The Central Board of Indirect Taxes and Customs (CBIC) on Tuesday informed that GST e-invoicing will be required for any firm whose turnover surpasses Rs 100 crore from January 1, 2021. The cutoff set before was a turnover of Rs 500 crore.“In exercise of the forces presented by sub-rule (4) of rule 48 of the […]
GSTN’s capacity was enhanced from 1.5 lakh concurrent users in June in anticipation of a surge of tax returns owing to the pandemic and subsequent deferrals in the original deadlines.The monthly GST returns (GSTR-3B) in October saw a 36% jump compared with corresponding period a year ago as the collections grew by over 10% in […]
Experts have argued that bringing natural gas under the GST would lead to a reduction in the cascading impact of taxes on industries such as power and steel, which used natural gas as an input.Global energy majors are bullish on the growth of natural gas usage in India and have called on the government to […]
The government will use artificial intelligence (AI) and Aadhaar registration to segregate dubious firms purposely created for Goods and Services Tax (GST) evasion and put them under the “risky” category to closely monitor their activities, two finance ministry officials said. The customs department has already created a database of “risky” exporters who fraudulently availed input […]
