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.
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.
The Central Board of Indirect Taxes and Customs (CBIC) has prepared a detailed vigilance mechanism to keep a tab on seizures of cash, illicit liquor, drugs and smuggled goods, besides strict monitoring of airports and warehouses.
The GST Council in its upcoming meeting will also take up the report of the Group of Ministers on online gaming for discussion in the meeting, officials said. They added that a taxation change for cement is not expected to be discussed.
The council is likely to discuss GoM report on online gaming, casinos and horse racing and will circulate it to the states soon, and measures to curb fake registration and fraudulent generation of input tax credit, among others