A big change in the rules for filing GST returns!!
A big change in the rules for filing GST returns!!!
From April 1, there is going to be a big change in many of the country. This includes the rules from tax to PF. Many of these rules are going to have an impact on the common man. One such rule is related to GST filing. In this, e-Invoice has now been made mandatory from April 1 for companies with a turnover of more than Rs 20 crore under the Goods and services Tax (GST).
E-invoice will be required
According to a circular of the Central Board of Indirect Taxes and Customs (CBIC) regarding these new provisions, all such traders who do B2B business and whose annual turnover is more than Rs 20 crore, it will be necessary to generate electronic invoices from April 1.
Changes are being made continuously in the GST (Goods and service Tax) by the central government so that tax evasion is reduced and collection is encouraged. Regarding this, in October 2020, the government had decided that such companies whose turnover is more than 500 crores will be required to generate e-invoices on their B2B transactions. It is believed to be a decision taken in terms of transparency.
Key to transparency
In recent times, many such cases have come to the fore in which tax evasion was done through an input tax credit. In view of this, the change is being made. The GST collection has seen a rapid increase in recent months and remains over Rs 1 lakh crore.