E-Invoicing is now mandatory for Turnover of more than Rs 20 cr from 1st April 2022 as per notification Notification Number 01/2022 dated 24th Feb 2022 issued by Central Board of Indirect Taxes & Customs [CBIC].
Currently, the limit for generating the E-Invoice is Rs 50 Cr and more which has been put into effect from 1st April 2021, while for companies having turnover more than Rs 100 crore was made effective from 1st Jan 2021 and turnover more than Rs 500 Cr was made effective from 1st October 2020.
Press Release regarding E-way Bill
The GST Council has recommended the introduction of e-way bill for inter-State movement of goods across the country from 1st April 2018. For intra-State movement of goods, e-way bill system will be introduced w.e.f. a date to be announced in a phased manner but not later than 1st June 2018.
Major improvements over the last set of rules. as approved by the Council now. are as follows:
Return filing deferred:
The present system of filing GSTR 3B and GSTR 1 is extended for three months till June 2018 till the new return system is finalized. A new model was discussed extensively and group of ministers on IT has been tasked to finalise the same.
Tax exemptions for exporters extended: Available tax exemptions on imported goods have been extended for a further six months beyond March 31. Now, exporters availing various export promotion schemes can continue to avail such exemptions on their imports upto October 1. By that time, e-wallet scheme is expected to be in place to continue the benefits in future.
E-Way Bill From April 1: The electronic way or e-way bill for movement of goods between states will be implemented from April 1. However, for intra-state movement, the e-way bill would be rolled out in a phased manner starting April 15, and will cover all the states by June 1.
Reverse charge mechanism deferred: The liability to pay tax on reverse charge has been deferred till June 30. Meanwhile, a group of ministers will look into the modalities of its implementations to ensure that no inconvenience is caused to the trade and industry.
Deduction of TDS/TCS deferred: The Provision for deduction of tax at source (TDS) under section 51 of the CGST Act and collection of tax at source under section 52 of the CGST Act shall remain suspended till June 30.In the meantime, the modalities of linking state and central governments accounting system with GSTN will be worked out so that seamless credit is available to the registered traders whose tax is deducted or collected at source.
For redressing grievances: GST implementation committee has been tasked with the work of redressing the grievances caused to the taxpayers arising out of IT glitches.
In the 23rd GST council meeting, it was decided that filing of GSTR-2 and GSTR-3 forms would stop and only the filing of GSTR-1 and GSTR-3B would continue.
According to the recommendation made by Nilekani, instead of supplying invoices to be uploaded, a module can be formed where supplying invoice details can be posted, and based on the invoice data fed by the supplier, the system by itself generates the return.
GSTR-3B Return: Due Dates For February And March
Due date of filing GSTR-3B return is 20th of the next month. For instance, the 3B return for the month of March can be filed anytime before April 20, and similarly, the 3B return for the month of February can be filed anytime before March 20.
GSTR-1 Return: Due Dates For February And March
Taxpayers with an annual turnover that amounts to Rs. 1.5 crore or less are obligated to file their GSTR-1 returns quarterly. The due date for such taxpayers is 30th of the month following the end of respective quarter. For the March (Jan 1 to March 31) quarter, for instance, the deadline would be 30th of April.
Those with a turnover of Rs. 1.5 crore and above are meant to file monthly returns of GSTR-1. The deadline for monthly return is 10th of the month that comes two months after the end of respective month. For instance, the GSTR-1 return for the month of January can be filed by March 10. Likewise, returns for the months of February and March can be filed by April 10 and May 10.
Extension of GSTR-1 filing Due Dates:
For business with turnover upto Rs 1.5 cr
|Return Period (Quarterly)||Due dates|
|July- Sept||10th Jan 2018|
|Oct- Dec||15th Feb 2018|
|Jan- Mar||30th April 2018|
For turnover of more than Rs 1.5 cr
|Return Period (Monthly)||Dates|
|July to Nov 2017||10th Jan 2018|
|Dec 2017||10th Feb 2018|
|Jan 2018||10th Mar 2018|
|Feb 2018||10th Apr 2018|
Reference Link: Click here
The discussion mainly pointed toward the implementation of E-way bill system in the country. After having Discussion with all the states GST council took following decisions regarding applicability of E-way Bill system:
What is way bill?
