e-Invoicing

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.

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

How to prepare for GSTR 1 after the introduction of 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 …

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Importance of vendor automation in business post e-Invoicing

testinggspbloWhy Vendor Digitization Is Important For Business Especially Post e-invoicingg1@yopmail.com

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 …

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Dynamic QR Code For B2C Invoices

Dynamic QR code for B2C invoices

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 …

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E-Invoicing Backward Integration Approach

E-invoicing backward integration approach

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 …

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E-Invoicing: Phase II And Its Impact!

E-invoicing Phase II and its impact

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. …

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E-Invoicing: The Journey So Far!

E-Invoicing- The Journey So Far!

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. …

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