e-Invoicing

Soon after the introduction of e-Invoicing from October 2020, the GSTN had begun auto-populating the GSTR-1 returns with the details from e-Invoices generated by the taxpayers to facilitate compliance and provide pre-filled returns. Once generated, the e-Invoices can be cancelled within 24 hours. After this period, the IRP moves the data to GSTN for auto-population …

How to prepare for GSTR-1 after the introduction of e-Invoicing? Read More »

Why vendor compliances have gained importance over the period? Historically, during the erstwhile regime, the Input Tax Credit (ITC) of any assessee was never dependent on or connected with the vendor’s payment of tax. Although no legislative provisions enacting such a restriction, there were practical instances when assessing officers approached the recipients when the supplier …

Importance of vendor automation in business post e-Invoicing Read More »

Introduction The advent of GST in India has taken the country to the ranks of many developed nations in terms of its tax administration. Starting 2017, India is climbing the ladder to becoming one of the top nations on the World Bank’s Paying Tax index. In 2020, when the world was reeling with the after-effects …

e-Invoicing: An Answer To Reconciliation Woes? Read More »

Introduction The buzz word in the B2C space today is ‘Dynamic QR code’. After the recent momentous launch of e-Invoicing in the country for B2B invoices, it is now time to shift our focus to B2C invoicing. The B2C invoicing is different from the B2B e-Invoicing. However, the CBIC vide Notification No. 14/2020 – CT, dated 23rd March 2020 as amended by Notification No. 71/2020 – CT, dated …

Dynamic QR Code For B2C Invoices Read More »

Exports Under GST Export of goods and services are given preferential treatment and benefits across the globe in the form of export benefits or refund of taxes in line with the principle that taxes should not be exported. However, the area also remains prone to fraudulent practices for the claim of such benefits. Under GST, …

Exports – Recent Amendments And Applicability Of E-Invoicing Read More »

A question often asked – Why should we automate our purchases or procurements? What’s the need? Instead, we propose that you ask – Why shouldn’t we automate our procurements? What are we losing if we don’t? In the era of technology revolution like the present, automation empowers organizations. It gives the organization a breather from …

Why Should You Automate Your Procurements? Read More »

The country is all geared up for its final phase of the rollout of E-invoicing. With effect from 1 April 2021, the E-invoicing storm shall reach its final stage wherein the businesses with turnover less than Rs. 100 crores shall be liable to raise E-invoices for all B2B supplies made by them. As a recap, …

E-Invoicing Phase III: The Challenges That Lay Ahead! Read More »

While there has been much discussion around issuing E-invoices and the regulatory requirements, the other side of the story remains largely undebated – The impact of E-invoicing from the purchaser’s point of view. Every invoice impacts two parties – the buyer and the seller.  Mainly, the responsibility of raising appropriate invoices rests on the seller …

E-Invoicing Backward Integration Approach Read More »

The next phase of E-invoicing is here! For businesses with a turnover of more than INR 100 crores and less than INR 500 crores, 2021 seems to be exhilarating. The dawn of New Year mandated the much-touted E-invoicing for the sector. The sector is yet to see the actual benefits and challenges of E-invoicing implementation. …

E-Invoicing: Phase II And Its Impact! Read More »

Introduction The famous author Stewart Brand once said “Once a new technology rolls over you, if you are not a part of the steamroller you’re a part of the road.” Across the globe, organisations are quickly evolving. Significant progressions are being made in the field of technology; the tax function is also not left behind. …

E-Invoicing: The Journey So Far! Read More »