India

GST collections hit an all-time high of ₹ 1.42 lakh crore in March 2022 In March 2022, the goods and services tax (GST) revenue collected was ₹1.42 lakh crore ($18.93Bn), the highest amount since the new taxation system was implemented in India. Ministry of finance said in a statement that GST revenues for March 2022 are 15% higher than the same month last year and 46% higher than March 2020. These results show how powerful Continuous Transaction Controls (CTC) can be from a tax collection perspective. Together with economic recovery, anti-evasion activities, especially action against fake billers have contributed to the enhanced GST, said the government.

Lower threshold for e-invoicing from 1st April 2022 The Central Board of Indirect Taxes & Customs (CBIC) of India recently issued a notification (01/2022) lowering the threshold for mandatory e-invoicing under Goods and Services Tax (GST). As of present, e-invoicing is mandated for all taxpayers whose annual revenue is ₹50 crore or above. From 1st April 2022, the revenue threshold for mandatory e-invoicing will be reduced to ₹20 crore. By extending the scope of e-invoicing, the government is expected to enhance tax compliance among small businesses in the country.

Government departments and local authorities exempt from e-invoicing

On 1st June 2021, the Indian Government released a notification stating that government departments and local authorities are exempt from the e-invoicing mandate being implemented.

Click here to learn more about the Indian mandate.

Government departments and local authorities exempt from e-invoicing

On 1st June 2021, the Indian Government released a notification stating that government departments and local authorities are exempt from the e-invoicing mandate being implemented.

Click here to learn more about the Indian mandate.

Compliance relief offered in light of Covid-19 pandemic

In light of the severity of the Covid-10 pandemic in India, the Central Board of Indirect Taxes and Customs (CBIC) has introduced several compliance reliefs for taxpayers.

These include the following:

• There will be no late fees for delayed filing of GSTR-3B of March/April, up to 15 days and 30 days from the original due date for Taxpayers with turnover more than INR 5 Crores and up to INR 5 Crores respectively. In addition to this, for the quarter ending 31 March 2021, no late fees will be charged if GSTR-3B is filed within 30 days from the original due date.
• The due date to file GSTR-4 is extended to 31 May 2021.
• The due date to file ITC-04 is extended to 31 May 2021 (for the quarter: January-March 2021).
• The due date to file GSTR-1 for April 2021 is extended to 26 May 2021 and for IFF the due date is extended to 28 May 2021.
• Due date for all other proceedings, asset order, etc., whose last date of completion falls between 15 April to 30 May is extended to 31 May 2021.

Click here to learn more about the Indian mandate.

Compliance relief offered in light of Covid-19 pandemic

In light of the severity of the Covid-10 pandemic in India, the Central Board of Indirect Taxes and Customs (CBIC) has introduced several compliance reliefs for taxpayers.

These include the following:

• There will be no late fees for delayed filing of GSTR-3B of March/April, up to 15 days and 30 days from the original due date for Taxpayers with turnover more than INR 5 Crores and up to INR 5 Crores respectively. In addition to this, for the quarter ending 31 March 2021, no late fees will be charged if GSTR-3B is filed within 30 days from the original due date.
• The due date to file GSTR-4 is extended to 31 May 2021.
• The due date to file ITC-04 is extended to 31 May 2021 (for the quarter: January-March 2021).
• The due date to file GSTR-1 for April 2021 is extended to 26 May 2021 and for IFF the due date is extended to 28 May 2021.
• Due date for all other proceedings, asset order, etc., whose last date of completion falls between 15 April to 30 May is extended to 31 May 2021.

Click here to learn more about the Indian mandate.

India extends the scope of the invoice reporting mandate from April 1, 2021

The Indian Central Board of Indirect Taxes and Customs (CBIC) has changed the revenue threshold that determines whether companies are required to report invoice data to the Invoice Registration Portal (IRP).

Via Notification No. 05/2021–Central Tax, the Central Board has lowered the threshold to Rs 50 Cr ($6.8m). The revenue threshold applies to aggregated revenues on PAN-level (Permanent Account Number) and will therefore apply to all GSTINs under the Permanent Account Number.

The change will be effective from April 1, 2021.

The announcement has been published in the Gazette of India on 8 March 2021: http://egazette.nic.in/WriteReadData/2021/225713.pdf

Click here to learn more about the Indian mandate.

India extends the scope of the invoice reporting mandate from April 1, 2021

The Indian Central Board of Indirect Taxes and Customs (CBIC) has changed the revenue threshold that determines whether companies are required to report invoice data to the Invoice Registration Portal (IRP).

Via Notification No. 05/2021–Central Tax, the Central Board has lowered the threshold to Rs 50 Cr ($6.8m). The revenue threshold applies to aggregated revenues on PAN-level (Permanent Account Number) and will therefore apply to all GSTINs under the Permanent Account Number.

The change will be effective from April 1, 2021.

The announcement has been published in the Gazette of India on 8 March 2021: http://egazette.nic.in/WriteReadData/2021/225713.pdf

Click here to learn more about the Indian mandate.

India delays invoice mandate

The Indian government announced its invoice registration mandate late 2019, putting forward a very challenging go-live date of 1 April 2020 – they are now reporting they will be postponing the effective date of the mandate until 1 October 2020.

Click here to learn more about the Indian mandate.

India delays invoice mandate

The Indian government announced its invoice registration mandate late 2019, putting forward a very challenging go-live date of 1 April 2020 – they are now reporting they will be postponing the effective date of the mandate until 1 October 2020.

Click here to learn more about the Indian mandate.

Further information on the Indian mandate

From 1st April 2020, all businesses with a turnover of at least Rs.100 Crore will be obliged to start using the IRP.

Click here to learn more about the Indian mandate.

Further information on the Indian mandate

From 1st April 2020, all businesses with a turnover of at least Rs.100 Crore will be obliged to start using the IRP.

Click here to learn more about the Indian mandate.

Indian e-invoicing deadline confirmed for April 2020

It has now been confirmed that India will have launched their Invoice Registration Portal in early 2020, which will see mandatory usage for medium and large taxpayers from April 2020.

Click here to learn more about the Indian mandate.

Indian e-invoicing deadline confirmed for April 2020

It has now been confirmed that India will have launched their Invoice Registration Portal in early 2020, which will see mandatory usage for medium and large taxpayers from April 2020.

Click here to learn more about the Indian mandate.