GST-Invoicing: New Condition for Companies Having T.O. < INR 50 Crores

The council has filed the e-invoices important for the businesses through the yearly revenue of Rs 50 cr from 1/04/2021. The amendment in the GST act on the recommendation of the GST official has been shown by the finance ministry.

GST e-invoicing platform has been executed from 1/Oct/2020 for the businesses through the yearly turnover of Rs 500 cr or exceeding it. On the later note with over Rs 100 cr turnover from 1/01/2021.

Beneath e-invoicing, the assessee needs to create the invoices on their internal system (ERP/accounting and GST billing software) and then report it online to the invoice ref portal (IRP). IRP confirmed the details in the invoices and returned the digitally signed e-invoices through the unique invoice ref number (IRN) and with the QR code to the assessee.

GSTN Brings ‘Reset’ Option in GSTR 1/IFF

The Goods and Service Tax Network (GSTN) approved the “Reset” option in GSTR 1/IFF on the GST portal. GSTN directed that the assessee might utilize the RESET button to delete all the saved information towards all the returns periods, without any relation to the furnishing of preference or profiles (monthly or quarterly assessee).

The assessee who is not the quarterly profile assessee individual will be liable to see and Tap the reset button to delete the information. The assessee cannot delete the submitted Invoice Furnishing Facility information. The RESET button is used to delete the stored information and be submitted or filed. It is to be notified that the RESET button can be utilized so as to delete the information which is stored at one go and not submitted or furnished.