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 process of generating or raising an e-Invoice involves several stages: ERP System Configuration: Process of getting an e invoice The taxpayer ensures that their ERP system is reconfigured according to PEPPOL (Pan-European Public Procurement Online) standards. They may coordinate with their software service provider to incorporate the standard e-Invoicing schema and include mandatory parameters … Read more
Introduction: GST ITC Setoff Rules Navigating the labyrinth of Tax regulations can be daunting, especially when it comes to the intricate setoff rules of the Goods and Services Tax (GST). Understanding the nuances of GST setoff is essential for businesses and individuals alike to optimise tax liabilities and ensure compliance with regulatory requirements. In this … Read more
Easy Way penalty for wrong address in E- WAY bill In the realm of modern commerce, where transactions often transcend geographical boundaries, the efficient movement of goods is crucial. With the advent of digitalization, the Indian government introduced the E-Way Bill system, a digital documentation mechanism aimed at facilitating the seamless movement of goods across … Read more
