GST New Rules: Union Finance Minister Nirmala Sitharaman has said that the rates of Goods and Services Tax (GST) will be reduced further as the process of rationalizing the tax slab is almost complete. The Revenue Neutral Rate (RNR), which was 15.8 percent at the time of implementation of GST in July 2017, has now come down to 11.4 percent in 2023 and will be reduced further.
GST New Rules: It will no longer be easy to steal GST data and commit fraud in GST. From April 1, the Multi Factor Authentication (MFA) rule is going to be implemented for all users registered in GST.
With the implementation of MFA, it will not be easy to steal the data of any other user using GST and commit any kind of fraud in GST.
Update number on GST portal
Under MFA, users will not be able to log in without One Time Password (OTP). Therefore, all users should update their phone number on the GST portal this month so that there is no problem in receiving OTP.
Mandatory for all users from April 1
MFA was implemented on an experimental basis for those with a turnover of more than 20 crores from January 1 this year. Then from February 1, it was made mandatory for those with a turnover of five crores. Now it is being made mandatory for all users from April 1.
New update for businessmen
Changes are also being made in the rules of e-way bill from April 1. From April 1, businessmen with a turnover of more than 10 crores will be required to provide information about their e-invoice in the Invoice Registration Portal (IRP) within 30 days. If the information is not provided within 30 days, the invoice will be rejected. Currently this rule is applicable for those with a turnover of 100 crores and above.
Eating in hotel restaurants may become expensive
Eating in hotel restaurants may become a little expensive from April 1. From April 1, the facility of taking input tax credit (ITC) with 18 percent GST will be available for hotels with room rent less than Rs 7500.
At present, 5% GST is charged on eating in the restaurants of hotels where the room rent is less than Rs. 7500. If these hotels adopt the facility of ITC along with 18% GST, then eating in the restaurants here will become expensive.
From April 1, 18% GST will be charged instead of 12% on the sale of old normal and electric cars. This rule will be applicable for agencies selling second hand cars.
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