A way bill is a receipt or a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods and the details include the name of consignor, consignee, the point of origin of the consignment, its destination, and route.
What is E-Way bill?
Electronic Way Bill (E-Way Bill) is basically a compliance mechanism wherein by way of a digital interface the person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods and generates e-way bill on the GST portal.
Rule 138 of the CGST Rules, 2017 provides for the e-way bill mechanism and in this context it is important to note that “information is to be furnished prior to the commencement of movement of goods” and “is to be issued whether the movement is in relation to a supply or for reasons other than supply”.
E-Way Bill under GST
E-way bill is an electronic document generated on the GST portal evidencing movement of goods. It has two Components:
Who should generate the e-way bill and why?
E-way bill is to be generated by the consignor or consignee himself if the transportation is being done in own/hired conveyance or by railways by air or by Vessel. If the goods are handed over to a transporter for transportation by road, E-way bill is to be generated by the transporter. Where neither the consignor nor consignee generates the e-way bill and the value of goods is more than Rs.50,000/-. It shall be the responsibility of the transporter to generate it.
Further, it has been provided that where goods are sent by a principal located in one State to a job worker located in any other State, the e-way bill shall be generated by the principal irrespective of the value of the consignment.
Also, where handicraft goods are transported from one State to another by a person who has been exempted from the requirement of obtaining registration, the e-way bill shall be generated by the said person irrespective of the value of the consignment.
How to Generate e-way bill?
To generate an e-way bill, the supplier and transporter will have to upload details on the GST Network portal, after which a unique e-way bill number(EBN) will be made available to the supplier, the recipient and the transporter on the common portal.
Purpose of E-Way Bill
E-way bill is a mechanism to ensure that goods being transported comply with the GST Law and is an effective tool to track movement of goods and check tax evasion.
The validity of e-way bill depends on the distance to be travelled by the goods.
Cancellation of E-Way Bill
Where an e-way bill has been generated under this rule, but goods are either not transported or are not transported as per the details furnished in the e-way bill, the e-way bill may be cancelled electronically on the common portal within 24 hours of generation of the e-way bill.
Note: An e-way bill cannot be cancelled if it has been verified in transit in accordance with the provisions of rule 138B of the CGST Rules, 2017.
Exceptions to e-way bill requirement
No e-way bill is required to be generated in the following cases:
Physical verification during transit
Note: Where a vehicle has been intercepted and detained for a period exceeding 30 minutes, the transporter may upload the said information in FORM GST EWB-04 on the common portal.
Consequences of non-conformance to E-way bill rules
If e-way bills, wherever required, are not issued in accordance with the provisions contained in Rule 138 of the CGST Rules, 2017, the same will be considered as contravention of rules. As per Section 122 of the CGST Act, 2017, a taxable person who transports any taxable goods without the cover of specified documents (e-way bill is one of the specified documents) shall be liable to a penalty of Rs.10,000/- or tax sought to be evaded (wherever applicable) whichever is greater. As per Section 129 of CGST Act, 2017, where any person transports any goods or stores any goods while they are in transit in contravention of the provisions of this Act or the rules made thereunder, all such goods and conveyance used as a means of transport for carrying the said goods and documents relating to such goods and conveyance shall be liable to detention or seizure.
Changes to Composition Scheme
There have been many important updates to the Composition Scheme. These are detailed below:
**Notifications and suitable amendments for the above are awaited.
GST Important Dates: a) Taxpayers with aggregate annual turnover up to INR 1.5 crore are required to file GSTR1 on a quarterly basis as follows:
|July-Sep 2017||31 December 2017|
|Oct-Dec 2017||15 February 2018|
|Jan-Mar 2018||30 April 2018|
b) Taxpayers with aggregate annual turnover exceeding INR 1.5 crore are required to file GSTR1 on a monthly basis as follows:
|July, Aug, Sept. and Oct 2017||31 December 2017|
|November 2017||10 January 2018|
|December 2017||10 February 2018|
|January 2018||10 March 2018|
|February 2018||10 April 2018|
|March 2018||10 May 2018|
The time period for filing GSTR-2 and GSTR-3 for the months of July, 2017 to March 2018 would be worked out by a Committee of Officers. However, filing of GSTR-1 will continue for the entire period without requiring filing of GSTR-2 & GSTR-3 for the previous month / period.
