Businesses today have a lot of work to do when it comes to GST billing. Additionally, the government is working to streamline the GST procedure. The government can also take some significant actions in the interim. In the next two to three years, the government may mandate that all firms issue electronic bills, or e-bills, on “business-to-consumer” (B2C) transactions.
E-bill
For “business to business” (B2B) sales and purchases, organizations having a turnover of Rs 5 crore or more are currently required to issue e-bills. The government intends to mandate B2C transactions to use e-bills. Upgrades to the GST system are being made, and B2C transactions would require e-bills, according to Central Board of Indirect Taxes and Customs (CBIC) Member-GST Shashank Priya.
The system will need to be ready
He stated, “We are considering the requirement of e-bill for B2C,” during a speech at an Assocham event. The capabilities of GSTN must be expanded. It will be necessary to prepare a system. We need to determine the regions from which it possibly originated. This is being worked on. We anticipate being able to advance it in the upcoming years. According to him, companies with a revenue of between Rs 5 and Rs 10 crore do not fully issue e-bills.
Curbing
But CBIC officials are taking tough measures against companies that don’t comply. Businesses with revenue exceeding Rs 50 crore must start issuing B2B (business-to-business) electronic invoices on April 1, 2021. This limit was lowered to Rs 20 crore on April 1, 2022. On October 1, 2022, this maximum was raised to Rs 10 crore; on August 1, 2023, it was reduced to Rs 5 crore.
Read More: There will be no jam on the Noida-Greater Noida Expressway! This work is being done
|
|
  YouTube |
         Click Here |
| Â Facebook Page |
         Click Here |
| Â Instagram |
         Click Here |
| Â Telegram Channel |
         Click Here |
