GST to Hire E-invoicing

16/Aug/2019
Tax Invoice

The propensity of our society is such that everyone prefers the E-way of getting things done. Why the electronic way of doing things has so much of likeliness among the public? Of course, the easy and speedy mode of electronic medium speaks volume in this respect.

What is E-invoicing? It is simply a form of electronic billing. It allows easy monitoring of transaction documents and is a method used by the trading partners i.e. customers and suppliers.

GST has always been chaotic in nature with all those amendments and new features being added to it. However, it is generally commented to be a good decision taken by the government as GST could fill in the tax system as a replacement of a number of Central and State imposed indirect taxes.

In the latest situation, there is a new confab happening on GST employing E-invoicing in the future transactions. The discussion is ‘in-process’ by the GST council and the method will be adopted soon enough.

How is GST E-invoice Generated?

The GST invoice will be generated in a portal. This invoice will be subjected to the verification procedures of the government agency. Once the authentication is complete, a Unique Identity Number (UID) will be generated against the bill. This will be termed as the invoice number which will be the reference invoice number issued to the buyers.

E-invoicing can be separately applied for returns filed on sales of goods as well as purchase of goods. The collection of these invoices collected from the GST E-invoicing portals can become the returns.

What is the Purpose GST of E-Invoicing?

There are lots of fraudulent practices like fake bills and thus not claiming input tax credit against them. These false practices in return filing of GST has directly resulted in the plummeting of the government revenue. Government believes that the E-invoicing of GST can bottleneck this transgression among traders and controls potential tax dodging to a large extend.

Which GST E-invoicing Mechanism Will Be opted?

The government or GST council has not yet decided about the mechanism to be adopted for E-invoicing GST in India. There are plenty of E-invoicing models practiced by countries like Mexico and Korea that India considers to be robust systems in practice.

Since India is planning on making E-invoices over various multitudes and not just Supply of Goods or B2B transactions etc. it is only explicable to put the process in to practice. It is to be understood, no country anywhere in the world has adopted a 100% E-invoice practice.

GST E-invoicing is a ‘must have’ for business having revenue beyond a certain brink, according to the GST experts. In the now, E-way billing is required for moving goods that exceed the threshold of Rs.50000/-.

Apart from the revenue generation that it offers the government, it is a blessing for the traders as they can fully concentrate on other mainstreams of their business without tumbling on the legal hurdles that they might come across. GST E-invoicing advocates businesses to directly obtain the invoices from the online GST network.

Other Blogs

Seven Major changes in Income Tax Rules, in effect from September 1, 2019.

Government has introduced 7 new changes in the Incone Tax Laws that has come into effect from September 1, 2019

12/Sep/2019

SoP for Filing Kerala Flood Cess Return and payment

For filing return and payment of Kerala Flood Cess, every taxpayer has to register into the Kerala Flood Cess Portal available on the website of Kerala State Goods and Services Tax Department.

20/Sep/2019

Thirty seventh GST Council Meeting - Key Highlights

The 37th GST council has been held in Panaji on September 20, 2019.The meeting wrapped up with several decisions ranging from relaxations in annual return filing, rate revisions, deferment of new GST

27/Sep/2019

State Government to Levy Kerala Flood Cess

Kerala is still in the path of repossession after the trauma it got from the floods last year.

14/Jun/2019

How to Calculate Kerala Flood Cess ?

The government of Kerala has been given the green flag for levying 1% Kerala Flood Cess on goods and services.

17/Jun/2019

Highlights of Union Budget 2019

Check out the highligts of India Union Budget 2019 presented by Finance Minister Nirmala Sitharaman

24/Jul/2019

Central Government Issues Yet another Amendment on Kerala Flood Cess

The latest amendment that is merged in Kerala Flood Cess is described below.

05/Aug/2019

What You Should Know About GST

GST is one indirect tax that could supersede more than a dozen other taxes espousing the slogan "One Nation,One Tax , One Market” in the perfect way.

05/Aug/2019

GSTN Releases the New Return Prototype

GSTN has come up with a web-based prototype which is an interactive demo version of the "Offline Tools Of New Return"

20/Aug/2019

GSTR 9 : Annual Return Filing, Eligibility, Format & Rules

Last date to file GSTR-9 is 30 November 2019.GSTR-9 is an annual return to be filed once in a year by the registered taxpayers under GST.

02/Sep/2019

E-invoices replace GST Invoices: E-Invoicing Benefits, Implementation and How does it works?

E-invoicing is the electronic format of an already generated standard invoice. It facilitates the automation of multi-purpose reporting through one-time input of invoice details.

24/Oct/2019

Home Loan Benefits - Income Tax Deductions and Tax exemption on Housing Loan.

Details about the Tax benefit on Housing loan,Tax rebate on Home loan, Home loan interest deduction. Know more about Income tax exemption and home loan income tax benefit.

