Sec 131 of GST Act 2017 126(1) No officer under this Act shall levy any penalty for minor violations of tax regulations or procedural requirements. Sec 131 of GST Act 2017 This includes any omission or mistake in documentation that is easily correctable and made without fraudulent intent or gross negligence. Explanation: For the … Read more
Rs 5 crore are mandated to use e-invoicing Rs.5 crore are mandated to use e-invoicing The e-invoicing system, introduced under the GST law, has been phased in for certain taxpayers. The latest update, notified through Notification No. 10/2023–Central Tax, mandates e-invoicing for businesses with a turnover exceeding Rs. 5 crore, effective from August 1, 2023. … Read more
Generating Incorrect E-Invoice? Generating Incorrect E-Invoice? Penalties for failing to generate an e-invoice or generating an incorrect e-invoice under GST regulations can differ based on the specific country or region’s laws. Generating Incorrect E-Invoice? Typically, consequences for non-compliance with e-invoicing regulations may involve fines, penalties, and potentially criminal charges. In India, the penalties for … Read more
The Central Goods And services Tax Act 2017 Section 122 penalties for certain offences 122.(1) Where a taxable person who – Supplying goods or services without issuing an invoice, or issuing an incorrect or false invoice for such supply. Issuing an invoice or bill without actually supplying goods or services, which violates the provisions of … Read more
E-Invoice Penalties Exploring Various Circumstances E-invoice penalties encompass a wide range of scenarios, from late submissions to fraudulent activities, each carrying its own set of consequences. To avoid these penalties, businesses must prioritize compliance with e-invoicing regulations, invest in robust invoicing solutions, and establish internal controls and processes to ensure accuracy and integrity in their … Read more
