Tag: e-invoice
E-Invoice Under GST – Limit, procedure, Starting Date, benefits
e-invoice under GST: Businesses can now use GST e-invoices generated from the government’s GST portal to create digital invoices for their goods and services. The idea of electronically generating GST invoices has been considered as a way to reduce GST evasion. e-Invoice under GST is a system in which B2B invoices are authenticated electronically by GSTN […]
Read moreNew e-invoicing limit to bring 1.8 lakh more entities into GST fold
e-invoicing :According to a government official, mandatory electronic invoicing of business-to-business (B2B) transactions for companies with annual turnover over Rs 20 crore will increase GST registrations by 75%. According to the official, who spoke on the condition of anonymity, the new system will add 180,000 GST identification numbers (GSTINs) up from the existing 240,000, bringing the total number […]
Read moree-Invoicing under GST: QR Codes | A Mandatory Replicator of e-Invoice Data
e-Invoice has implemented on large enterprises having an annual turnover of INR 500 Crores and above. As per GST Notification 70/2020-Central Tax ,dated: 30-09-2020, the mandate has begun from October 1st 2020 and as per GST Notification 88/2020-Central Tax ,dated: 10-11-2020, the mandate will also apply for all businesses having an annual aggregated turnover of […]
Read moreGSTN: Auto-population of e-invoice details into GSTR-1
GSTN: Certain notified taxpayers have to prepare and issue their invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). Upon successful generation of IRN, details of such e-invoices will be auto-populated in respective tables of GSTR-1. The details of e-invoices available for auto-population along with status of auto-population […]
Read moreE-Invoicing – Digital Revolution to expand to Small Businesses by April 2021?
e-Invoicing under GST is live & in the working for large scale businesses. So far, it has achieved its objectives & proved its usefulness for both businesses & the Government. The Government will have a closer eye on business transactions that will eventually reduce the tax frauds that lead to massive revenue leakages. Which may […]
Read moreEverything about E-invoicing under GST
E-invoicing under GST has came into effect from October 01, 2020 for businesses with aggregate turnover exceeding Rs. 500 crore in any preceding FY from 2017-18 onwards. There is a common misconception among the people that GST e-invoicing means the business will have to generate an invoice through the GST portal. But, the reality is, GST […]
Read moreCBIC notified special procedure for taxpayers for issuing GST e-Invoices : Notification
Government of IndiaMinistry of Finance(Department of Revenue)Central Board of Indirect Taxes and CustomsNotification No. 73/2020 – Central Tax New Delhi, the 1st October, 2020 G.S.R……(E). – In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the […]
Read moreGSTN CEO: e-invoicing to start from October 1, as planned
The plan to introduce the e-invoicing regime from October 1 will not be postponed. This was revealed by Goods and Service Tax Network (GSTN) CEO Prakash Kumar. While large companies are ready for this change, small and medium enterprises are not. This had raised hope that the new regime would be postponed. Kumar also said […]
Read moreKey to Successful e-invoicing Implementation for Businesses
After continued deferment and discussions, the Government is finally implementing e-Invoices in India, under GST. e-Invoicing is already a part of the tax regimes of various countries such as Italy. In India, however, e-Invoicing under GST shall implement for large scale businesses first, from October 1st, 2020. Businesses will have to make changes to their […]
Read moreNew GST return system scrapped; Modified GST Returns Coming Soon!
Goods and Service Tax: The government plans to improve the existing GST return filing system instead of rolling out a new GST Return filing model. The new system was supposed to be launched on 1 October this year. Yogendra Garg, Principal Commissioner, GST Policy at CBIC, while speaking at a webinar hosted by Assocham, said that the […]
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