‘E-Invoicing’ is a method in which B2B invoices are authorized electronically with GSTN. It is an additional trade on the regular GST portal. Below the automated invoicing scheme, an identification number will be allotted against each invoice by the Invoice Registration Portal (IRP). It will be ruled by the GST Network(GSTN).
The e-commerce boom was marked by multiple players, rosy valuations and now slowly reality has set in and the price wars have taken their toll. The VAT authorities across the country have had their tryst with this industry with notices, demands, levy of entry tax and litigation. Currently whenever there is a tax or a business problem, the immediate response from the industry or the administrator or the media is that GST is the only solution.
You must be aware of the declaration of Union Government in the 24th GST council meeting, about the enforcement of E-waybill mechanism for all shipments having value more than ₹50,000/- from 1st February 2018. It is important that you must know the fundamentals of this electronic system of tracking movements of goods. So, here is a comprehensive E-guide on all that you must know about E-waybill.
We’ve assisted over 1000 enterprises like yours, save time and money with our award-winning GST Solution. Teams at Titan, Sun Pharma, Bosch, JKTyre, Puma, 3M, SBI Cards, BookyMyShow, Titan, DLF, Fujitsu, Bisleri, Manipal Hospitals, Treebo, Viacom 18 Media Pvt. Ltd. and more are already using ClearTax GST - The fastest and smartest way to file GST for your company.
Find out the detailed explanation of the provisions related to E-commerce under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
In the evolving environment of the new GST regime it is envisioned that the GST Suvidha Providers (GSP) concept is going to play a very important and strategic role.
The e-commerce boom was marked by multiple players, rosy valuations and now slowly reality has set in and the price wars have taken their toll. The VAT authorities across the country have had their tryst with this industry with notices, demands, levy of entry tax and litigation. Currently whenever there is a tax or a business problem, the immediate response from the industry or the administrator or the media is that GST is the only solution.
You must be aware of the declaration of Union Government in the 24th GST council meeting, about the enforcement of E-waybill mechanism for all shipments having value more than ₹50,000/- from 1st February 2018. It is important that you must know the fundamentals of this electronic system of tracking movements of goods. So, here is a comprehensive E-guide on all that you must know about E-waybill.
We’ve assisted over 1000 enterprises like yours, save time and money with our award-winning GST Solution. Teams at Titan, Sun Pharma, Bosch, JKTyre, Puma, 3M, SBI Cards, BookyMyShow, Titan, DLF, Fujitsu, Bisleri, Manipal Hospitals, Treebo, Viacom 18 Media Pvt. Ltd. and more are already using ClearTax GST - The fastest and smartest way to file GST for your company.
Find out the detailed explanation of the provisions related to E-commerce under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
In the evolving environment of the new GST regime it is envisioned that the GST Suvidha Providers (GSP) concept is going to play a very important and strategic role.
The coming GST law in India will have wide ranging impact on E-Commerce in India. This PPT analysis the problems of E commerce under present indirect tax regime as also impact of Model GST law
Predictability in taxation policy is the bedrock of any vibrant, stable and investment friendly Government. In 2014, when the NDA Government took charge, it professed “Minimum Government - Maximum Governance” and “Ease of Doing Business” alongwith the need for a fair and stable taxation regime.
Implementation of Goods and Services Tax (GST), scheduled to take place beginning July 1, 2017.In the system of GST India GSP and ASP are playing bigger role .In the slide you can find what is GSP ,ASP and also other related information to GSPs and ASPs.
For your GST Compliance automation needs,
Call us today at 1800-270-2875 or
Visit us at www.avalara.com/in/
Ecommerce website is the best available option for business aspirants to enter into a better business world and get success in the future. As the world is moving more into the digital realm every day, to retain a competitive edge is necessary to meet shifting market dynamics and customer demands.
E-commerce GST - Get the detailed information on applicability of GST on E-commerce, Services listed under section 9(5), Registration of ECO, Liability to Pay GST in case of ECO, Place of supply of services, Applicability of TCS. For latest updates on GST you can start your 7 days free trial now: http://bit.ly/2zB0jd1
The taxpayer, a UK-based company, is engaged in providing technology, other support services, and software. For more check out the Tax Newsletter of December 2021.
GST in India - Impact Assessment & ImplementationNimish Goel
GST is proposed to be implemented in India from April 1, 2017 and it is important for companies to get an impact assessment done and understand the implications on their margins, cash flows, business processes and tax obligations. International Business Advisors (www.ibadvisors.co) is working with its clients to help transition to this new legislation.
Recently many changes have been made in GST law in FY 2019-20.
