The term ‘reconciliation’ means to compare two sets of data entries to identify any mismatches or variances. The data sets are of the same origin but come from different sources. It is a practice for correcting errors in the process.
As a concept, e-invoicing has many advantages to offer to all the participants – suppliers, recipients and the Government. It also opens up avenues to provide value-added solutions and services by using the highly standard, processable and recent invoice data.
The GST Council, in its 26th meeting, has given a go-ahead for rolling out E-way Bill. The E-way Bill mandate will kick-off with inter-state transactions, followed by intra-state movement of goods.
E-way bill provisions have come into effect from 1st April 2018 for inter-state transactions and will be effective for all intra-state transactions by June 2018.
In the previous GST council meeting, the principles and approach for return simplification had received a nod and a committee for finalising the return formats and process was formed. In the meeting today, the new return formats and process were approved.
The e-invoice received from the suppliers will have the extra-information related to IRN. Hence, the recipients now need to verify the same and keep it for records.
Practical challenges at different stages in e-invoicing. Challenges in the IRN preparation stage, generating IRN stage which also includes e-way bills, and the post IRN stage. Read more…
Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman announced the official budget for 2022 on 1st February. Some major decisions have been made for healthcare, infrastructure development, tech-enabled development, and several decisions under the PM Gati Shakti scheme. Announcements have also been made regarding the digital economy, bitcoin, and climate actions. Read them in detail here!
GST Notification 39 and GST Notification 40 issued during the end of Dec 2021, specify the rules for claiming Input Tax Credit with effect from 1st Jan 2022. The rules state that ITC on a provisional basis cannot be claimed henceforth. Here’s what you can do to define your ITC strategy for 2022 for availing maximum ITC claim.
The 46th GST Council Meeting was held on 31st December 2021 in New Delhi. It was a physical meeting and considering the COVID restrictions, not more than 2 representative members from each state were requested to join. The meeting was chaired by Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman.
2021 was quite a year full of ups and downs plus loads of GST changes to adapt to! In this article, we share the year’s GST changes and IRIS GST’s key product highlights. The GST Collections, e-invoicing implementation, changes in reconciliation patterns, how to claim maximum ITC are some of the themes in this article. And, we also talk about gearing up for 2022…
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