GST Invoices

Invoice management system of GST portal likely to reduce disputes in claiming input tax credit

The design architecture for implementing GST e-invoicing for retailers is mostly ready and being vetted by industry experts, GST Network CEO Manish Kumar Sinha said on Tuesday. E-invoicing is already present in the B2B sector. The GST Council, in its meeting earlier this month, decided to extend e-invoice to the B2C sector on a pilot basis. Sinha said the GST department is currently in discussion with the industry for the issuance of electronic invoices for every B2C transaction. "Initially, we will do a pilot project. The design of the architecture is mostly done, and we are getting it vetted by some of the best people we have in the industry. After that, we will release a document on how to go about it," Sinha said at an Assocham event here. The threshold for businesses that would be required to issue e-invoices is in the process of being decided. "We have to give time to the industry, particularly, small mom-and-pop stores. What we want to get right is the technology. Large ...

Pilot run on voluntary basis for selective sectors

GST Network will launch the Invoice Management System (IMS) from October 1 which will facilitate taxpayers in matching their records/invoices vis-a-vis issued by their suppliers for availing the correct Input Tax Credit (ITC). In an advisory to Goods and Services Tax (GST) payers, GSTN said to enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the IMS is being launched. "This will also facilitate taxpayer in matching of their records/ invoices vis-a-vis issued by their suppliers for availing the correct ITC," GSTN said. IMS will allow the recipient taxpayers to either accept or reject an invoice or to keep it pending in the system, which can be availed later. This facility shall be available to the taxpayer from October 1 onwards on the GST portal. Moore Singhi Executive Director Rajat Mohan said by maintaining a detailed record of all actions taken on each invoice, the IMS creates a ro

Rule 9 of the Customs and Central Excise Duties Drawback Rules, 2017 and proviso at Para 2(1)(b) of notification no.76/2001-Cus (NT) dated 23rd September 2021 put a cap on the amount of drawback

The government is likely to make it mandatory for businesses to issue electronic or e-invoice for B2C transactions in the next 2-3 years, an official said on Wednesday. Currently, businesses with a turnover of Rs 5 crore and above are required to generate e-invoice for their Business to Business (B2B) sales and purchases. The government is planning to extend the e-invoice requirement to B2C transactions as well. Central Board of Indirect Taxes & Customs (CBIC) member-GST Shashank Priya said GST systems have to be upscaled and the work is on to bring B2C (business to consumer) transactions under e-invoicing. We are looking at requirement of e-invoice for B2C. GSTN capacities need to be upscaled. Systems will have to be put in place. We have to see which are the sectors we can start first. It is work in progress but we hope in years to come we will be able to take this forward, he said at an Assocham event. Priya further said businesses with turnover between Rs 5-10 crore are not ..

The e-invoicing mechanism helps improve compliance and transparency in sales reporting, minimising errors and mismatches, and automating data entry

CBIC Chairman Sanjay Kumar Agarwal on Wednesday said the department will soon start sending advisories to businesses that are non-compliant on issuing e-invoices to their B2B customers. The Central Board of Indirect Taxes and Customs (CBIC) has started making e-invoice mandatory for businesses in a staggering manner beginning 2020. E-invoicing was initially implemented for large companies with turnover of more than Rs 500 crore, and within 3 years the threshold has now been lowered to Rs 5 crore. "From August 1, businesses with turnover of over Rs 5 crore are required to issue e-invoices. There I would like to mention that those who had to file e-invoices as per law, there the compliance level is not very high. "We will be sending advisory to such taxpayers to issue e-invoices. We do not want to adopt an approach which is intimidating so we want to initially adopt soft approach and nudge them to issue e-invoices," Agarwal said at a CII event here. The details furnished in e-invoic

Large businesses with turnover of Rs 100 crore and above will have to upload invoices on the e-invoicing portal within 30 days with effect from November 1. The National Informatics Centre in an advisory stated that the GST authority has decided to impose a time limit of 30 days for reporting of invoices from the date of invoice, on e-invoice portals. This time limit is applicable for taxpayers with AATO (average annual turnover) greater than or equal to Rs 100 crore. Hence, taxpayers having an annual turnover of Rs 100 crore and above will not be allowed to report invoices older than 30 days from the date of reporting. This validation will come into effect from 1st November 2023, the National Informatics Centre (NIC) said.. AMRG & Associates Senior Partner Rajat Mohan said the GST ecosystem from November 1 will set a 30-day reporting deadline for invoices on the E-invoicing portal. The new rule would apply to large taxpayers. "CBIC may extend these provisions to all taxpayers in .

State-owned Punjab National Bank (PNB) on Wednesday said it has launched a mobile application based on the GST Sahay scheme, an endto-end digital product under which lending can be done using GST invoices. With this integration, PNB has become the first public sector bank to facilitate frictionless credit flow to MSMEs using GST invoices, the bank said in a statement. The initiative is also in line with the bank's strategy to further the development of the MSME sector and digital credit ecosystem in the country. The PNB GST Sahay App makes the entire loan process digitised and helps eliminate any manual intervention for borrowers and makes the process more cost-effective, fast, and smooth, it said. Through this service, the loan amount will be directly credited into the borrower's current account with the bank. Speaking at the launch of PNB GST Sahay App, the bank's MD Atul Kumar Goel said, "our bank has been a pioneer in serving top industrialists as well as the masses and provid

Lowering of e-invoicing threshold will extend the digital application to the MSME sector and benefit the business ecosystem by reducing costs, rationalising errors, and processing invoices quicker

Certain automobile dealers appointed by insurers/insurance intermediaries allegedly billed commission in excess of Irdai cap

Amid the auditors' role coming under scrutiny, ICAI's newly elected President Aniket Talati on Thursday said auditors are not expected to look at every single invoice and transaction but are required to obtain reasonable assurance that the financial statement of a firm is free of material misstatement. The role of the auditors came under scrutiny, especially in the post-IL&FS crisis. "Our auditing standard is today largely in line with international accounting standards. You cannot expect that when a listed company is giving quarterly financial results in 45 days and 60 days for the year-end, it can never be intended that you are going to look at each and every single transaction. It has never been the expectation of an audit," Talati said. According to him, the expectation from a statutory auditor to look at 100 per cent invoices and 100 per cent transactions has never been there and an auditor is expected to exercise the highest level of integrity. The auditing entity needs to ..

The new rule starts in May and it will apply to document-type invoices in the GST system

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Presently, the process is mandatory for businesses with an annual turnover of Rs 20 cr and above

At present, any firm with Rs 20-crore turnover is mandated to file this

GST authorities have expanded the probe into alleged tax evasion by fintech firm BharatPe to include reported issuance of fake invoices by those close to the firm's ousted co-founder Ashneer Grover

The Council is meeting today to discuss issues such as rates on Covid-related supplies

In trade parlance, every product is categorised under an HSN code (Harmonised System of Nomenclature). It helps in systematic classification of goods across the globe