 crore for FY 2023-24. Time Limit Adjustments: ITC Time Limit:Retrospective adjustment to 30th November 2021 for invoices/debit notes. Section 16(4) Relaxation:Extended return filing period post-registration revocation. ...
For a person required to pay GST under reverse charge mechanism, it is mandatory for him to be registered under GST and is exempted from the threshold limit of Rs. 40 lakh (Rs. 20 lakh for special category states except for J & K) is not applicable to them. ...
This system will only be applicable to those whose turnover threshold is above the determined limit i.e. the government will set a threshold limit for them. An official said that the businesses that will fall under a certain threshold will be given a unique number whenever an e-invoice will...
Threshold Exemption: Small businesses with a turnover below a specified threshold (currently, it is 20 lakhs: supplier of both goods & services and 40 lakhs: for supplier of goods (Intra–State) in India) are exempt from GST. Present Challenges in GST Rates Complexity and Confusion: The exis...
Q.9 – Is there any time limit to file Form GSTR 9C? Q.10 – Could the late fee be waived off in Genuine and special cases? Q.11 – Is Audit, mentioned under Section 35(5), be applicable to the Non-Filers or unregistered Persons who are liable to get registered? Q.12 – Menti...
As the government is lowering the threshold, you can read our article – why small businesses should look forward to e-invoicing. Also, the GSTN first announced and then postponed the 7-day invoice generation limit rule. However, you can read: How 7-day e-invoice generation limit will Impa...
Yes, online businesses operating from home need to register for GST if their turnover exceeds the prescribed threshold limit. Is Aadhaar authentication mandatory for GST registration in Jammu and Kashmir? Yes, Aadhaar authentication of promoters or proprietors is mandatory for GST registration in J&...
Ans: For most states, the threshold limit for GST registration is Rs. 40 lakhs. Q. 3 How do I complete the GST challan generation for payment? Ans: You can complete the GST challan generation online through the official GST portal or authorised banking channels. ...
E-Invoice Limit 5 Crore: e-Invoicing mandatory for businesses above Rs.5 crore turnover Notification No. 10/2023–Central Tax introduces a new threshold for issuing e-invoices from Rs.5 crores effective August 1, 2023. This system forms part of the Goods and Services Tax (GST) law and is...