02 Aug 2022 05:07 PM
New

E-invoicing a must for entities with turnover of ₹10 cr and above from 1 Oct

Source: https://www.livemint.com/news/india/einvoicing-a-must-for-entities-with-turnover-of-rs-10-cr-and-above-from-1-oct-11659438354472.html

Bengaluru: The government on Monday expanded mandatory e-invoicing for entities with an annual turnover of ₹10 crore and above from 1 October. The move is aimed to plug revenue leakages and facilitate compliance.

02 Aug 2022 05:24 PM
New

E-invoice mandatory for turnover above 10 crore from October 2

Source: https://economictimes.indiatimes.com/small-biz/gst/e-invoice-mandatory-for-turnover-above-10-crore-from-october-2/articleshow/93294488.cms

Presently, e-invoice is compulsory for businesses with an annual turnover of over Rs 20 crore. In a notification issued on Monday, the centre said it has amended the rule on the recommendations of the Council. The GST Council, in its 37th meeting on September 20, 2019, had recommended the introduction of an electronic invoice in GST in a phased manner.

02 Aug 2022 05:31 PM
New

GoM weighs scrapping 12% GST slab

Source: https://economictimes.indiatimes.com/small-biz/gst/gom-weighs-scrapping-12-gst-slab/articleshow/93294581.cms

People aware of the development told ET that most of the members of the group were of the view that the 12% slab accounts for about 8% of total GST revenues and can be done away with.

01 Aug 2022 12:15 PM

GST revenue collection for July second highest ever at ₹1.49 lakh crore

Source: https://www.livemint.com/news/india/gst-revenue-collection-for-july-second-highest-ever-at-rs-1-49-lakh-crore-11659334272638.html

GST collections for July remained above ₹1.4 lakh crore for the fifth straight month. Gross GST revenue collected in the month of July 2022 at ₹1,48,995 crore, which was the second highest collection ever since the introduction of the Goods and Services Tax. The July revenue figure is 28% higher than the revenues in the same month last year of ₹1,16,393 crore, as per the data by the government released on Monday.

01 Aug 2022 12:28 PM

To tax at 18% or 28%? The GST Conundrum for skill gaming sector

Source: https://economictimes.indiatimes.com/small-biz/gst/to-tax-at-18-or-28-the-gst-conundrum-for-skill-gaming-sector/articleshow/93265384.cms

The market value of the Indian skill gaming sector is around Rs 79 billion in the financial year (FY) 2021-22 and may reach Rs 150 billion in FY 2023-24.

01 Aug 2022 12:40 PM

e-Way bill for intra-state movement of gold & precious stones- States can decide

Source: https://taxguru.in/goods-and-service-tax/e-way-bill-intra-state-movement-gold-precious-stones-states-decide.html

Government of India Ministry of Finance Department of Revenue LOK SABHA UN-STARRED QUESTION NO. 77 TO BE ANSWERED ON MONDAY, JULY 18, 2022 Ashadha 27, 1944 (Saka) GOLD SMUGGLING AND TAX EVASION CASES