Winning Bizness Desk

Mumbai. The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for filing Goods and Services Tax (GST) returns for the month of September by a day to October 21. On Thursday, taxpayers had to face problems due to the slow working of the GST portal. October 20 was the last date for filing monthly GST returns for some taxpayers. On the slow running of the portal, CBIC had said that extension of the deadline is being considered. The CBIC on Friday tweeted that the GST Council has approved the extension of the last date for filing GSTR-3B returns for September 2022 from October 20, 2022 to October 21, 2022. On the slow running of the portal, CBIC had said that extension of the deadline is being considered.

New rule effective from January 1

Let us tell you that for the business whose annual turnover is more than Rs 5 crore, it will be necessary to generate e-invoice under Goods and Services Tax ie GST. This new rule is going to come into effect from January 1. For this, GST Network has asked its technology provider to prepare the portal for e-invoicing by December. This information has been given in a media report. The effort of the government is to bring all those businesses under the new framework by the next financial year, whose annual turnover is more than Rs 1 crore.

E-invoicing to become mandatory

The rule to make online invoice or e-invoice mandatory is being brought so that tax evasion can be prevented and the income of the government can be increased. The handling of complaints will also become easier by making invoicing online. The GST Council has decided to introduce electronic invoicing in a phased manner. Its purpose is that even the smallest business should be brought under the purview of the economy. According to the recommendations of the GST Council, from January 1, 2023, e-invoicing for businesses with annual turnover of more than 5 crores will become mandatory.