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Central Board of Indirect Taxes and Customs News

Goods and Services Tax

01 Aug 2023

New GST Rule Kicks In From Today, Indian Companies Should Know THIS Threshold

Starting on today, companies with a B2B transactional value of over Rs 5 crore will be required to produce an electronic or e-invoice. For all B2B transactions, companies must currently generate an electronic invoice if their annual revenue is Rs. 10 crore or more.

Goods and Services Tax

31 Jul 2023

GST Rules Changing From Tomorrow, Lakhs Of Companies In India To Be Impacted

Starting on August 1, companies with a B2B transactional value of over Rs 5 crore will be required to produce an electronic or e-invoice. For all B2B transactions, companies must currently generate an electronic invoice if their annual revenue is Rs. 10 crore or more.

Goods and Services Tax

25 Jul 2023

GST Rules Changing From Next Week, To Impact Lakhs Of Companies In India

For major businesses with a revenue of more than Rs 500 crore, e-invoicing was initially adopted in 2020.

Goods and Services Tax

12 May 2023

GST Rules Changing From August 1, To Impact Lakhs Of Companies In India

New GST Rules: The Finance Ministry has issued a circular announcing reduction in threshold limit for GST E-invoicing.

Goods and Services Tax

06 Jul 2022

New GST rule 2022 notified by govt, to benefit lakhs of companies in India

With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.

Goods and Services Tax

24 Jun 2022

Changes in monthly GST payment form GSTR-3B? GST Council to decide next week

The move would help curb the menace of fake billing, whereby sellers would show higher sales in GSTR-1 to enable purchasers to claim input tax credit (ITC), but report suppressed sales in GSTR-3B to lower GST liability.

26 May 2022

Centre waives late fee till June for delayed filing of GST returns

The CBIC in a notification said that late fee shall be waived from May 1 to June 30, 2022, for delay in filing GSTR-4 for 2021-22 fiscal. GSTR-4 is filed annually by the taxpayers registered under the composition scheme. GST composition scheme can be opted by any traders whose turnover is less than Rs 1.5 crore.

Goods and Services Tax

18 May 2022

GST filing deadline shifted to May – Companies, taxpayers read THESE points

GST Filing deadline has been extended due to technical glitch in the GST system, for which Infosys was awarded a Rs 1,380 crore.

Goods and Services Tax

01 Apr 2022

GST rules changing from today--Lakhs of companies in India to be impacted

New GST rules from today. Rules related to e-invoicing for B2B transactions. New GST rule is going to impact lakhs of companies in India.

Goods and Services Tax

29 Mar 2022

GST rules changing from April 1, to impact lakhs of companies in India

Companies with turnover of more than Rs 20 crore will have to generate B2B e-invoices.

Central Board of Indirect Taxes and Customs

19 Mar 2022

File GST returns by Sunday, or else…: CBIC reminds taxpayers about deadline

CBIC has urged non-resident GST taxpayers to file their monthly GSTR-5 returns by the due date. The remainder was for Online Information and Database Access or Retrieval (OIDAR) service suppliers.

24 Jul 2021

CBIC abolishes licence renewal requirement for customs brokers

The life-long validity of licenses/registrations is expected to promote the Ease of Doing Business in India. The amendments also provide that the licensee/registration holder can voluntarily come forward to surrender his license/registration if s/he wishes. These steps would prevent misuse of dormant licences/registrations.

02 May 2021

Govt waives late fee for delayed filing of March, April GSTR-3B, tax payment

Taxpayers with a turnover of over Rs 5 crore have been given 15 days extra time to file monthly summary return GSTR-3B and pay taxes without paying any late fees. The Central Board of Indirect Taxes and Customs (CBIC) on May 1 issued the notification, saying that these relaxations come into effect from April 18. Also, the due date for filing April sales return GSTR-1 has been extended till May 26, from the original due date of May 11.

02 Apr 2021

CBIC defers printing of QR code on B2C invoices till July 1

Previously, CBIC had delayed the date for implementation of QR code to October 1, 2020, and further deferred QR code in B2C invoices to December 1, 2020. CBIC had then waived the amount of penalty payable by a registered person for non-compliance with provisions of dynamic QR code in the period till March 31, 2021. Lastly, now the date has been deferred till June 30, 2021.

09 Mar 2021

Now e-invoice will be compulsory for business with over Rs 50 crore turnover

E-invoicing will be extended to companies with turnover over Rs 50 crore from April 1, the Central Board of Indirect Taxes and Customs (CBIC) said in a notification. Under e-invoicing, taxpayers have to generate invoices on their internal systems (ERP/accounting/billing software) and then report them online to the Invoice Registration Portal (IRP). The IRP will validate the information provided in the invoices and return the digitally signed e-invoices with a unique 'Invoice Reference Number (IRN)' along with a QR Code to the taxpayer.

30 Sep 2020

GST annual return filing deadline for FY19 extended till October 31

GST annual return is to be filed for 2018-19 fiscal. GSTR-9 is an annual return to be filed by taxpayers registered under GST regime. It consists of details regarding the outward and inward supplies.

Central Board of Indirect Taxes and Customs

23 Jun 2020

CBIC enables end to end paperless exports under turant customs

Turant Customs, which has as its main component Faceless Assessment, would be implemented in phases across the entire country by 1st January 2021.

Central Board of Indirect Taxes and Customs

15 Jun 2020

CBIC launches e-Office application in CGST, customs offices across India

The e-Office application is developed by the NIC and is supported by the Department of Administrative Reforms and Public Grievances (DARPG).

11 Jun 2020

Salary paid to company directors not to attract GST, clarifies CBIC

However, the part of directors' remuneration which is declared separately other than 'salaries' will be taxable.

Goods and Services Tax

15 Nov 2019

No GST on salaries paid to chief executive officers or employees: CBIC

The Central Board of Indirect Taxes and Customs (CBIC) clarified on Friday (Novmber 15) clarifies that salaries are not subject to Goods and Services Tax (GST). It further added that no GST has been demanded on salaries paid to chief executive officers or employees.

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