Lifecycle of an Invoice under GST: This article aims to simplify the various stages involved, highlighting how the data passes through different stages and various GST returns.
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The integration of GST EWay Bill with FASTag, envisaged in January 2019 with the revenue department setting up an officers committee to integrate e-way bill, FASTag and Delhi-Mumbai Industrial Corridor’s (DMIC’s) Logistics Data Bank (LDB) services, finally came into effect last week.
Invoice Reference Number or IRN as it is usually called is a registration number provided by the government under the e-invoicing mandate to prove the authenticity of any B2B invoice generated by the businesses.
The process of supplying the goods (produced/manufactured in the country) on an international scale is known as Export.
The provisions made under GST define a Casual Taxable Person as any individual who transacts goods and services occasionally while acting as a Principal, Agent or in any other capacity for the furtherance of the business, but does not possess any fixed place of business in the given taxable territory,
Clearing the fog about a major misconception surrounding the E-invoice generation, it is not mandatory for a taxpayer to generate E-invoice through the government’s tax portal.
The supply goods and/or services is done under bond or LUT, without payment of IGST. In such scenario, the exporter can claim a GST refunds on export of the unutilized ITC available for CGST, SGST and IGST.
In India, GST is not applicable to any exports, which makes all the exports in India, Zero Rated Supplies. As per Section 16 of the IGST Act
The revenue department under GST have plans to introduce a faceless scrutiny of refunds to hasten the claim settlement process.
Invoicing your sales, no matter how basic it may sound, is an essential aspect of business that every taxpayer registered under GST needs to master.
Economies across the world have been struggling with tax frauds as long as the taxes have existed. It is a two headed-snake. Because of the non-compliance of a few, honest
Goods and Service Tax Collection in India went up by 15.6% from a year ago to hit INR 1.06 trillion in March. GST Council has been working diligently towards a fairer taxation system and reduce tax evasion.
