There may be a big change in GST, the number of slabs may decrease, there will be a cut in tax exemption

GST: New e-invoice system will be implemented from April, impact on 1.80 lakh companies, know what will change the rules

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new Delhi. The government is constantly making changes in this system to increase the collection of Service and Goods Tax (GST) and prevent tax evasion and burglary. Now from April 1, once again the e-invoice system related to GST is going to change.

The Central Board of Indirect Taxes and Customs (CBIC) has said that companies doing business to business (B2B) transactions with an annual turnover of more than 20 crores will be required to give e-invoice from April. On October 1, 2020, the government made it mandatory for companies with a turnover of up to 500 crores. After this, it was reduced to 100 crores on January 1, 2021, while again on April 1, 2021, the turnover was fixed to 50 crores.

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Number of companies in GST will increase by 75 percent
CBIC has said that after the implementation of the new system, the number of companies registered under the GST law will increase by about 75 percent. In October, 2020, 53,523 companies were registered under GSTIN, which increased to 91,583 in January 2021 and 240,567 in April 2021. CBIC says that after the new system comes, the number of companies will increase by 1.80 lakh and it will reach 4.20 lakh. This is a huge increase of about 75 per cent.

Tax evasion will stop and GST collection will increase
An official associated with GST said that after the implementation of the new system, it will be successful in curbing tax evasion. Now most of the small-medium (MSME) companies will be registered, which will be a big success in preventing tax evasion. Along with this, the number of total registered companies will also increase by about 80 percent, due to which the GST collection can be increased as compared to earlier.

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…then you can have more than one GSTIN
An official said that if a company does business in two or more states, then it can keep two GSTINs. Not only this, more than two GSTINs can be kept for different businesses in the same state. Through e-invoicing, the supplies made by the merchants can be tracked in real time. However, institutions like insurance and banking will be kept out of the new regime.

Tags:, GST collection, MSME Sector

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