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GST 2023 | Key Updates & Highlights for Businesses

Essential GST Developments for Businesses 2023

Every enterprise should keep an eye on the latest GST news and updates to ensure timely and full compliance. Dive into the most recent announcements and actions from CBIC, the GST Council, and the GST Network/Portal concerning GST returns, compliance protocols, e-way bills, and e-invoicing mechanisms.

Recent GST Highlights:

October 7, 2023

52nd GST Council Meeting: Convened at Sushma Swaraj Bhawan, New Delhi, led by Union FM Nirmala Sitharaman. For detailed insights, see the full report.

August 2, 2023

51st GST Council Meeting: Conducted virtually. The council greenlit the 28% GST rate for casinos, racecourses, and online gaming.

July 11, 2023

50th GST Council Meeting: Discussed discrepancies in ITC claims and determined a 28% GST for online gaming.

June 15, 2023

Announcement about the upcoming 50th GST Council meeting on July 11, 2023.

June 12, 2023

The NIC stipulated that businesses with turnovers exceeding Rs.100 Crore must adopt Two-factor Authentication from July 15, 2023, applicable to both e-invoicing and e-way billing.

May 26, 2023

CBIC released updated guidelines for online scrutiny starting from FY 2019-20.

May 16, 2023

The portal began supporting GSTR-9 and GSTR-9C filing for FY 2022-23.

May 11, 2023

Introduction of an automatic return scrutiny module. This initiative focuses on enhancing interaction between GST officers and taxpayers.

May 10, 2023

CBIC introduced the 6th phase of e-invoicing for businesses with a turnover above ₹5 Cr from FY 2017-18, starting August 1, 2023.

May 6, 2023

A three-month extension was granted for reporting old e-invoices on e-invoice IRP portals. A new implementation date is still pending.

April 13, 2023

GST Network advisories mandated businesses with turnovers of Rs.100 crore and above to document tax transactions within a week from May 1, 2023.

March 31, 2023

Several CGST notifications were published, encompassing:

  1. Introduction of amnesty schemes for certain late filers and defaulters.

  2. Risk-based biometric authentication for Gujarat.

  3. Extended deadlines for past years regarding recovery proceedings.

February 1, 2023

Budget 2023 Highlights: Emphasis on the decriminalisation of offences and the extended composition scheme for e-tailers.

January 12, 2023

The GST portal now offers an automatic process to address revoked cancelled GSTINs when taxpayers complete outstanding returns.

January 4, 2023

CGST Notification 01/2023 delegated powers from the Superintendent of central tax to Additional Assistant Directors across DGGI, DGGST, and DG Audit departments.

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