The Government of India is implementing e-Invoicing in phases where, 1st Phase of e-invoicing was implemented on 1st Oct 2020, for all those taxpayers whose aggregate turnover exceeded INR 500 Crores. 2nd Phase of e-invoicing was implemented on 1st Jan 2021, for all those taxpayers whose aggregate turnover exceeded INR 100 Crores. 3rd Phase of …
Under GST there are time limits to issue GST invoices, credit notes, and debit notes. So, to stay GST compliant you need to issue GST invoices within the time limit prescribed under the GST law. Time Limit to Issue GST Invoices Time Limit to Issue GST Invoice in Case of Supply of Goods Every taxpayer …
CBIC introduced Quarterly Return Monthly Payment (QRMP) Scheme under GST for all those taxpayers whose aggregate turnover is INR 5 crores or less. QRMP scheme was introduced with the motive to reduce the burden of tax compliance on the eligible taxpayers as they can file GSTR-3B quarterly instead of monthly. Quarterly Return Monthly Payment (QRMP) Scheme Eligibility …
As per the recent notification issued by the CBIC, 3rd phase of e-invoicing will now cover all those taxpayers whose aggregate turnover exceeds INR 50 Crores during any previous financial year 2017-18, 2018-19, and 2019-20. E-Invoicing Phases Government of India implemented e-invoicing in three different phases. 1st Phase of e-invoicing covered all the taxpayers whose …
E-invoicing got implemented in India on 1st October 2020, to all those taxpayers who were dealing in B2B and export supplies with turnover exceeding INR 500 Crores. And on 10th November 2020, the CBIC notified all those taxpayers whose aggregate turnover exceeded INR 100 Crores needs to follow the e-invoicing provision from 1st January 2021. As per the recent notification issued by the CBIC, e-invoicing will now be mandatory for INR …
Under the GST regime, the taxpayer needs to claim the refund on time for better tax management and meet the working capital. So, in this blog, we will know all the relevant refund dates under GST. When to Claim GST Refund? Before moving straight to the relevant date for refund under GST, we need to …
After lockdown businesses are attempting all potential strategies to draw in customers. Quite possibly the most widely recognized methodologies here is to provide gifts, free examples, and other promotional offers. Now the main question is that how these gifts, free samples, and other promotional offers are taxed under GST? So, in this blog we will …
Recently, the invoice registration portal has enabled sandbox testing for all those taxpayers whose turnover is in between INR 50 Crores – INR 100 Crores. So, this means that e-invoicing may soon apply to those taxpayers whose aggregate turnover is INR 50 Crores in any FY from 2017-18 onwards. But it shall be noted that …
GST state code list is a numeric code that represents the state and union territories of India. In this blog, we will cover the GST state code list. Why GST State Code List Was Introduced? GST State code list was introduced under GST to reduce the error that may happen due to spelling error while …
