The new Goods and Services Tax (GST) rules for businesses with an annual turnover of over ?100 crore have come into effect from today, May 1, 2023. These new rules aim to simplify the GST compliance process and improve tax administration. Here's what you need to know about the changes:
Monthly Returns: Businesses with an annual turnover of over ?100 crore will now be required to file monthly GST returns, instead of the current quarterly returns.
Auto-population of Returns: The new rules also require the auto-population of certain details in the GST return, such as the details of the outward supplies, input tax credit, and liability.
HSN Code: The Harmonised System of Nomenclature (HSN) code will now be mandatory for businesses with an annual turnover of over ?100 crore while furnishing the invoice details in their GST returns.
E-invoicing: The e-invoicing system, which was previously only mandatory for businesses with an annual turnover of over ?500 crore, will now also be mandatory for businesses with an annual turnover of over ?100 crore.
QR code: A QR code will now be required on all B2C invoices issued by businesses with an annual turnover of over ?100 crore.
Late Fees: The late fee for non-filing or delayed filing of GST returns has been reduced to ?25 per day, for both CGST and SGST, subject to a maximum of ?5,000.
Penalty: The penalty for fraudulent input tax credit has been increased to 100% of the tax amount claimed.
These changes are expected to significantly reduce the compliance burden on businesses while also improving the efficiency of the GST system. However, businesses will need to ensure that they comply with the new rules to avoid any penalties or fines.
For any further doubt on matters related to GST law, its compliance and advisory, feel free to contact ASC Group.
Source: Live mint
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