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10 Points About Dynamic QR Code in GST

You can listen to the blog here Dynamic QR (Quick Reference) code is required to be shown on all Business to Customers Tax invoices issued by a registered taxable person whose turnover exceeds rupees five hundred crores during any of the last three financial years. Is there any difference between the QR code issued for […]

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Selection of Core Business Activity on GSTN Portal

Listen to the blog here GST has enabled a new feature on the GST portal. At the login time, the portal prompts the user to select the “Core Business Activity.” This is required for the department to understand the nature of the business carried out by the taxpayers. The portal prompts three options initially Manufacture […]

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Important changes applicable from 1st of April 2021 in GST

Do not have time to read, you can listen to the podcast here From 1st April 2021, some changes are being made in Goods and Service Tax which taxpayers have to follow and implement the same. e-invoice e-invoice is required to be issued by all registered taxpayers having turnover above rupees fifty crores for all B2B […]

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e-invoice threshold changes from 1st April 2021

e-invoice is being implemented in India very aggressively compared to other nations across the globe. Within a span of 6 months, we could see the changes in the threshold and also the number of e-invoices issued. It all started from 1st Oct 2020 for taxpayers having turnover above Rs 500 Crores. The same has been […]

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Change or Perish: New Year – New Resolutions in Business

The new year is around the corner, and we normally come across resolutions adopted by the people for the beginning. Now the same has intruded into the business, especially from the GST perspective. It is the time for the business to take resolution and then take it forward else the entrepreneur cannot reach his goals. […]

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Generation of E-way Bills by Transporters for e-invoices

e-Invoice is launched on 1st Oct 2020 successfully for the tax payers having annual turnover more than Rs. 500 Crores. More than 33000 tax payers have accessed this system and generated more than 1250 Lakhs of IRN from the NIC portal, as on date. On average, 18 Lakh IRNs are generated daily. The NIC system […]

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Invoice Furnishing Facility (IFF) for Taxpayers under QRMP Scheme

An Invoice Furnishing Facility (IFF) facility has been provided to taxpayers under QRMP Scheme (Quarterly filers of Form GSTR-1 and also of Form GSTR-3B returns), as per sub-rule (2) of Rule-59 of the CGST Rules, 2017. Taxpayers who have opted for quarterly filing frequency under the scheme can file their details of outward supplies (B2B invoices only) […]

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37K Taxpayers Generate 1680 Lacs e-invoices during last three months

e-invoicing is applicable for taxpayers having turnover above Rs 500 crores from 1st Oct 2020 and till date the systems is working without any challenges smoothly. A total of 1680 lac e-invoices were generated from 1st Oct 2020 to Dec 2020. which translates to more than 1200 e-invoices per minute…It is really a big technological […]

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Auto-population of e-invoice details into GSTR-1/2A/2B/4A/6A

1. Certain notified taxpayers have been issuing invoices after obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). Details from such e-invoices shall be auto-populated in respective tables of GSTR-1. Update on the status of such auto-population was last published on 30/11/2020. 2. For those taxpayers who had started e-invoicing from 1-10-2020, the […]

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GST Revenue collection for December 2020 recorded all-time high since the implementation of GST at ₹ 1,15,174 crore

The gross GST revenue collected in the month of December 2020 is ₹ 1,15,174 crore of which CGST is ₹ 21,365 crore, SGST is ₹ 27,804 crore, IGST is ₹ 57,426 crore (including ₹ 27,050 crore collected on import of goods) and Cess is ₹ 8,579 crore (including ₹ 971 crore collected on import of goods). The total number of GSTR-3B […]

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