There are going to be big changes in many GST rules from April 1, know full details here

GST: Now promoters and directors will have to go to GST Facilitation Center for biometric authentication. Many new rules of GST are going to be implemented from April 1. The GST system was implemented on July 1, 2017. The GST Council is constantly trying to simplify the GST rules. The government is also focused on removing the flaws related to it. Let us know what things need to be taken special care of from next month.

Pay special attention to these things

1. E-way bill and e-invoice security

NIC has upgraded its e-way bill and e-invoice system. This has been done to prevent unauthorized access. If a user tries to enter through shortcuts, he will come under the radar of tax authorities.

2. Multi-factor authentication

Now MFA has become mandatory for all taxpayers. There is no longer a turnover requirement. Now OTP and additional verification steps will have to be followed. Although this has increased the process, it has also increased security.

3. E-way bill expiry

Now the e-way bill will expire within 180 days from the date of invoice. There is a limit of 360 days for its extension. This means that the e-bill of the previous year cannot be used for transportation of goods.

4. Sequential filing of GSTR-7

If you file GSTR-7 for TDS then you cannot skip the months in between. You have to file GSTR-7 in the correct order.

5. Biometric authentication for directors

Now promoters and directors will have to go to GST Suvidha Kendra for biometric authentication. This is because only PAN and Aadhaar will now not be enough to verify your existence.

6. IDS Registration

If a business has multiple GST registrations with the same PAN, it must register as an Input Service Distributor. The purpose of this is to streamline the distribution of input tax credit. Failure to register may result in a penalty for the business. Experts say that tax practitioners and businesses have been informed about these changes in advance. Hence, there is no possibility of any problem regarding the new rules and provisions. Experts say that the purpose of these changes is to increase security as well as make the GST process systematic.