11 May 2023 06:09 PM
New

5 New Functioality on GST Portal

Source: https://taxguru.in/goods-and-service-tax/5-new-functioality-gst-portal.html

As announced by the Government, availment of amnesty scheme, between 1st April 2023 and 30th June 2023, has been enabled for taxpayers on the portal. Now taxpayers cancelled Suo moto between 1stJuly, 2017 and 31st December, 2022, would be able to file application for revocation of cancellation of registration, irrespective of the fact whether they have already filed revocation application or not.

11 May 2023 05:58 PM
New

Govt brings down threshold for e-invoicing to ₹5 cr businesses from August 1

Source: https://www.livemint.com/news/india/govt-brings-down-threshold-for-e-invoicing-to-rs-5-cr-businesses-from-august-1-11683791047104.html

Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions was made mandatory for companies with a turnover of over ₹500 crore from October 1, 2020.

11 May 2023 06:05 PM
New

Businesses with more than ₹5 crore sales have to generate e-invoices

Source: https://www.livemint.com/news/india/businesses-with-more-than-rs-5-crore-sales-have-to-generate-einvoices-11683796564777.html

The government has been lowering the threshold for eligible entities for e-invoicing in phases, beginning with entities with more than ₹500 crore turnover in October 2020

10 May 2023 05:15 PM

Unregistered small businesses can register with lenders for priority sector tag

Source: https://www.livemint.com/economy/unregistered-small-businesses-imes-can-register-with-lenders-for-priority-sector-tag-11683647075324.html

The RBI said the turnover of enterprises exempted from filing returns under the provisions of the Central Goods and Services Tax Act, 2017 shall be the sole criterion to be defined as IMEs for the purpose of UAP

09 May 2023 05:46 PM

What investors should do after the recent stock market rally

Source: https://www.livemint.com/market/stock-market-news/what-investors-should-do-after-the-recent-stock-market-rally-11683613253632.html

In the later part of the eighteenth century, St. Leger Stakes, a popular horse race, was started as the last leg of the popular British Triple Crown. The race would be held at Doncaster Racecourse in South Yorkshire in September of every year. Soon it became a fashion amongst the British elite – aristocrats, investors, and bankers etc. – to liquidate their financial investments; escape from London heat, move to countryside to rejuvenate, and return only in autumn after the St. Leger Stakes race was over. This practice was described as “Sell in May, go away and don't come back till St. Leger's Day."

09 May 2023 05:41 PM

E-way bills in Apr continue to be robust despite dip

Source: https://www.livemint.com/economy/eway-bills-in-apr-continue-to-be-robust-despite-dip-11683569048565.html

Data from GSTN, the company that processes Goods and Services Tax (GST) related returns, showed e-way bill generation in April fell by about 7% from March but still remained close to the monthly average seen in the March quarter.

08 May 2023 06:16 PM

GSTN defers implementation of e-invoice reporting time limit by 3 months

Source: https://www.livemint.com/news/india/gstn-defers-implementation-of-e-invoice-reporting-time-limit-by-3-months-11683472162555.html

GSTN Saturday said it has deferred the last month circular imposing a timeline for businesses with turnover of ₹100 crore and above to upload e-invoices on the IRP within 7 days of the issue by three months

08 May 2023 06:22 PM

Firms get more time to comply on e-invoices

Source: https://www.livemint.com/news/india/gstn-defers-new-e-invoicing-rule-by-3-months-for-businesses-in-new-delhi-to-prepare-for-compliance-11683482429007.html

GSTN said in an advisory that the imposition of a time limit of seven days on reporting old e-invoices on e-invoice registration portals for taxpayers with sales of ₹100 crore or more, has been deferred by three months.

08 May 2023 06:26 PM

Open banking is helping revolutionize access to credit

Source: https://www.livemint.com/opinion/columns/how-data-democratization-and-open-banking-can-bridge-india-s-msme-lending-gap-and-drive-socioeconomic-development-11683484024830.html

Despite India’s micro, small and medium enterprises (MSMEs) contributing about a third of the country’s gross domestic product and employing over 110 million people, they struggle to access and afford credit. This credit gap is estimated to be as large as ₹20-25 trillion. MSMEs are overlooked by traditional lenders such as banks because they lack collateral and are unable to produce audited financial data such as balance sheets, income statements or credits in a current account, which renders them unable to prove their creditworthiness. Often, this leads to a vicious debt cycle created by borrowing from informal credit channels, including acquaintances and money lenders, at interest rates that are sometimes twice as high as the formal market’s. This severely hurts the growth of these small businesses and the socioeconomic development of the local communities these businesses are part of.

06 May 2023 05:49 PM

Text your tax returns: GSTN’s advice to cos with no tax outgo

Source: https://www.livemint.com/economy/gstn-advises-nil-tax-businesses-to-file-returns-via-sms-to-streamline-it-system-reduce-queue-11683307587070.html

GSTN’s advice comes in the context of close to a million GST-registered businesses filing ‘nil’ returns on the last day of the last return filing cycle on 20 April, slowing down the system.