Goods and service tax in India has made a couple of changes that are applicable from the 1st of April, 2021. The changes made in GST are significant and will affect the stake holders at large. In this article we have discussed major changes in GST (E-way Bill, E-Invoicing, HSN Code) effective from 1st April 2021.
As per the amendments made in the Finance Act 2021, now in case of resolving the detention, seizure and release of the goods and conveyances in transit, the penalty applicable shall be 200% of the tax payable which earlier was 100% of the tax payable. Also, more strict actions shall be taken such as attachment of property and back account where there are fake invoices involved in the matter.
The CBIC in its recent notification dated 8th March, 2021, made E-invoicing shall be mandatory for business to business (B2B) transactions for taxpayers having turnover of more than 50 crores w.e.f. 1st April, 2021.
According to the a notification issued by the Central Board of Indirect Tax and Customs, now irrespective of the turnover, it is mandatory for all the business owners to declare the HSN code under GST. The digits of the HSN Code shall depend upon the turnover of the previous Financial Year.
No. |
Aggregate Turnover in the preceding Financial Year |
Number of Digits of Harmonized System of Nomenclature Code (HSN Code) |
1. |
Up to rupees five crores |
4 Digits |
2. |
more than rupees five crores |
6 Digits |
Suggested Read: All about HSN Code and it’s applicability
Apart from these changes, there are changes in the Input Tax Credit as well. According to the new norms, now to avail ITC the supplier will be required to upload invoices or debit notes within the stipulated time frame.
7 Essential Skills CAs Should Learn in 2025 for Growth As a content writer at Ebizfiling, I interact with Chartered…
Expecting a Tax Refund but Got a Demand? Understand Your 143(1) Notice Introduction If you were expecting a refund after…
Form 15H for PF Withdrawal Online Introduction Filing Form 15H for PF withdrawal online is an important step for anyone…
Income Tax Rates for Co-operative Societies – Past Seven Years Introduction Co-operative societies in India are entities registered under cooperative…
CBDT Latest News: Due Date Extended for Audit Report Filing for FY 2024-25 Introduction CBDT latest news confirms an important…
Can We File Joint Application for Trademark Registration in India? At Ebizfiling, we often receive this interesting query from founders…
Leave a Comment