New Delhi: The new financial year will start from April 1, and with this, there are many big rules in which changes are taking place. Changes in the rules from April 1 will have a direct impact on your pocket.
In fact, the Central Board of Indirect Taxes and Customs (CBIC) aforesaid that companies with a turnover of over twenty crores can need to deduct electronic invoices for B2B(business to business) transactions from April 1. Earlier, e-invoicing was done. B2B transactions under the Goods and Services Tax (GST) are mandatory for companies with a turnover of more than Rs 500 crore from October 1, 2020.
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Companies with a turnover of 50 crores
It is worth noting that earlier this was made mandatory for companies with a turnover of more than Rs 100 crore from January 1, 2021. From April 1 last year, companies with a turnover of more than Rs 50 crore were generating e-invoices for B2B transactions. But from these twelve months, businesses with over twenty large integer turnover can get to deduct electronic invoices for B2B (Business to Business) transactions.
There will be transparency in tax rules
After this change in the rules of GST, companies with a turnover of more than Rs 20 crore are being included in its purview. Bipin Sapra, Tax Partner, EY India, said that after this step, there will be more transparency in the implementation of tax-related rules than before. Along with this, fraud related to input tax credit will also come down. That is, after the implementation of this rule, tax-related problems will also be reduced.