Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More


Update on 10 Nov 2020

Taxpayers with a total turnover of Rs. 100 Cr must use e-invoicing GST Notification 88/2020

Updated on 05 Aug 2020

Version 1.03 E-Invoicing API specification was released for testing in the sandbox on 05 Aug 2020. These changes conform to the updated version of E-Invoicing API specification - Version 1.1. It was released via e-invoicing Notification 60/2020 Central Tax dated 30 Jul 2020. You can find more information on the changes in the new schema on our blog E Invoice LIVE Date: 01/10/2020 - Version 1.1 E Invoice Schema.

Latest on E-invoicing: Now, it is mandatory for companies with revenue above Rs 100 crore

Updated 23 Jul 2020

Taxpayers who have a turnover above Rs. 500 cr are required to generate e-invoices. From October 2020, taxpayers with a turnover of Rs. 500 cr and above are required to generate an e-invoice - login to the e-invoice portal.

Updated 14 May 2020

The E-Invoicing API specification Version 1.02 was released on the sandbox on 14 May 2020. Most of the changes to the specification are related to validation and new APIs for Generate EWB from IRN.

Since the introduction of GST in India, GST officials have been more vigilant to find a way to stop tax evasion in India. There have been instances where tax fraudsters were caught using fake invoices to evade taxes and claim additional ITC. This was possible because there was no proper mechanism to deal with this situation at the national level. So, e-invoicing under GST was born! So, e-invoice generation will be combined with ITC Claim. This could lead to lower tax issues not too distant.

India introduces E-Invoicing

The government has an E-invoicing mandate in place to prevent tax evasions. Businesses with a yearly turnover greater than a "yet to be decided" amount will be required to submit a digital statement to either a government portal or the Goods and Services Tax portal site.

To streamline the creation of invoices and reduce the compliance burden, the government established a committee that includes fundamental and state tax officials and the GST Network Chief Executive.

 

Businesses would be provided with the application, which can be connected to the GST portal site to create an E-invoice to facilitate the assimilation and use of the E-invoice system to GST. Based on the bill's value, the threshold could be increased. 

JSON (JavaScript Object Notation) is the format used to send data to NIC (Invoice Registration Portal). In JSON files, each data point is assigned a parameter name. The value is then reported against that parameter name. A comma separates two data points for E.g.

The actual JSON for e-invoicing is more complex and can contain multiple structures. Each parameter may have its own validation rules.

 

Fast Delivery

A digital statement will be required by businesses to either create one on a government portal or for the Goods and Services Tax portal.

For every E-invoice generated, businesses will receive an exceptional number if they turnover above the threshold.

This extraordinary number could be matched by all invoices reported in the earnings return and taxes paid.

This is how you create an e-invoice.nic.in and GST payments.

SWIL offers an integrated, automated, and seamless E-invoicing system!

It is a single-stop E-invoicing solution. It can integrate with your billing systems in many ways and create IRNs without disrupting your company.

"Loved reading this piece by Akanksha Bhargava?
Join CAclubindia's network for Daily Articles, News Updates, Forum Threads, Judgments, Courses for CA/CS/CMA, Professional Courses and MUCH MORE!"




Tags :



Category GST, Other Articles by - Akanksha Bhargava 



Comments


update