GSTN introduced e-Invoicing for certain taxpayers with effect from 1st Oct 2020 and has been progressively onboarding other taxpayers on the IRP. Currently, e-Invoicing has been enabled for those taxpayers whose aggregate turnover is INR 20 Crores or more from 1st April 2022. They can easily generate e-invoices by using offline utility tools for e-invoicing …
At the point when a business comes into existence, the mind behind the endeavor starts to dream of a future. Nonetheless, as the business grows, the intricacy of the compliance around it likewise develops. By and by, to promote the growth of businesses in India, numerous provisions have been brought under the GST system. One …
For small business proprietors, the composition scheme under GST was presented as an alleviation system so they could pay lower GST sums at a fixed rate on their turnover. And registering themselves under a composition scheme helps them to sidestep monotonous compliances and kills the requirement for complex desk work. Thus, it is important that …
Under the GST regime, scrap and waste have not been related to the GST Laws but despite that sale of scrap is considered as ‘supply’ in course of business which is why the GST rate and HSN code are applicable. Howsoever, according to the dictionary scrap implies the “waste that either has no financial worth or just the estimation of its raw material substance recoverable …
Every company can voluntarily take part in the automation process with e-invoicing software as it will likewise automate and integrate several business processes. Moreover, the generation and cancellation of E-invoice and E-way bills will be hassle-free. Accordingly, it is significant for businesses to look out for e-invoicing software that has every smart feature and performs …
Under the GST regime, the taxpayer would not be able to carry out the business transaction without a GST registration. So, it is important for you to take a fresh GST registration in case of cancellation of the old one. Under What Circumstances GST Registration Gets Cancelled? As per section 29 (2) of the CGST …
Letter of Undertaking (LUT) is a type of guarantee letter that is submitted by an exporter. In this blog, we will learn everything related to LUT under GST. What is LUT under GST? LUT under GST is a document that is filed by the exporter to export goods or/and services without paying GST on such …
A business issues a tax invoice when they supply goods or/and services along with the transfer of title of ownership. But apart from tax invoices, there are other documents that a taxpayer draws one such document is pro forma invoice under GST. So, in this article, we will cover every aspect related to pro forma …
Invoice processing holds a huge overhead for most businesses. Different businesses have distinctive methods of preparing invoices for their customers. In the event that the invoice is late or wrongly deciphered it may prompt non-payment or late payment. In a case when there is any mismatch between the goods or/and services supplied, your customer may also reverse the item delivered. As per the latest mandate, now e-invoicing …
