GST: The government can make major changes in the rules of Goods and Services Tax i.e. GST. GST system will become more advanced in future. Better rules will make it easier for businessmen.
GST E-Bill: The Central Government is going to make major changes in the rules of GST in the next two to three years. E-bills will become mandatory for all businesses in the next two to three years for ‘Business to Customer’ (B2C) transactions. At present, e-bill is mandatory only for businesses with a turnover of Rs 5 crore or more, but now the government is preparing to make it applicable to all businesses by changing the rules.
There will be major changes in GST system
The government is continuously making efforts to improve the GST system. Giving information about this, CBIC i.e. Central Board of Indirect Taxes and Customs member GST Shashank Priya said that continuous efforts are being made to bring business to consumer transactions into e-bills. Work is going on for this and the system will be ready soon.
He said that we are seeing in which area this rule can be implemented first. Along with this, many such businesses are being identified which are not generating e-voice despite having a turnover of Rs 5 to 10 crore. In such a situation, the department is preparing to take action and curb those who ignore the rules.
Gradually the scope of e-bill is being expanded
It is noteworthy that the government is gradually expanding the scope of GST e-bill. From October 1, 2020, e-bill was made mandatory for businesses with a turnover of more than Rs 500 crore. Whereas on January 1, 2021, businesses with turnover of more than Rs 100 crore have been brought under the ambit of e-bill. E-bill has been made mandatory for businesses worth Rs 50 crore from April 1, 2021, and Rs 20 crore from April 1, 2022. At the same time, it has become mandatory to generate e-bill for businesses worth Rs 10 crore from October 1, 2022 and Rs 5 crore from August 1, 2023. In such a situation, if businesses with 5 or more turnover fail to do so, the GST department will take action against them.
