GST updates
Important changes in GST, explained in simple words: what changed and what you should do.
GST rates simplified: mainly 5% and 18%
Most goods and services moved to two main rates, 5% and 18%, with a 40% rate for a small list of luxury and sin goods. The 12% and 28% rates were largely removed. What to do: check the current rate for every product you sell and update your billing software.
GSTR-3B liability is auto-filled from GSTR-1
The tax liability in GSTR-3B now comes from your GSTR-1 / IFF and cannot be freely edited. What to do: get GSTR-1 right before the due date, and correct mistakes through GSTR-1A before filing GSTR-3B.
Returns cannot be filed after 3 years
A GST return can no longer be filed once three years have passed from its due date. What to do: file all old pending returns now, before they become time-barred.
30-day limit for reporting e-invoices (turnover ₹10 crore+)
Businesses with turnover of ₹10 crore or more must report each e-invoice on the IRP within 30 days of the invoice date. What to do: generate IRNs on the same day as the invoice.
TCS by e-commerce operators reduced to 0.5%
Marketplaces now collect TCS at 0.5% (earlier 1%) on net taxable sales. What to do: check that the TCS credit on your portal matches 0.5% of your net marketplace sales.
Always confirm the latest position on gst.gov.in or with us before acting. Rules and dates can change.
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