India Union Budget GST changes
- Feb 2, 2020 | Richard Asquith
The Indian Finance Minister has submitted to parliament on 1 February the latest 2020 budget amidst slowing growth of 5% compared to the trend of 6.8%. The statement included a number of Goods and Services Tax changes, including:
- New process for voluntarily GST registered businesses to deregister
- Simplified GST return from 1 April 2020, including credit repayment process
- Minor retrospective GST rate changes to certain categories of goods
- Broadening the scope of the e-commerce 1% withholding GST that e-commerce marketplaces must charge on platform transactions they process. However, if the marketplace does not have a registered permanent account with the Indian authorities, then the tax is 5%. This should be processed at the time of the collection of payment by the marketplace. It is calculated on transactions above INR500,000. The measure comes into effect on 1 April 2020.
- Confirmation of phased introduction of e-invoices, initially on a voluntary basis in Feb 2020. Then going to mandatory in April.
- To support the above, the introduction of dynamic QR codes on invoices
India GST news
Total results : 4
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Finance and tax compliance: make your business grow faster
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Jun-1-2022
Germany excludes UK tourist operators from VAT TOMS
avalara:content-tags/asset-type/blog-post,avalara:content-tags/location/world/apac/india,avalara:content-tags/tax-type/gst,avalara:content-tags/primary-blog-tags/vatlive/location/asia/india
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End of transitional period for Import VAT changes in France
VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax
Richard Asquith
Richard Asquith is the former VP Global Indirect Tax at Avalara