Daily Current Affairs Article 28th December 2020: The government has introduced mandatory physical verification of business premises for the purposes of obtaining GST registration.
The GST Council Secretariat said that the move, aimed at controlling the menace of GST fake invoice frauds, was recommended by the Council’s law committee.
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Separately, 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.
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.