Today GST registration is an essential need for a business. it is mandatory if the annual tunrover is beyond 40 lakhs. however, voluntary GST registration is very beneficial need for almost all kinds of business. it allows to conduct business freely across india. Besides, it helps in business expansion by increasing your business repute. So get completely up to date knowledge on GST registration with a comprehensive guide.
Your guide on the most crucial pillar of GST - Input Tax Credit.
We hope this guide can help you understand the contours of Input Tax credit with regard what you are eligible for and what is explicitly denied in the law.
Presentation on ITC under GST covering:
1) Eligibility and Conditions for taking ITC
2) Blocked Credits
3) Utilization of ITC
Disclaimer - This content is purely for Educational Purpose only. Take Professional consultation before taking any decision based on the contents of this presentation. We shall not be responsible for any loss, whatsoever caused therein.
GST Procedure for e-commerce operators. Basic understanding and applicability of GST and its provisions to E-commerce operators. Applicable for supplier as well as e-commerce operators.
The presentation consists:
Comparison of provision under ST and GST, Value of taxable supply, place of supply
Place of Supply _ GST
Taxable supplies
Bullion business vertical
Exempt services and supply
Analysis of Head wise Incomes earned by banks
Service Accounting Code
INPUT TAX CREDIT
List of common expenses & credit availability
How to Correct errors as Revision is not permissible
STOCK TRANSFER OF SERVICES_ ISD VS CROSS CHARGE
Some of the Grey areas
#Recent Changes in GST# By SN Panigrahi,
Essenpee Business Solutions,
E-Invoice,
E-Waybill,
Returns Filling,
20% ITC Restriction,
Changes in ERP System
SN Panigrahi
#Recent Changes in GST# By SN Panigrah
The coming GST law in India will have wide ranging impact on E-Commerce in India. This PPT analysis the problems of E commerce under present indirect tax regime as also impact of Model GST law
Predictability in taxation policy is the bedrock of any vibrant, stable and investment friendly Government. In 2014, when the NDA Government took charge, it professed “Minimum Government - Maximum Governance” and “Ease of Doing Business” alongwith the need for a fair and stable taxation regime.
Implementation of Goods and Services Tax (GST), scheduled to take place beginning July 1, 2017.In the system of GST India GSP and ASP are playing bigger role .In the slide you can find what is GSP ,ASP and also other related information to GSPs and ASPs.
For your GST Compliance automation needs,
Call us today at 1800-270-2875 or
Visit us at www.avalara.com/in/
Ecommerce website is the best available option for business aspirants to enter into a better business world and get success in the future. As the world is moving more into the digital realm every day, to retain a competitive edge is necessary to meet shifting market dynamics and customer demands.
E-commerce GST - Get the detailed information on applicability of GST on E-commerce, Services listed under section 9(5), Registration of ECO, Liability to Pay GST in case of ECO, Place of supply of services, Applicability of TCS. For latest updates on GST you can start your 7 days free trial now: http://bit.ly/2zB0jd1
The taxpayer, a UK-based company, is engaged in providing technology, other support services, and software. For more check out the Tax Newsletter of December 2021.
GST in India - Impact Assessment & ImplementationNimish Goel
GST is proposed to be implemented in India from April 1, 2017 and it is important for companies to get an impact assessment done and understand the implications on their margins, cash flows, business processes and tax obligations. International Business Advisors (www.ibadvisors.co) is working with its clients to help transition to this new legislation.
Recently many changes have been made in GST law in FY 2019-20.
Today GST registration is an essential need for a business. it is mandatory if the annual tunrover is beyond 40 lakhs. however, voluntary GST registration is very beneficial need for almost all kinds of business. it allows to conduct business freely across india. Besides, it helps in business expansion by increasing your business repute. So get completely up to date knowledge on GST registration with a comprehensive guide.
Your guide on the most crucial pillar of GST - Input Tax Credit.
We hope this guide can help you understand the contours of Input Tax credit with regard what you are eligible for and what is explicitly denied in the law.
Presentation on ITC under GST covering:
1) Eligibility and Conditions for taking ITC
2) Blocked Credits
3) Utilization of ITC
Disclaimer - This content is purely for Educational Purpose only. Take Professional consultation before taking any decision based on the contents of this presentation. We shall not be responsible for any loss, whatsoever caused therein.
GST Procedure for e-commerce operators. Basic understanding and applicability of GST and its provisions to E-commerce operators. Applicable for supplier as well as e-commerce operators.
