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.
