Reading Time: 2 minutes The businesses having annual aggregate turnover exceeding ₹10 crores in any of the financial year from 2017-18 and onwards would be mandated to generate e-invoices, starting October 2022. The CBIC had recently issued a notification in this regard in a bid to plug the revenue leakages and ensure better tax compliance. The government has progressively… Continue reading e-Invoicing threshold to be reduced to ₹10 crores from 1st October – here’s how it will impact small and large businesses

Reading Time: 5 minutes Electronic invoicing is a process aimed to transform the traditional practice of issuing paper invoices to digitalize the process for the exchange of invoices in a structured electronic format between buyer and seller through a unified process. E-Invoicing also provides real-time invoicing data to the government and helps in plugging revenue leakages. Applicability of the… Continue reading Phase 2 of e-Invoicing in the Kingdom of Saudi Arabia

Reading Time: 3 minutes Soon after the introduction of e-Invoicing from October 2020, the GSTN had begun auto-populating the GSTR-1 returns with the details from e-Invoices generated by the taxpayers to facilitate compliance and provide pre-filled returns. Once generated, the e-Invoices can be cancelled within 24 hours. After this period, the IRP moves the data to GSTN for auto-population… Continue reading How to prepare for GSTR-1 after the introduction of e-Invoicing?

Reading Time: 4 minutes Why vendor compliances have gained importance over the period? Historically, during the erstwhile regime, the Input Tax Credit (ITC) of any assessee was never dependent on or connected with the vendor’s payment of tax. Although no legislative provisions enacting such a restriction, there were practical instances when assessing officers approached the recipients when the supplier… Continue reading Importance of vendor automation in business post e-Invoicing

Reading Time: 3 minutes Introduction The buzz word in the B2C space today is ‘Dynamic QR code’. The B2C invoicing is different from the B2B e-Invoicing. However, the CBIC vide Notification No. 14/2020 – CT, dated 23rd March 2020 as amended by Notification No. 71/2020 – CT, dated 30th September 2020, prescribes that the businesses with an annual turnover of more than Rs. 500 crore in any preceding financial year should display Quick Response (QR) code… Continue reading Dynamic QR Code For B2C Invoices

Reading Time: 4 minutes Exports Under GST Export of goods and services are given preferential treatment and benefits across the globe in the form of export benefits or refund of taxes in line with the principle that taxes should not be exported. However, the area also remains prone to fraudulent practices for the claim of such benefits. Under GST,… Continue reading Exports – Recent Amendments And Applicability Of E-Invoicing

Reading Time: 3 minutes A question often asked – Why should we automate our purchases or procurements? What’s the need? Instead, we propose that you ask – Why shouldn’t we automate our procurements? What are we losing if we don’t? In the era of technology revolution like the present, automation empowers organizations. It gives the organization a breather from… Continue reading Why Should You Automate Your Procurements?

Reading Time: 4 minutes While there has been much discussion around issuing E-invoices and the regulatory requirements, the other side of the story remains largely undebated – The impact of E-invoicing from the purchaser’s point of view. Every invoice impacts two parties – the buyer and the seller.  Mainly, the responsibility of raising appropriate invoices rests on the seller… Continue reading E-Invoicing Backward Integration Approach