The presentation consists:
Comparison of provision under ST and GST, Value of taxable supply, place of supply
Place of Supply _ GST
Taxable supplies
Bullion business vertical
Exempt services and supply
Analysis of Head wise Incomes earned by banks
Service Accounting Code
INPUT TAX CREDIT
List of common expenses & credit availability
How to Correct errors as Revision is not permissible
STOCK TRANSFER OF SERVICES_ ISD VS CROSS CHARGE
Some of the Grey areas
#Recent Changes in GST# By SN Panigrahi,
Essenpee Business Solutions,
E-Invoice,
E-Waybill,
Returns Filling,
20% ITC Restriction,
Changes in ERP System
SN Panigrahi
#Recent Changes in GST# By SN Panigrah
#E invoicing w.e.f. 1st Ap'2020# By SN Panigrahi,
E - Invoicing is a form of Electronic Billing,
E-Invoice : Advantages,
E-Invoice Notifications,
Type of Documents to be Reported to GSTN System,
Critical Aspects of E-Invoicing,
Process to Generate an E-invoice under GST,
QR Code,
E-Invoice : Important Links
Workflow of E-Invoice,
Some of the Software Interface Providers
E-invoice Generation | Many of the basic GST complexities that an account manager must deal with include e-invoicing and the creation of invoice reference numbers (IRN).
Read Full Article at :- https://einvoice6.gst.gov.in/content/account-managers-guide-to-effective-e-invoice-generation/
The Goods and Services Tax (GST) is introduced to bring a single unified tax regime for India, which will consolidate many different taxes into a single tax regime.
The intention is to bring predictability and lower operating costs for businesses because the GST will reduce the overall tax burden by reducing the impacts of cascading taxes and allow the cross-utilization of tax credits across the supply chain.
All the enterprises must gear up for a smooth deployment of GST related changes in their application landscape. Without proper technical and application environment, GST compliance will be impossible.
Customer challenges
Organizations do not necessarily have in-house expertise to cope up with the deployment and management of changes related to GST. As the government tries to streamline the process, periodic changes and report requirements (GSTR1, GSTR2, e-Way Bill, e-Invoicing etc.) are generated.
SAP is regularly delivering various notes and patches to support the technical architecture for addressing these requirements.
However, extracting the accurate data from the SAP system and then integrating it to the GSTN Portal (either with our without the help of GSP/ASP) is a huge challenge requiring substantial efforts.
What is equalization levy? When is it charged? What rate is it levied at? Who is liable to pay such tax? Know all about this new model of collecting tax through our latest article.
Detailed discussion and analysis on E-way rule GST - Rule 138 India Ramandeep Bhatia
Detailed discussion and analysis on E-way rule
Electronic Way Bill (E-Way Bill) is basically a compliance mechanism, Wherein by way of a digital interface
The person causing the movement of goods uploads the relevant information prior to the commencement of movement of goods.
Newsletter on daily professional updates- 01/04/2020CA PRADEEP GOYAL
“True strength lies in submission which permits one to dedicate his life, through devotion, to something beyond himself."
Presenting Daily dose of professional updates dated 01.04. 2020. This is 200th edition and 1st Newsletter of Financial Year 2020-2021
Step by step guide to generate E-Ways Bills Online. This guide has been prepared by NIC.
Read more about GST E-Way Bill at - https://www.profitbooks.net/eway-bill/
Newsletter on daily professional updates- 14th December 2019CA PRADEEP GOYAL
Knowledge is power.
Information is liberating.
Education is the premise of progress, in every society, in every family.
Here is your Daily dose of professional updates in newsletter form- 12th to 14th December, 2019
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E invoicing under GST : A broad overview of electronic invoicing
1. 1/4
January 15, 2021
E-invoicing under GST: A Broad Overview of Electronic
Invoicing
blog.legalsalah.com/e-invoicing-under-gst-a-broad-overview-of-electronic-invoicing
The transportation of goods from one point to another is facilitated by the filing of ‘E-Way
Bills.’ It is done on the common GST portal.
Likewise, the GST Council, in its 35th meeting, has chosen to implement a system of e-
Invoicing. It will be applicable to particularized categories of persons. The CBIC formally
announced the system of e-Invoicing under GST vides Notification No. 68/2019 – Central
Tax. This also covers sub-rules (4), (5), and (6) below rule 48 of the CGST Rules, 2017.
E-Invoicing does not imply the formation of invoices on the GST portal. That would be a
myth. Instead, e-Invoicing includes the submission of an already created standard invoice
on a common e-invoice portal.
Thus it automates multi-purpose recording with a one-time input of invoice details. The
CBIC announced a set of common portals for the preparation of e-invoices via
Notification No.69/2019 – Central Tax.
