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GST To Benefit Companies Through The New Rules



In an trouble to reduce the burden of compliance on small businesses, the government has blazoned some procedural variations in the GST laws, especially those relating to the threshold, for filing periodic returns for the 2021 – 22 financial. 

 The Goods and Services Tax( GST) Council espoused the variations at its meeting last week. 

 Businesses can now pay levies on the GSTN point using the IMPS and UPI payment styles thanks to changes blazoned by the Central Board of Indirect levies and Customs or the CBIC. 

Key Takeaways

  • Businesses can now pay levies on the GSTN point using the IMPS and UPI payment styles thanks to changes blazoned by Central Board of Indirect levies.
  • Also, with the same visage, a cash tally balance can be moved from one GST- registered establishment to another.
  • Beginning on October 1, 2020, businesses having a turnover of more than INR 500 crore were included in scope of e-invoicing for B2B transactions.
  • From April 1, 2021, businesses having a turnover of more than INR 50 crore were required to provide electronic invoices.

The streamlined rules pure businesses have combined periodic deals of over to INR 2 crore from filing periodic returns for the financial time ending March 31, 2021. 

 According to educated and expert Partner’s of Indirect Tax at KPMG in India, stated that these advancements will ease the burden of filing periodic returns under the GST registration with lower than an INR 2 crore development and will prop small businesses in complying with regulations. 

 For any other financial time, no extensions have been given, nonetheless. 

 According to experts, a reasonable extension has been granted in connection to the COVID period’s delayed refund operation forms during March 1, 2020, to February 28, 2022. This will allow numerous exporters to cash in on the remitments that are presently firmed in action. 

 According to experts, the government has extended the GST limitation time for issuing of notice to taxpayers who haven’t paid short paid the duty owing in light of the COVID situation of the former two times for India. A analogous revision of the time restriction applies to form refunds. 

Although the government wants to stop the leakage of income, this measure extends the period during which entities are subject to departmental checkings, verifications and examinations. Having stated that, this adaptation also makes sure that licit taxpayers’ requests for refunds aren’t dismissed” And Jain. 

 According to Mohan, the system for calculating interest on late duty payments has been blazoned, which would prop taxpayers in directly calculating their duty arrears. 

 According to the modified guidelines, a standard statement relating the non-applicability of an e-invoice will be published on every tab generated by an MSME supplier. 

 Also, with the same visage, a cash tally balance can be moved from one GST- registered establishment to another. At its meeting on June 28 – 29, the GST Council, which consists of the state and civil finance ministers, accepted the variations.


According to Vivek Johri, chairman of the Central Board of Indirect Taxes, the requirement for GST e-invoicing will likely be lowered from the current threshold of INR 20 crore to INR 5 crore as of January 1, 2023, in order to further plug leaks, ensure better compliance, and aid in policy development.

It was coined by experts that, they believe in increasing the coverage to much above INR 5 crore would provide them with extremely useful data for determining policy. And that they may examine the data at the four-digit HS (Harmonized System) level to obtain a sense of which industries are more significant contributors to the GST, which industries have greater potential but are not contributing sufficiently as expected.

And they also said that the necessity for invoice matching itself disappears if all returns can be created using e-invoices, but a flawless filing method is still available. That is a really significant benefit. E-invoice adoption will ultimately become widespread.

The tax authorities will also be better equipped to examine patterns in the use of input tax credits across industries and filter out bogus ITC applications, which have grown to be a significant problem for the government. Over 50,000 crore worth of fake ITC has been discovered just in the last 1.5 years. Beginning on October 1, 2020, businesses having a turnover of more than INR 500 crore were included in the scope of e-invoicing for business-to-business (B2B) transactions. Businesses in second phase to start issuing electronic bills from January 1, 2021, if their annual revenue exceeded INR 100 crore. From April 1, 2021, businesses having a turnover of more than INR 50 crore were required to provide electronic invoices. From April 1, 2022, it will also apply to businesses with annual revenues of between INR 20 crore and INR 50 crore.

