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More than 100,000 small and medium-sized enterprises currently fail to adhere to e-invoicing regulations established under the Goods and Services Tax (GST) Framework, which is obligatory for businesses with an annual turnover exceeding Rs 5 crore. E-invoicing facilitates instantaneous access to GST invoices generated by suppliers during the purchase of goods, enabling quicker availability of […]
On September 14, 2023, the National Informatics Centre, operating under the Ministry of Electronics and Information Technology (MeiTY), issued a clarification concerning Goods and Services Tax (GST) e-invoicing for Government Supplies. The GST Policy Wing has issued this clarification in reference to the implementation of e-invoicing for transactions involving Government departments or agencies, as detailed […]
From November 1st, 2023 an essential advisory on the new 30 days time limit for the reporting of invoices on the Invoice Registration Portal (IRP) is been issued by the GST e-invoice system that is applied to Annual Aggregate Turnovers (AATO) greater than or equal to 100 crores. As per the advisory, it mentions that […]
From 1st August, the central government would extend e-invoicing under GST to assessees whose aggregate turnover in any of the former fiscal years is Rs 5 cr or exceeding than that. Rs 10 cr was the limit for the mandatory GST e-invoicing till now. Beginning on October 1, 2020, taxpayers with a yearly revenue of […]
The Central Board of Indirect Taxes and Customs (CBIC) furnished a vide circular no. 198/10/2023-GST dated July 17th, 2023 describing the obligatory e-invoice for the GST-registered individuals towards the Supply to Government departments in accordance with the suggestions of the 50th GST Council. Clarification has been asked for the application of e-invoicing under rule 48(4) […]
Since it will be mandatory for GST taxpayers with turnover of ₹5-₹10 crore to issue e-invoices from 01 August, GSTN has enabled e-invoicing for eligible taxpayers on all IRP portals. Taxpayers can now check their eligibility status on the e-Invoice portal here: https://einvoice.gst.gov.in. This step has been taken to make such taxpayers familiar with the […]
If you don’t have access to the necessary technology or tools, invoicing may be quite difficult, whether you run a little business or a large corporation. E-invoicing will be the best option if invoicing has always been a problem for you. B2B invoices for interchange between buyers and suppliers can be created electronically via e-invoicing […]
The system of GST law would have been changed over time and is regular. There are various amendments that were circulated in the month of July 2022 and post to that on the date of 1st August 2022 there is another revision that has been declared. It is about the GST notification 17/2022 (Central Tax) […]
5 years have gone by since the introduction of the GST regime was incorporated to address the former issues of double taxation, low tax base and collection, and simplicity of performing the business with the easier tax structure. People have seen the GST navigation fighting with the majority of the issues. From the time of […]