Introduction
‘E-Invoicing’ is a method in which B2B invoices are authorized electronically with GSTN.
It is an additional trade on the regular GST portal. Below the automated invoicing
scheme, an identification number will be allotted against each invoice by the Invoice
Registration Portal (IRP). It will be ruled by the GST Network(GSTN).
The first IRP was started by the National Informatics Centre at invoice.gst.gov.in. All
invoice information will be moved from this portal to the GST billing portal in real-time.
2. 2/4
Hence, it will eliminate the requirement for manual data entry while filing GSTR-1
returns. This also goes while the generation of part-A of the e-way bills.
To whom is e-Invoicing applicable?
E-Invoicing has been made applicable from 1st Oct’ 20 to every business whose turnover
has passed Rs.500 crore. This applies in any of the leading financial years from 2017-18 to
2019-20 – Central Tax invoice under GST.
Moreover, from 1st Jan’ 21, e-Invoicing will be relevant to businesses passing the Rs.100
crore turnover limit. This applies in any of the financial years between 2017-18 to 2019-
20.
However, irrespective of the turnover, e-Invoicing shall not be relevant to the following
categories of registered persons for now. It has been reported in CBIC Notification
No.13/2020 – Central Tax:
An insurer or a banking corporation or a financial institution, including an NBFC
A Goods Transport Agency (GTA)
A registered person providing passenger transportation gst services
A registered person providing services by way of admission to the display of
cinematographic films in multiplex services
An SEZ unit
The current system in place for issuing invoices
Currently, businesses make invoices through various software, and the features of these
invoices are manually uploaded in the GSTR-1 return. Once the GSTR-1 is listed, the
invoice information is revealed in form GSTR-2A for the recipients.
On the other hand, the merchant or transporters must generate a GST invoice bill. It can
be done by again sending the invoices in excel or JSON manually.
The e-Invoicing system has to be implemented from 1st October 2020. This method of
generating and uploading invoice details will continue to be the same. It will be performed
by conveying using the excel tool/JSON or through API integration.
The data will seamlessly move to GSTR-1 preparation and for the e-way bill generation
too. The e-Invoicing system will be an essential tool to enable this.
When will e-Invoicing get implemented?
The first phase of e-Invoicing was implemented from 1st October 2020 for taxpayers with
a total turnover exceeding Rs.500 crore. These taxpayers can use gst bill formats.
From 1st January 2021, e-Invoicing will be extended to companies with an aggregated
turnover passing Rs.100 crore. The government plans to conduct all businesses under the
range of e-Invoicing from 1st April 2021.
3. 3/4
The aggregate turnover will involve the turnover of all GSTINs below a single PAN, across
India.
Get GST Registration For All Selling And Buying Services
With LegalSalah
Read MORE
Benefits of Electronic invoicing to businesses
Businesses will have the following benefits by utilizing e-invoice initiated by GSTN:
E-invoice fixes and plugs a major gap in data conciliation under goods and services
tax to decrease mismatch errors.
E-invoices built on one software can be read by another, enabling interoperability
and help reduce data entry faults.
Real-time tracking of invoices provided by the supplier is enabled by e-invoice.
Backward integration and industrialization of the tax return filing process
Faster availability of actual input tax credit.
Lesser probability of audits/surveys by the tax authorities since the information they
need is available at a transaction level.
Major Challenges of E-invoicing GST
If the invoice is discovered not listed on the IRP, such invoice will not be regarded as
a valid tax invoice. Hence, a fine of Rs 10,000 will be incurred for every instance of
non-compliance
Transportation of goods without a substantial tax invoice can be a reason for the
delay of goods and vehicles. Fines will be also imposed for the same.
Customers may refuse to accept and/or pay goods if a legitimate tax invoice is not
available. It would influence the receiver’s eligibility to receive ITC benefits
In addition, the government plans to fix a check. It will prohibit the generation of an
e-way bill if the IRN is missing
Update for E-invoicing Under GST System
For the improvement of the GST invoice structure, the council has made a change in a
current GST E-invoice.
The plan will be in practice from 1 January 2020 on a voluntary basis. As every new
provision calls for getting a particular standard to effectively achieve the goal. The basic
criterion for e-invoicing is finalized after consultations with trade/industry bodies.
Members of ICAI assures the absolute applicability of the new e-invoicing below the GST
system.
Till now there was no regulation fixed for e-invoicing.
4. 4/4
It was in the 37th GST Council meeting chaired by Union FM Nirmala Sitharaman. The
standard of the new e-invoice mechanism was explained and approved are published on
the GST portal.