Indore (Madhya Pradesh): GST skilled Sunil P Jain mentioned that from October 1st, it is going to be obligatory to make e-invoice for B2B provide to businessmen with greater than Rs 10 cr turnover within the yr 2017-18 or in any subsequent yr.
Jain was addressing a gathering of the Plywood and Laminates Merchants Affiliation of the town. If such e-invoice shouldn’t be generated by the taxpayer, he will likely be deemed to have delivered his items with out bill and is liable to penalty underneath Part 122 as much as the quantity of GST and ITC of the client may even be disallowed. He additionally knowledgeable that from final 18th July, the legal responsibility of GST has been carried out on the whole quantity of transport.
Jain resolved many doubts of the merchants current and knowledgeable that curiosity obtained on receipt of late cost can also be liable to GST and it was not obligatory to see the identical in GSTR 2a for availing ITC in respect of preliminary years.
With regard to the brand new provisions efficient from July 18 this yr, he mentioned that if any residential property is given to a registered taxpayer for enterprise use whether or not it’s within the type of godown or for the residence of staff, then the taxpayer who rents the property will likely be liable to pay 18 % GST underneath Reserve Cost.
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