The Council decided to extend the due dates for furnishing various other returns as well. The revised due dates are as mentioned below:
|Return type||Tax period||Revised due date|
|GST ITC-04 (Details of goods/ capital goods sent to job worker and received back)||Jul-Sep 2017||31 December 2017|
|GSTR 4 (Composition Return)||Jul-Sep 2017||24 December 2017|
|GSTR 5 (Non-resident foreign taxpayers)||July 2017||11 December 2017|
|GSTR 5A (OIDAR return by foreign taxable person)||July 2017||15 December 2017|
|GSTR 6 (ISD Return)||July 2017||31 December 2017|
|TRAN-1 (Transitional credit etc.)||NA||31 December 2017|
|Description||Existing Rate||Proposed Rate|
|Wire, cables, insulated conductors, electrical insulators, electrical plugs, switches, sockets, fuses, relays, electrical connectors||28%||18%|
|Furniture, mattress, bedding and similar furnishing||28%||18%|
|Electrical boards, panels, consoles, cabinets etc for electric control or distribution||28%||18%|
|Trunk, suitcase, vanity cases, brief cases, travelling bags and other hand bags, cases||28%||18%|
|Detergents, washing and cleansing preparations; Liquid or cream for washing the skin||28%||18%|
|Shampoos; Hair cream, Hair dyes (natural, herbal or synthetic) and similar other goods||28%||18%|
|Pre-shave, shaving or after-shave preparations, personal deodorants, bath preparations, perfumery, cosmetic or toilet preparations, room deodorisers including razor and razor blades||28%||18%|
|Perfumes and toilet waters; Beauty or make-up preparations||28%||18%|
|Fans, pumps, compressors; Lamp and light fitting, primary cell and primary batteries||28%||18%|
|Sanitary ware and parts thereof of all kind||28%||18%|
|Slabs and goods of marble and granite such as tiles; Ceramic tiles of all kinds||28%||18%|
|Multi-functional printers, cartridges office or desk equipment; door, windows made of aluminum; wallpaper and wall covering||28%||18%|
|All musical instruments and their parts; Cinematographic cameras and projectors, image projector,||28%||18%|
|Articles of plaster, cement, asphalt or mica||28%||18%|
|Particle/fibre boards and ply wood. Article of wood, wooden frame, paving block||28%||18%|
|Chocolates, Chewing gum / bubble gum; Waffles and wafers coated with chocolate or containing chocolate||28%||18%|
|Wet grinders consisting of stone; tanks and armored fighting vehicles||28%||12%|
|Glass of all kinds and articles thereof such as mirror, safety glass, sheets, glassware||28%||12%|
|Aircraft engines, tyres and seats||28%, 12%||5%|
|Fork lifts, lifting and handling equipment, bull dozers, excavators, loaders, road rollers, earth moving and levelling machinery, escalators, cooling towers, pressure vessels, reactors||28%||12%|
|Electrical apparatus for radio and television broadcasting, sound recording or reproducing apparatus, signaling, safety or traffic control equipment for transports||28%||12%|
|Condensed milk; Pasta; mayonnaise and salad dressings, mixed condiments and mixed seasoning; Diabetic food||18%||12%|
|Hand bags of jute and cotton; Furniture of bamboo or cane||18%||12%|
|Puffed rice chikki, peanut chikki, sesame chikki, revdi, tilrevdi, chutney powder, etc.||18%||5%|
|Idli, dosa batter||12%||5%|
|Guar meal; unworked coconut shell||5%||Nil|
|Bangles of lac/ shellac||3%||Nil|
Changes relating to Restaurant Services
Relief under the Composition scheme