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Quick Overview on G20 - 2023 India

  The 2023 G20 summit was held in New Delhi, India, on September 9-10, 2023. The main venue was the Pragati Maidan, a large exhibition complex in central Delhi. The summit was also held at other venues in New Delhi, including the Hyderabad House, the Prime Minister's residence, and the India International Centre. The 2023 G20 summit was attended by the leaders of the 20 member countries of the G20, as well as the leaders of several invited countries, including Argentina, Indonesia, Senegal, South Africa, and Turkey. The summit was also attended by the heads of international organizations, such as the United Nations, the World Bank, and the International Monetary Fund. The G20 Delhi Declaration was the outcome document of the 2023 G20 summit. It was a 38-paragraph document that covered a wide range of issues, including: The global economy and finance: The declaration called for continued efforts to strengthen the global economy and financial system. It also emphasized the importance
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GST (Goods and Service Tax) Recent Update

 


recent updates in GST Indian taxation:

  • Introduction of electronic invoicing for B2B transactions: From August 1, 2023, businesses with a turnover of more than Rs. 5 crore will be required to use electronic invoices for B2B transactions. This will help to improve the accuracy of tax collection and prevent fraud.
  • Launch of the 'mera bill mera adhikaar' scheme: This scheme, which was launched in September 2023, encourages consumers to demand invoices for goods and services they purchase. Consumers who participate in the scheme can win prizes worth up to Rs. 1 crore.
  • Extension of the composition scheme: The composition scheme, which allows small businesses to pay a fixed tax rate, has been extended to businesses with a turnover of up to Rs. 1.5 crore. This will help to reduce the compliance burden on small businesses.
  • Introduction of a new anti-profiteering mechanism: A new anti-profiteering mechanism has been introduced to prevent businesses from increasing prices after the implementation of GST. This mechanism will be enforced by the Competition Commission of India.
  • Increase in the threshold for registration: The threshold for registration under GST has been increased from Rs. 20 lakh to Rs. 40 lakh. This will help to reduce the number of businesses that need to register for GST.

These are just some of the recent updates in GST Indian taxation. For more information, you can visit the website of the Goods and Services Tax Network (GSTN).

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