GST NEWS BULLETIN

Functionality to Opt for Composition Scheme & Furnishing LUT Made Available For F.Y. 2022-23

Functionality to opt in for composition scheme and for furnishing Letter of Undertaking (LUT) has been made available for FY 2022-23 in the Dashboard of taxpayers at GST Portal. The eligible taxpayers, who wish to avail the same may furnish the same on the GST portal.

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Applicability of E-invoicing Provisions w.e.f. 1st April 2022 For Registered Persons Having Aggregate Turnover Exceeding Rs. 20 Crores

E-invoicing provisions were implemented from 1st October, 2020 for taxpayers having aggregate turnover in any preceding financial years from F.Y. 2017-18 onwards exceeding Rs. 500 crores.

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Upcoming GSTR-1/IFF improvements & enhancements on GST Portal

The Goods and Services Tax Network (“GSTN”) has issued Advisory dated February 23, 2022 regarding upcoming GSTR-1/IFF improvements & enhancements on GST Portal for the taxpayers.

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