The Government of Kerala on March 06, 2024, issued a notification regarding the various procedures to be legally followed in accordance with their business transactions during the financial year 2024-25.
The following has been stated: -
•All registered traders should note the following regarding the various procedures to be legally followed in accordance with their business transactions during the financial year 2024-25:
1. New from FY 2024-2025 as per GST Act Eligible taxpayers who wish to opt for the composition scheme must file the option to opt for the said scheme on or before 31 March 2024 as per law. Those who are currently trading under the composition scheme do not need to give an option for this.
2. As per GST Rule 46 (b) all taxpayers should use a unique continuous series of tax invoices in the new financial year and all taxpayers should ensure that the legal obligation under the said rule is complied with in the coming financial year.
3. Taxpayers whose aggregate annual sales revenue (Aggregate Turnover) in a country-wide GST registration in a PAN in any financial year from 2017-2018 to 2022-2023 has crossed Rs.5 crores with effect from April 01, 2024, for the supply of goods or services.
4. E-invoicing is mandatory for all related business-to-business (B to B) transactions. If the trader is liable for e-invoicing and does not do e-invoicing, the recipient will not be entitled to input tax credit. All taxpayers with statutory liability falling within the said limits shall strictly pay invoices
The detailed notification is given in the document attached below.
[Notification No. CT/15318/2019-P2 I/245005/2024]
