Diabytes
Central Board of Indirect Taxes and Customs News
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In a circular issued on 27 May 2025, the CBIC said that these rules may be called the Central Goods and Services Tax (Second Amendment) Rules, 2025 and shall come into force on the date of their publication in the Official Gazette.
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CBIC has announces late fee waiver for GSTR-9C filing delays for the financial years 2017-18 or 2018-19 or 2019-20 or 2020-21 or 202122 or 2022-23.
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GST Rule 2025: The Central Board of Indirect Taxes and Customs has notified an amendment to GST rules to issue TIN to entities that are not required to register under the GST Act but need to make payments under some specific provision.
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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.
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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.
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For major businesses with a revenue of more than Rs 500 crore, e-invoicing was initially adopted in 2020.
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New GST Rules: The Finance Ministry has issued a circular announcing reduction in threshold limit for GST E-invoicing.
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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.
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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.
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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.
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GST Filing deadline has been extended due to technical glitch in the GST system, for which Infosys was awarded a Rs 1,380 crore.
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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.
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Companies with turnover of more than Rs 20 crore will have to generate B2B e-invoices.
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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.
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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.
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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.
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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.
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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.
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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.
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Turant Customs, which has as its main component Faceless Assessment, would be implemented in phases across the entire country by 1st January 2021.
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