CBIC has implemented the new e-invoicing system in India in a phased manner. First, they covered all those taxpayers whose turnover was INR 500 crores or more and then all those whose aggregate annual turnover was INR 100 crores or more from 1 January 2021. Union Finance Secretary in a leading newspaper said that CBIC is …
On 20th January 2021, DPIIT (Department for Promotion of Industry and Internal Trade) introduced the regulatory compliance portal with the motive to reduce the compliance burden of taxpayers and businesses. What is Regulatory Compliance? Compliance in general means adhering to a policy, standard, or law framed by the government. Regulatory compliance means the objective that organizations try to accomplish …
ITC matching, reversal, and reclaim are one of the major aspects under GST as it helps the taxpayer to claim accurate ITC without any discrepancy. So in this blog, we will discuss ITC mismatch, reversal, and reclaim in detail. What Is ITC? The full form of ITC is Input Tax Credit that can be used to reduce …
The e-invoicing system was implemented in India with an aim to automate and control tax evasion. But what if you issue a wrong e-invoice? You might face different consequences such as a fall in your compliance rating. So, keeping this in mind we have tried to cover all the aspects of how you can cancel …
As per the recent mandate, e-invoicing will be implemented for all businesses whose aggregate turnover exceeds INR 20+ Crores from April 1, 2022. So, this is the right time that small and medium businesses brace up for this change and choose the best e-invoicing software that provides issuance and receipt of e-invoices seamlessly. E-Invoicing Timeline E-invoicing was first …
E-invoicing has become a reality for businesses with a turnover of INR 500 Crores or more on 1st October 2020. Then, on 1st January 2021, e-invoicing got implemented on businesses having INR 100 Crores or more turnover. Moreover, as per the recent mandate e-invoicing will be applicable for all businesses with turnover INR 20+ crores from 1st April 2022. …
As we already know, the businesses dealing in B2B and export supplies with an annual turnover of INR 20 Crores or more need to comply with the new e-invoicing system from 1st April 2022. If the reports are to be believed, the government is planning to implement the e-invoicing system to all the taxpayers with …
De-linking of Credit or Debit Notes (CDNs) from original invoices was the much-awaited facility that was enabled by the GSTN on 17th September 2020. Before the introduction of delinking of the Credit/Debit Note facility, the taxpayer had to link credit/debit notes to their original invoices while filing GSTR-1 or GSTR-6. Why De-Linking of Credit/Debit Notes …
To make sure that the taxable registered persons comply with the GST provisions, CBIC has issued a notification (Notification No. 01/2021) regarding blocking and unblocking GSTR-1 on 1st January 2021. So, in this blog, we will cover all the aspects relating to the blocking and unblocking of GSTR-1. What is GSTR-1? GSTR-1 is a type …
