GST Council Mandates E-Invoice For Firms With Over Rs 5 Crore Turnover
After exempting e-commerce businesses with low turnovers from GST registration, the GST council has made e-invoicing mandatory for firms with a turnover above Rs 5 crore. The rule to be implemented from January next year, will also be applicable to businesses with a Rs 1 crore turnover in 2023. The move to completely make invoicing digital is aimed at ensuring compliance, after multiple cases of fake invoicing for GST fraud
Tags: GST Council, E-Invoice, Mandatory Rule, 2023, Indian Firms
Courtesy: The Free Press Journal
GST Council Defers Decision To Levy 28% Tax On Online Gambling, Casinos, Lottery
In a meeting of the GST Council, the panel defferred the decision on 28% taxation on casinos, online gaming, horse racing and lottery, until next meeting in August. Headed by Union FM Nirmala Sitharaman, the 47th GST-Council meeting on June 29, decided to tax fantasy plays. Furthermore, a GoM headed by Meghalaya CM Conrad Sangma has been asked to consider submissions of stakeholders and submit report by July 15.
Tags: GST Council, casino, 28% Tax, Gambling, Nirmala Sitharaman
Courtesy: Press Trust of India
Traders Body CAIT Calls Bharat Bandh On Feb 26 Over GST Complexities
Traders’ body, Confederation of All India Traders (CAIT) has called for a Bharat Bandh on February 26 against the complexities of the GST. The CAIT said that despite of writing numerous times to the GST council, their apprehensions were unheard. Moreover, it also blamed the council for focusing more on the revenue part and ignoring the ease-of-filing. Extending its support, the All India Transport Welfare Association will also hold a 'Chakka… read-more
Tags: CAIT, AITWA, GST, GST Council, Bharat Bandh, Chakkajaam
Courtesy: Times Now News
Finance Ministry To Disburse Rs 20,000 Crore Compensation Cess To States
Union Finance Minister (FM) Nirmala Sitharaman briefed the press after the 42nd Goods and Services Tax Council meeting on October 5. The minister stated that the compensation cess amount of Rs 20,000 crore will be distributed to the states by the night of October 5. She also stated that a committee, led by Bihar's Deputy CM Sushil Modi, has been constituted to deliberate on the issue of 'Integrated-GST'. She said Rs 24,000 crore of IGST will… read-more
Tags: FINANCE MINISTRY, GST Council, tax, GST
Courtesy: Brifly Exclusive