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In today’s fast-changing business environment, companies in India must adopt Goods and Services Tax (GST) e-invoicing. It is not merely about compliance; the right e-invoicing software can enhance business operations, improve efficiency, and streamline management. Businesses today face an important decision: should they opt for a free e-invoicing solution or invest in a more advanced […]
GST Invoice Changes Effective April 1: How Will They Affect Your Business? From April 1, 2025, businesses that secure an Annual Aggregate Turnover (AATO) exceeding Rs. 10 crore are required to submit an e-invoice to the Invoice Registration Portal (IRP) within 30 days of the date of issuance. Before that, this 30-day reporting limit applied […]
The income of the taxpayer company emerged in India, as the payer, Genpact India, was also located in India. Hence, under the source rule u/s 5(2), the income obtained via the taxpayer company accrued or emerged in India. The method of furnishing technical services via the taxpayer and getting the payments that have the source in India […]
The release of integrated services for the Goods and Services Tax ( GST ) e-invoice-1 and e-invoice-2 portals by the National Informatics Centre ( NIC ), has been announced by the Goods and Services Tax Network ( GSTN ). Starting July 18, 2024, these services will be available on the sandbox and production portals from […]
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) […]
