The Goods and Services Tax (GST) is a tax levied on the supply of goods and services in India. It has been over four years since GST was introduced, and since then, there have been several updates and changes to the GST regulations. Here are the latest GST updates that businesses need to be aware of:
QR Code on B2C Invoices: From 1st April 2021, businesses with an annual turnover of more than Rs. 5 crores are required to include a dynamic Quick Response (QR) code on their Business-to-Consumer (B2C) invoices. This is aimed at enabling a smooth and hassle-free payment experience for customers.
E-Invoicing: E-Invoicing has been made mandatory for businesses with an annual turnover of more than Rs. 50 crores from 1st April 2021. This is aimed at streamlining the invoicing process and reducing the risk of errors and fraud.
Interest on Late Payment: From 1st July 2017, interest is applicable on the late payment of GST. The interest rate for late payment of GST is 18% per annum, calculated on a daily basis, from the due date of payment till the date of actual payment.
Quarterly Returns: From 1st January 2021, small taxpayers with an annual turnover of up to Rs. 5 crores can file their GST returns on a quarterly basis instead of a monthly basis. This is aimed at reducing the compliance burden on small businesses.
E-Way Bill: The validity of the E-Way Bill has been extended from 100 km to 200 km per day from 1st January 2021. This is aimed at reducing the compliance burden on businesses and streamlining the logistics and transportation industry.
It is crucial for businesses to stay up-to-date with the latest GST updates to ensure compliance with the regulations. At VDP & Co, we offer GST advisory services to help businesses navigate the complexities of GST compliance. Our team of experienced professionals can assist you with GST registration, GST returns, GST audits, and more. Contact us today to learn more about how we can help you with GST compliance.
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