e-Invoicing in GST is the latest initiative by the Govt. Read our blogs to understand the importance of e-invoicing mechanism & how it works for the businesses.
Govt. mandated companies of more than Rs.500 crore revenue to start generating e-invoices from 1st October 2020. As per the phase-wise expansion, companies with more than Rs.100 crore revenue began generating e-Invoices from 1st January 2021. With the idea to cover more and more firms, companies with the turnover more than Rs. 50 crores were …
Discover why Cygnet Infotech is your best GST e-Invoicing partner Read More »
The Ministry of Finance has recently mandated GST e-Invoicing with effect from 1st April 2022 for the taxable persons having annual turnover in excess of ₹20 crores in any FY from 2017-18 and onwards. Such a regulatory change has evolved compliance requirements for small businesses encouraging them to embrace technology in issuing invoices. The exemption …
What SMBs over Rs 20 cr revenue must know about GST e-Invoicing Read More »
The Ministry of Finance has recently mandated GST e-Invoicing for B2B and export transactions for the taxpayers having annual turnover from ₹20 crores to ₹50 crores in any FY from 2017-18 and onwards, with effect from 1st April 2022. The change indicates a massive scale-up of compliance requirements for small businesses and the need to …
5 key features required in e-Invoicing solution for small businesses Read More »
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 …
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 …
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 …
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 »
