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GST e-invoice compliance: Wef October 1 the e-invoicing for businesses with an aggregate turnover of Rs 10 cr or more, under the goods and services tax, or GST regime would become essential. The government has reduced the limit from Rs 20 cr at the current time in a bid to manage the revenue leakage and […]
The Indian government has decided to make GST e-invoicing mandatory for firms whose turnover exceeds Rs 5 cr via central tax notification number 10/2023. The GST council has recommended the GST e-invoice limit and the new rule has already been effective voluntarily from August 2023 as per the notification no. 10/2023 – Central Tax. GSTN […]
Inside the indirect tax system, the GST began to remove the inefficiencies. The GST has been able to achieve some of its goals while there is much more yet to be done, particularly when it is being the question of the smaller business entities. This new system has thrown up prior to facing the challenges, […]
The Central Board of Indirect Taxes and Customs ( CBIC ) has enabled the facility to register and login for assessees with a turnover of Rs 20 cr to 50 cr. The CBIC specified the reduction in the applicability of the GST e-invoicing limit to Rs 20 crore from Rs 50 with effect from the […]
Knowledge of GST E-Invoicing Since October 2020, e-invoicing is executed in a phased manner. The history of e-invoicing is mentioned as: S.no Notification No. Turnover Effective date 1 61/2020 – Central Tax 500 Crore 01/10/2020 2 88/2020 – Central Tax 100 crore 01/01/2021 3 05/2021 – Central Tax 50 crore 01/04/2021 4 01/2021 – Central […]
The simplicity of business operation for MSMEs In October month the electronic invoicing system (e-invoicing) completed its one-year journey. Towards the micro, small and medium enterprises (MSMEs) business faces the rise and fall through this journey. The framework is tough to work on for the newly arrived people. E-invoicing has been executed by the Indian […]
The launching of e-Invoicing has been a game-changer considering the facts and circumstances in India. It has been a sort of new revolution that shall transform and smoothen. Invoicing Process Revamped Tax Reporting Fuel the Interoperability of the Direct and Indirect Ecosystem Let’s understand the aforesaid transformation with the statistics related to eight months posts […]
The simplicity of implementing the business for MSMEs: it will not affect the businesses whose turnover is Rs 50 cr to generate the e-invoices however towards the micro and small businesses who do not invest in technology and do not have the digital systems, as per the President, Federation of Indian Micro and Small & […]
Now making ‘Kacha bills’ for the purpose of underreporting sales volume and thus doing tax evasion shall become a phenomenon of the past and it shall soon be replaced by GST e-invoicing from April 1 onwards — for firms having turnover of more than INR 50 crores. Currently, the threshold for e-invoicing is INR 100 […]
