KEY CHANGE IN GST FROM 1ST OCTOBER, 2022

KEY CHANGE IN GST FROM 1ST OCTOBER, 2022

From 1st October, 2022, e – invoicing for aggregate turnover of Rs. 10 crore and above,under the Goods and Service Tax, will become mandatory.
As per Notification No. 17/2022, Central Tax dated 01.08.2022, the taxpayer must comply with e invoicing from 01st October 2022 and onwards if their turnover exceeds Rs. 10 crore in any financial year from 2017-18 to 2021-22.
Aggregate turnover in GST means value of all taxable supplies, Exempt supplies, Exports, and Inter-state supplies of a person having the same PAN across all his business entities in India.
E-invoicing shall not be applicable to the following categories of registered persons, irrespective of the turnover, as notified in CBIC Notification no. 13/2020 – Central Tax :
• An insurer or a banking corporation or a financial institution , including an NBFC.
• A Goods Transport Agency (GTA)
• A registered person supplying passenger transportation services
• A registered person supplying services by way of admission to the exhibition of cinematographic films in multiplex services
• An SEZ Unit (excluded via CBIC Notification No. 61/2020- Central Tax)
• A government department and local authority (excluded via CBIC Notification No. 23/2021-Central Tax)
Non issuance of e invoice is an offence under GST and thus attracts penal provisions. Below are some of the penalties:
1. Penalty for Non issuance – 100% of Tax Due or Rs.10,000/- whichever is higher.
2. Penalty for Incorrect Invoicing – Rs. 25,000/-