Increase in GST threshold turnover from 20 lakh to 40 lakh for suppliers to take affect from 01.01.2020 where recommended. Read Notification
Government of India
Ministry of Finance
(Department of Revenue)
Central Board of Indirect Taxes and Customs
Notification No. 01/2020–Central Tax
New Delhi, the 01st January, 2020
G.S.R. 2(E).— In exercise of the powers conferred by sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 1st day of January, 2020, as the date on which the provisions of sections 92 to 112, except section 92, section 97, section 100 and sections 103 to 110 of the Finance (No. 2) Act, 2019 (23 of 2019), shall come into force.
[F.No.20/06/09/2019-GST]
(Pramod Kumar)
Director, Government of India
Note: the provisions of said section 94 amended section 22 of the CGST Act, authorising that the Government, at the request of a State and on the recommendations of the GST Council, enhance the GST threshold turnover from 20 lakh to an amount not exceeding 40 lakh rupees in case of supplier subject to prescribed conditions and limitations.
- First-time experience in filing appeal a reasonable & bona fide cause for delay
- Non-disclosure of destination place in documents no ground for seizure u/s 129 of GST Act.
- Charging of exorbitant interest in commercial transactions not against morality or justice
- Assessees not required to prove “source of the source‟ of funds Prior to Finance Act 2022
- During pendency before settlement commission, assessee have right to contest assessment
