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Mandatory physical verification for GST registration
Why is it in news?
- The Union government has introduced mandatory physical verification of business premises for the purposes of obtaining GST registration.
Details:
- The GST Council’s law committee had recommended mandatory physical verification of business.
- The move is aimed at controlling the menace of GST fake invoice frauds.
Pay 1% in cash:
- A new rule has been introduced by the Central Board of Indirect Taxes and Customs that mandates businesses with monthly turnover of over ₹50 lakh to pay at least 1% of their GST liability in cash instead of using input tax credits to discharge their entire liability.
e-way bills:
- The validity of e-way bills has also been tweaked, doubling the distance to be covered for each day of validity, effective January 1.
- Till now, an e-way bill for transporting goods under GST allowed transporters to cover 100 km in one day.
- Now, that distance for each day of validity has been increased to 200 km.