GST new rules: The government has announced several important changes in GST from April 1 , which is likely to affect both traders and consumers. An additional security level will be added for login to the GST portal under Multi Factor Authentication (MFA) , which will help prevent data theft and fraud. Along with this, many more new rules will be implemented, which are important for traders.
MFA implemented, now login to GST portal will not be possible without OTP
From April 1, the Multi Factor Authentication (MFA) rule will come into effect for all GST registered users. Under this, now OTP will be required to login to the GST portal, which will be sent to the registered mobile number. Its main purpose is to prevent data theft and GST fraud .
The government has taken this step to reduce cases of GST fraud and ensure the security of every user. All traders and GST registered users have been advised to update their mobile numbers on the GST portal so that they can receive OTP.
MFA mandatory for all users from April 1
Earlier this MFA rule was implemented for traders with a turnover of Rs 20 crore or more from January. Then in February it was made mandatory for traders with a turnover of up to Rs 5 crore . Now, the government has decided that from April 1, this rule will be applicable for all GST users , irrespective of the size of their business.
Changes in the rules of e-way bill
Changes have also been made in the rules of e-way bill, in which now it will be mandatory for traders with a turnover of more than Rs 10 crore to upload the information of e-invoice on the Invoice Registration Portal (IRP) within 30 days. If they do not upload this information within 30 days, their invoice will be canceled. Earlier this rule was applicable only for traders with a turnover of Rs 100 crore or more .
Inflation forecast on food in hotel restaurants
From April 1 , the cost of food in hotel restaurants may increase. Now 18 percent GST will be applicable on those hotel restaurants whose room rent is less than Rs 7500, if the hotels choose to avail the benefit of ITC (Input Tax Credit). Currently, 5 percent GST is applicable on these restaurants.
If hoteliers opt for 18 per cent GST , then eating out at restaurants may cost customers a little more as they will now have to pay 18 per cent GST .
Changes in GST on old cars
Apart from this, the GST rate on old cars and electric cars has also been changed. Now, from April 1, 18 percent GST will be levied on the sale of these cars instead of 12 percent . This rule will apply to agencies that sell second-hand cars .
These changes to GST, which will be implemented from April 1, are important for traders and consumers. The implementation of MFA will reduce cases of fraud, while the new rules for e-way bill and hotel restaurants may affect some businesses. Consumers may feel the impact of these changes, especially the prices related to restaurants and car sales.
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