GST Amendment: Threshold Adjustment

Regulatory Update: Government amends notification No. 13/2020 – Central Tax. Exercise of powers under sub-rule (4) of rule 48 of the CGST Rules, 2017.

Threshold Revision: Effective from January 1, 2021. Threshold limit lowered from "five hundred crore rupees" to "one hundred crore rupees."

Director's Directive: Pramod Kumar, Director at the Government of India, issues the amendment. Aims to align with evolving economic conditions.

Impact on Businesses: Benefits small and medium enterprises (SMEs). Facilitates compliance for businesses with lower turnover.

Council's Recommendation: Amendment based on recommendations from the GST Council. Reflects collaborative efforts to support business growth.

Publication Details: Original notification published in the Gazette of India on March 21, 2020. Last amended on September 30, 2020.

Compliance Reminder: Businesses urged to adhere to updated threshold for GST compliance. Ensures alignment with revised regulatory standards.