New change in GST..! Important notice for all companies..?
New change in GST..! Important notice for all companies..?
As changes are being made in the GST tax system, there has been a major change in the GST invoice i.e. GST billing system. Through this new change, more and more companies are coming under the GST tax system, which will increase the tax collection for the central government and also prevent tax evasion to a large extent. Companies and businessmen should prepare for the new change. According to the notification issued by the Central Board of Indirect Taxes, it is mandatory for all companies with a turnover of more than 5 crore rupees a year to pay the GST bill. The GST organization has also informed that this new change will be effective from january 1.
This was followed by Rs 50 crore on april 1, 2021, and Rs 20 crore from april 2022 for companies brought under the GST loop. Following this, from january 1, 2023, companies above Rs 5 crore will join it.
As changes are being made in the GST tax system, there has been a major change in the GST invoice i.e. GST billing system. Through this new change, more and more companies are coming under the GST tax system, which will increase the tax collection for the central government and also prevent tax evasion to a large extent. Companies and businessmen should prepare for the new change. According to the notification issued by the Central Board of Indirect Taxes, it is mandatory for all companies with a turnover of more than 5 crore rupees a year to pay the GST bill. The GST organization has also informed that this new change will be effective from january 1.
This was followed by Rs 50 crore on april 1, 2021, and Rs 20 crore from april 2022 for companies brought under the GST loop. Following this, from january 1, 2023, companies above Rs 5 crore will join it.