GST Amendment: Threshold Revision to Ten Crore Rupees
Rule Modification:
The Government, as per sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, introduces an amendment impacting the threshold limit.
Notification Update:
A revision is made in the notification issued on March 21, 2020 (No. 13/2020 – Central Tax), as recommended by the Council.
Effective Date:
The altered threshold comes into effect from October 1, 2022, signifying a recent shift in the regulatory landscape.
Threshold Adjustment:
The previous threshold of "twenty crore rupees" is replaced with "ten crore rupees," adjusting the eligibility criteria for certain provisions.
Issuing Authority:
Rajeev Ranjan, Under Secretary, issues the amendment, reflecting the government's commitment to periodic updates aligning with economic considerations.
Backdrop of Previous Notifications:
The principal notification, No. 13/2020 – Central Tax, was last amended on February 24, 2022, emphasizing the dynamic nature of tax regulations.
Industry Implications:
Businesses are advised to promptly assess their standing concerning the revised threshold and adjust their compliance practices accordingly.
Note: This adjustment in the GST threshold aims to accommodate evolving economic dynamics and is a crucial aspect for businesses within the specified bracket.