1. Income from PF Contribution Above Rs 2.5 Lakhs Limit to be Taxable From April 1, 2022. As per new rules a threshold limit of Rs 2.5 lakh has been set on tax-free contributions for non-government employees and Rs 5 lakh for government employees.
2. GST From April 1, e-invoice mandatory for firms with turnover of RS. 20 Cr+. E-invoicing will be compulsory for all businesses with a turnover higher than RS. 20 crore from April 1, with the Central Board of Direct taxes and Customs lowering the turnover threshold for electronic billing from RS. 50 crore.
3. From the next fiscal year, taxpayers must generate invoices on their internal systems or billing software and then report them online to the invoice registration portal. This is required to avail of input tax credit (ITC).
4. GSTN has informed that following Improvements are going to be enabled in the interface of GSTR-1 at GST Portal:
- Submit button shall be removed, two-step filing process (‘Submit’ and ‘File) shall be replaced by one-step filing process (only ‘File Statement’).
- Now taxpayers can view a table-wise consolidated summary before filing of GSTR-1/IFF.
- The consolidated summary page will provide a recipient-wise summary containing the value of supplies and tax. Recipient-wise summary will be available for Table-4A, 4B, 6B, 6C, 9B.
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