Budget 2021: Key Changes In GST To Help Small And Medium-Sized Businesses

Certain key changes were announced in GST Act to help small and medium taxpayers. Business entities with turnover up to Rs.5Crore are not required to get their accounts audited by a chartered accountant. Self-certification would be sufficient. In case of delay in tax deposit, interest up to the rate of 18% shall be payable. The government has clarified that that interest will only apply on the net tax liability. It is also clarified that ITC shall be available if supplier gives a valid invoice and furnishes its details in his statement of outward supplies.

https://www.bloombergquint.com/law-and-policy/budget-2021-key-changes-in-gst-to-help-small-and-medium-sized-businesses