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India cuts e-invoice threshold to ₹5 crore 1st January 2023; to follow cut to ₹10 crore 1st October 2022

08/08/2022 in

Government wishes to extend mandatory electronic invoicing to hundreds of thousands of small business to curb fraud India’s Central Board of Indirect Taxes looks set to lower further on1 January 2023 the annual sales threshold for adoption of mandatory electronic invoicing to be submitted to the

India to cut e-invoice threshold to ₹10 crore from October 2022

01/08/2022 in

e-invoice

Further drop in annual sales threshold for India GST payers to adopt electronic invoicing The government has approved a new cut in the annual sales threshold to ₹10 crore (approx.$120 million per annum) for taxpayers mandated to adopt Indian e-invoicing. This will come into effect

India GST Council widens tax net; state compensation deadlock

30/06/2022 in

GST state compensation ends tonight in deadlock; rate rises and removal of exemptions on certain supplies despite inflationary worries The July meeting of the Goods and Services Tax Council meeting approved rate rises on a range of supplies, plus the removal of some exemptions from the

India GST rate consolidation delay on inflation worries

05/06/2022 in

Goods and Services Tax

Proposals to consolidate from 4 rates to 3 likely to go hold due to inflationary fears Long waited plans from the Goods and Services Tax Council to rationalise the GST rates from 4 to 3 slabs look certain to be delayed as inflation in April

India delays GST filings and payment

25/05/2022 in

Goods and Services Tax

April Goods and Services central filings delayed due to technology issues The Indian Central Board of Indirect Taxes and Customs has delayed the deadlines on returns and payments as follows: GSTR-3B and GSTR-2B delayed to 24 May. This normally submitted around the 20th. Payment of

India tough state GST compensation decisions on July 2022 deadline

15/04/2022 in

Political tensions following COVID disruption to 5-year deal to compensate 28 states since 2017 GST compensation ends 1 July 2022 In July 2017 with the launch of India Goods and Services Tax, the GST Compensation Act, 2017 provided for five years of compensation payments to

India may abandon B2C e-invoicing

24/03/2022 in

Goods and Services Tax

Plans to extend India e-invoicing to Business-2-Consumer transactions in doubt Following the completion in 2021 of the rollout of B2B electronic invoicing for transactions above ₹20 crore (from 1 April 2022), the plan had been to bring in B2C transactions. Currently, For B2C invoices, a QR

India considers streamlining GST rate to 8%; 18%; and 28%

07/03/2022 in

Goods and Services Tax

Simplifying to 3 Goods and Services Tax rate from current 4 rates The Indian GST Council, which oversees the policy and running of Indian GST, is considering a proposal to cut the current four rates to 3 by merging the current 5% and 12% in

India lowers e-invoice threshold to 20 Cores April 2022

28/02/2022 in

e-invoice

The Indian Central Board of Indirect Taxes and Customs has lowered the annual sales threshold for mandatory GST e-invoices. With effect from 1 April 2022, e-invoicing will be mandatory for all taxpayers that have aggregate turnover exceeding INR200 million (20 Crores). The current threshold, Rs

India GST extension to taxi, ride sharing and food delivery Jan 2022

02/01/2022 in

Gig and sharing economies

5% GST on gig and sharing economy platform aggregators 1 January 2022 The Indian Goods and Services Tax Council (GST council) has extended the GST net to providers and online platforms offering the following services on their own account or via third-party merchants on their

Category: India