GST Regulation Updates for Businesses

Businesses with a turnover above 5 crores are required to adopt the new e-invoicing system.

For most states, the threshold for goods is ₹40 lakhs and for services it is ₹20 lakhs. For special category states, these limits are lower.

Depending on the scheme (Regular or Composition), a taxpayer may need to file monthly or quarterly returns along with an annual return.