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From April 1, a major change is going to happen under the Goods and Services Tax (GST) , which will not only help prevent data theft, but will also bring new rules for merchants and hotel restaurants. This change will make fraud and data theft in GST even more difficult, as Multi Factor Authentication (MFA) is being implemented.
Applicability of MFA in GST
From now on, it will be mandatory for all users in GST to login using a one-time password (OTP) . This means that without an OTP, no user will be able to login to the GST portal. Also, it will become very difficult to steal data of another user and commit GST fraud.
Before implementing this new system, MFA was started as a pilot project from January 1 for those whose turnover was more than Rs 20 crore. Then from February 1 , this rule was implemented for traders with a turnover of more than Rs 5 crore. Now from April 1, this rule will become mandatory for all GST registered users.
It is necessary to update the phone number on the GST portal
After MFA is implemented, it will be mandatory for users to update their phone number on the GST portal so that they do not face any problem in receiving OTP . Therefore, all GST registered users should get their phone number updated in the month of March.
New rules for e-way bill
There will be some new changes related to e-way bill from April 1. From now on, it will be mandatory for traders with a turnover of more than Rs 10 crore to provide their e-invoice information on the Invoice Registration Portal (IRP) within 30 days. If traders do not provide the information within 30 days, their invoice will be canceled. Till now this rule was applicable only for traders with a turnover of more than Rs 100 crore.
Impact on food prices in hotel restaurants
From April 1, food in hotel restaurants may become expensive. If the hotel room rent is less than Rs 7500, then the facility of input tax credit (ITC) will be available with 18 percent GST . Earlier 5 percent GST was levied on food in hotel restaurants, but now if hotels took advantage of ITC with 18 percent GST, then the prices of food in their restaurants may increase.
Change in GST rate on old cars
From April 1, the GST rate on the sale of old normal and electric cars will be increased from 12 percent to 18 percent . This rule will now apply to agencies that sell second-hand cars . This may lead to an increase in the purchase and sale of old cars.
These changes going to happen in GST from April 1 will be important for traders, hotel owners and customers. The implementation of MFA will curb data theft and fraud, while e-way bill and home loan will be made mandatory.
