The e-invoicing before GST has picked up the speed in its 2nd month with the generation of the bill stating a growth of 17% in November as compared to October. It indicates the 2nd phase for e-invoicing that is to make it important for those whose turnover exceeds Rs 100 cr and more from Jan 1 and the leftover from April 1 concerning B2B transaction A helpful GST guide for consumers, B2B (Business to Business) and B2C (Business to Consumer) by SAG Infotech. We also included some important GST articles. read more.
The firms whose turnover is more than Rs 500 cr then it is necessary to use the e-invoicing platform. With respect to 48 million in October, there are near about 56 million invoice reference numbers (IRNs) Know the step by step guide related to generating e-invoice under GST along with benefits. On 37th GST Council Meeting, FM has approved the E-invoice system for traders, or e-invoices, generated in November following economic demand recovery.
Post-Diwali around 3.26 million IRNs has enrolled on Nov 6 which is more than from Oct 1. Daily invoice generation has now increased to 2.5-2.7 million per day correlated to a mean of 1.5 million in a day in October.
“There are almost no complaints. This is because these are large firms with sound tech systems. We are prepared to roll out the next phase from January 1,” an official said. To procure much more clarity in sales reporting, minimizing errors and mismatches, automating data entry work, and enhancing agreement. It assists in removing the tax theft if it is made important for the small as well as medium companies.
With adjacent to 20,000 GSTINs (GST identification numbers) Get to know the important details of your GSTIN (GST Identification Number) in India. We also published its applicability with full details concerning Rs 500 crore and above category already there, another 90,000 GSTINs are estimated to get added on 1 January E-invoicing testing for these entities started on November 15.
From Friday the e-invoice information hs initiated GSTR-1 pr the sales return to form “The e-invoicing system will do away with the need for separate e-way bills,”
The companies whose turnover is more than Rs 500 cr with a small rise seeks to raise the IRN generation. In the middle term, this mechanism will interchange the current e-way bill system Get to know about GST E Way bill and its generating process through online and SMS in a simple manner. Also, we have attached original screenshots of official E way bill portal for better understanding, the central government is hoping to distribute via GST returns to MSMEs.