/** * The main template file * * This is the most generic template file in a WordPress theme * and one of the two required files for a theme (the other being style.css). * It is used to display a page when nothing more specific matches a query. * E.g., it puts together the home page when no home.php file exists. * * @link https://developer.wordpress.org/themes/basics/template-hierarchy/ * * @package WordPress * @subpackage Tally * @since 1.0.0 */ ?>
The introduction of e-invoices was approved by GST council during its 37th meeting held in September 2019 with the key objective to ensure inter-operability of e-invoices across the GST ecosystem. Invoice being a key document and e-invoicing being a reform related to it, it is extremely important for businesses to understand it fully and prepare for it, accordingly. In the recent update, from 1st August 2023, e-Invoicing will be essential for all the registered persons whose aggregate turnover (based on PAN) in any prior fiscal year from 2017-18 onwards exceeds 5 crores.
What is e-Invoicing?
e-Invoice known as ‘Electronic invoicing’ is a system in which all B2B invoices are electronically uploaded and authenticated by the designated portal.
Post successful authentication, a unique Invoice Reference Number (IRN) is generated for each invoice by IRP. Along with IRN, each invoice is digitally signed and added with a QR code. This process is collectively called as e-invoicing under GST
Know more on IRN, Format and process to generate it.
Challenges surrounding e-invoicing
While the government aimed at simplifying the invoice generation process by introducing e-invoicing for businesses, there seem to be some resistance from the B2B business owners. Let’s look at some of the challenges which will be faced by taxpayers on the implementation of the new provisions under e-invoicing:
While e-invoicing is a new concept under GST, and challenges and drawbacks may emerge during its full-fledged implementation, businesses can benefit from the expertise of chartered accountants. These professionals can help businesses make a smooth transition to the e-invoicing system by selecting suitable GST software, providing guidance on compliance, and assisting with crucial functions such as e-invoice generation, cancellation, bulk uploads, and data validation.
In conclusion, chartered accountants play a vital role in helping businesses overcome the challenges associated with the implementation of e-invoicing. Their expertise can ensure that businesses efficiently adapt their processes, navigate the complexities of the new system, and maintain compliance with GST regulations. By leveraging the knowledge and guidance of chartered accountants, businesses can successfully transition to e-invoicing while minimizing disruptions and maximizing the benefits of this reform.
Know more about e-invoices in GST
The Hon’ble Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Interim Budget 2024-25 in Parliament today asserted that by unifying the highly fragmented i
The Goods and Services Tax Network (GSTN) ushers in a transformative update to the GSTR-1 return, unveiling two pivotal tables – Table 14 and Table 15.
The latest release of TallyPrime is loaded with key features such as GST reconciliation ( GSTR-2A, GSTR-2B, and GSTR-1), multi-GSTIN support in a single company, powerful report filters, and..........
Key Recommendations of the 52nd GST Council Meeting: All You Need To Know 📌 A. Recommendations relating to GST rates on goods and services: 📢 I. Changes in GST rates of goods: ➡️ GST rates for "F