More taxpayers have entered the system as a result of the e-invoice, increasing it from around 1.25 crore in October 2020 to roughly 1.38 crore at this time.

The recent increase in GST collections from an average of INR 0.9 trillion in FY18 to INR 1.23 trillion in FY22 and it may average INR 1.4-1.5 trillion in FY23 has been largely attributed to these system reforms, five-year guaranteed GST compensation for shortfall expired on June 30.

One of the criticisms of GST after it went into effect on July 1, 2017, was that the tax authorities were unable to streamline the return filing process and were unable to perform invoice matching between the buyer and supplier, which raised concerns about potential revenue leakages and non-compliance going unnoticed.

Private Limited Company registration in Chennai by Kanakkupillai


Based on the new rules notified by the Government of India, it is expected that the implementation of GST will benefit companies in various ways. The GST regime aims to streamline the taxation system and eliminate the cascading effect of taxes, which can help companies save money and increase efficiency. Additionally, the introduction of electronic filing and payment processes can also reduce compliance costs for businesses.

As a company, it is essential to stay up-to-date with the latest GST regulations and ensure compliance with them. Non-compliance can lead to penalties and legal issues, which can harm the company’s reputation and financial standing. Therefore, companies should consider seeking the assistance of professionals such as Kanakkupillai to navigate the complexities of GST and ensure compliance. By doing so, companies can take advantage of the benefits that GST offers and operate in a more efficient and effective manner.

Firstly, you need to get in touch with Kanakkupillai and provide the required details about your GST registration process and the reason for the cancellation. The experts at Kanakkupillai will guide you through the entire process and help you fill out the necessary forms and attach the relevant documents. They will ensure that your application is complete and accurate before submitting it to the GST department.

FAQ on GST Registration

1) What are the fees for GST registration?

The fees for GST registration of business can sign up for free through the GST Registration Portal. The whole process is done online for free.

2) What is SGST?

SGST for state GST or SGST applies to intrastate sales of goods and services, per the SGST Act. It is administered by each state's government. Only SGST liability can be offset by SGST or IGST input tax credit.

3) What is GSTIN?

GSTIN or Goods and Service Tax Identification number is a 15 digit number which is assigned to the applicant or businesses when it is successfully registered under GST.

4) What is ARN in GST Registration Online?

ARN in GST Registration or Application Reference Number is generated once the submission of the application is successful to the official GST servers.

5) Is a PAN card mandatory for registering GST?

PAN card mandatory for registering GST - The short answer is "yes," PAN cards are required for GST filing. Except for TDS registration, which can be done with a TAN, GST registration cannot begin without a PAN card.

6) What is the threshold limit for GST registration?

The threshold limit for GST registration if your company's annual sales are more than 40 lakhs (20 lakhs for north-eastern and hill states), you must register as a regular taxable person and pay taxes. A minimum of 20 lakhs is required from service providers (10 lakhs in northeastern and hill regions).

7) How long does it take to get a GST number?

To get a GST number entire GST registration process, including receiving the GST number, takes 7 to 10 working days.

8) Is a current account necessary for GST registration?

No, current account is not required for a company to register for GST.

9) Can I get multiple GST registrations within a state?

Yes, get multiple GST registrations within a state. The company may file for as many GST registrations as desired within a state. For ease of doing business, the process of holding multiple GST registrations only for different industries within a state has been eliminated.

10) What happens if the GST application is rejected?

If the GST application is rejected, you will have the opportunity to respond to the rejection notice. However, you would need to wait for a final rejection, which will take about 10 days, if you wanted to submit a fresh application.

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Kanakkupillai is your reliable partner for every step of your business journey in India. We offer reasonable and expert assistance to ensure legal compliance, covering business registration, tax compliance, accounting and bookkeeping, and intellectual property protection. Let us help you navigate the complex legal and regulatory requirements so you can focus on growing your business. Contact us today to learn more.