New GST Rules Will Affect Most of Indian Companies W.E.F 1st Aug

The new GST limit for business turnover exceeding 5 cr shall start tomorrow. Under the Ministry of Finance, a circular of GST system, the businesses having a turnover of exceeding 5 cr shall be needed to get generate the e-invoice from 1st August.

From 1st August, companies having B2B transactional value exceeding Rs 5 cr shall need to produce an electronic or e-invoice. For all the B2B transactions the companies should generate an electronic invoice when their yearly revenue would be equal to or more than Rs 10 cr.

For the bigger companies with a turnover exceeding Rs 500 cr and within three years the limit would get diminished to Rs 5 cr. Under GST law e-invoicing for B2B transactions was mandatory for companies with yearly revenues exceeding Rs 500 cr wef 1st Oct 2020, for those with yearly revenues exceeding Rs 100 cr wef 1st January 2021.

The firms holding a turnover exceeding Rs 50 cr would start generating B2B e-invoices from 1st April 2021. The barrier from the date 1st April 2022 was lessened to Rs 20 cr. The limit was get diminished to Rs 10 cr dated 1st Oct 2022.

On 2nd August the 51st GST council meet would seem to meet for deciding the GST execution towards online gaming. The council will also determine whether to levy the 28% GST on deposits or on each game. The revenue secretary said Monday that levying a 28% tax on every game will result in repeated taxation of the same rupee, raising the effective tax rate to 50%-70%.

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