GST which is also known as the goods and services tax was introduced first in the Budget Speech that was presented on 28th February 2006. It laid the establishment for reform in India’s indirect tax system. Goods and services tax (GST) was finally implemented on the 1st of July. After that, the indirect tax system went through some amendments since its founding. With the help of this new tax reform, the goods and services tax replaced many indirect taxes that
E-invoice has become the new normal as it is now mandatory in the GST regime. It has started in October 2020. GST E-invoicing is now compulsory for all the taxpayers with a combined turnover of more than Rs. 500 Cr in the former financial year. In order to help all of these taxpayers with this new system, the government gave the option to voluntarily generate and report the e-invoice. Its trial was enabled in August 2020 in the e-invoicing portal.
The introduction of GST or goods and services tax is quite a significant step by the government of India in the field of indirect tax reforms in the country. In order to move all the goods across India without obstruction, every check post in India was abolished with effect from 1st July 2017. This GST system offers a provision of e-way bill. It is a document that the person in charge of conveyance carries. It generates electronically from the common
This article explains the top 10 things that you need to know about e-invoicing under GST by the government for the betterment of GST procedures and to fight the issues taxpayers are facing. It is now mandatory for the taxpayers. What is e-invoicing? E-invoice, also known as an electronic invoice, is an electronic mechanism under GST. In this mechanism, every B2B invoice is generated by a particular business that has an aggregate turnover of more than Rs. 500 Cr will