31/Oct/2019

What is Input Tax Credit under GST - How to Claim and Calculate it?

Input Tax Credit(ITC) reduces taxes paid on inputs from taxes that are to be paid on output. Input Credit Mechanism is available to you when you are covered under the GST Act.

08/Nov/2019

New Simplified GST Return Forms - Sahaj & Sugam

Sahaj & Sugam new GST Return Forms where announced by GST Council to ease the filing for registered GST taxpayers.

20/Nov/2019

Income Tax System In India - Complete Guide, Types, Rules, IT Returns, Slabs, e Filing

Income Tax is a tax you pay directly to the government based on your income or profit. Learn more about Income Tax slabs, filing process, deductions, refund, rules, calculations, TDS,Income Tax return

05/Dec/2019

Working of E-Invoicing under GST

E-invoicing, new GST invoicing format is starting from 1st January 2020 on voluntary basis.In this system GST network will generate a unique invoice number, also called unique Invoice Reference Number

12/Dec/2019

What if You DON'T file your Returns by December 31, 2019?

The final date for Income Tax Return filing is December 31, 2019. Every person whose total income in the FY 2019 exceeds Rs.2.5lakh are liable to file ITR.

19/Dec/2019

Key Highlights of 38th GST Council Meeting - 28% Tax on Lotteries- GSTR 9 & 9C Deadlines Extended.

Highlights of GST Council Meet - due date for GSTR-9 and GSTR-9C for the FY 2017-18 has been extended and 28% Tax on all lotteries. Find more updates from the 38th GST Council Meeting.

30/Dec/2019

What is Pre-budget Memorandum?

What is Pre-budget Memorandum? Who created Pre-budget Memorandum? Major suggestions in 2020 Pre-budget Memorandum.

13/Jan/2020

GST Revenue Collection

The GST collection has crossed 1 Lakh Cr for the second consecutive month. This indicates that the consumption has boosted despite all the initial chaos about GST.

23/Jan/2020

What is Reverse Charge Mechanism?

Reverse Charge Mechanism(RCM) in GST means that the receiver of the goods or services is liable to pay the tax and not the supplier.

28/Jan/2020

What is the income tax slab for FY 2020 - 21?

Find out the new Income Tax slab tax rates in India for FY 2020-21

11/Feb/2020

Employee State Insurance (ESI) - Here is what you should know...

This article familiarizes you about Employee State Insurance (ESI) Scheme and its eligibility, applicability and benefits for employees.

21/Feb/2020

Everything about GST Composition Scheme

Is GST Composition Scheme beneficial? Have a look on GST Composition Scheme in detail with its benefits, conditions, tax rates etc.

21/Feb/2020

What Key Points Did 39th GST Council Meeting Refer to?

The 39th GST Council Meeting has been held on March 14, 2020 at New Delhi. Here's all you need to know.

19/Mar/2020

IGST: What to Know & Its Overview

GST has many tax subsets alongside rules and sections to follow. What IGST is and what are the associated elements of it are illustrated here...

30/Mar/2020

ITR filing deadline for FY19 extended till 30 June 2020

Income Tax & GST Return Extended till June 30 owing to COVID-19 Outbreak!

07/Apr/2020

Corona Virus: Rs 1.7 lakh cr economic relief package announced by Finance Minister Nirmala Sitharaman

FM Sitharaman is announcing the most-awaited economic relief package amid the Covid-19 pandemic.

16/Apr/2020

Online Income Tax Challans

Income Tax Payment with Online Challans. Find about how to pay advance tax, self assessment tax online.

05/May/2020

A Complete Guide On Job Work Under GST India

The GST Act makes special provisions with regard to removal of goods for job-work and receiving back the goods after processing from the job-worker without the payment of GST.

08/May/2020

What is GST Return? Types of GST Returns, GST Return Due Date, Late Fees on GST Return - Here is everything you should know

Complete guide about GST Returns - The different types of GST returns, who should file these returns and when to file GST returns. Read now

03/Jun/2020

What does RBI Denote through Moratorium Offers?

The moratorium means that the borrowers would not have to pay the loan EMI installments during the moratorium period. Read to know more about the facts of RBI's moratorium.

25/Jun/2020

Highlights of 40th GST Council Meet

Highlights of 40th GST Council Meeting dated 12th June 2020.

30/Jun/2020

What is GST Demand & Recovery?

As per the provisions of recovery of tax in GST, if the amount payable by a taxable person, remains unpaid, even after 3 months from the date of issuing the order for demand of tax, then the recovery of tax under GST will be initiated.

04/Aug/2020

GST Return due dates

GST return due dates and interest related queries have been extended and solved respectively through the various circulars and notifications published by the government.

07/Aug/2020