Latest Updates in GST Invoice Rules: COVID 19
The government of India has rolled out several tax reliefs and measures, concerning the impact of GST on Indian economy due to COVID-19. The GST council has implemented strict GST Invoice rules to curb tax evasion. E-invoicing GST is compulsory for businesses, starting from 1st October. Find the details of this latest update in the article below.
Mandatory E-Invoicing of GST from 1st October: Updated GST Invoice Rules
The government has advanced towards taking steps to improve tax compliance in the country. E-invoicing GST returns filing is now mandatory for businesses with a threshold limit exceeding RS 500 crores.
Earlier, e-invoicing was compulsory for businesses with a turnover limit above 100 crores. However, it is changed due to the recommendations of panels of the GST (Goods and Service Tax) council. In turn, the updated GST invoice rules aim to exempt small businesses in India from the implications of tax filing.
The decision was ruled out by the GST Implementation Committee on behalf of the Central Board of Indirect Taxes and Customs (CBIC). Although e-invoicing GST returns is dated to start from 1st October, the QR codes are said to be unavailable. However, businesses can work on it as per the current scheme and relevant notifications released by the government.
The CBIC is striving to improve the existing GST returns filing system. Parameters such as export under GST invoices and e-way bills are likely to be missing in the new model. Thus, the council has assured us to notify the upcoming changes shortly.
E-invoicing GST returns with Imprezz
Concerning the ongoing technological transformations, businesses might get hurt if they refuse to adopt digital operations. Implementing the best accounting software for small businesses is the first step towards rightly digitalizing your business. You can not only file returns but reap various other benefits by subscribing to Imprezz. Our online accounting software enables you to create and send invoices that are electrically authenticated by GSTIN.
Get rid of manual data entry, double entries, accuracy checks, proofreading, and other accounting hassles. Implement Imprezz invoicing software to automate your bookkeeping tasks. The standardized GST tax invoice format available on the software enables you to file tax returns with the single click of a button.
Conclusion
In a nutshell, several measures and reliefs are ensured to provide relaxation for businesses during these tough times. The government is continually amending the GST invoice rules to ensure advanced and simpler compliance mechanisms. It is a smart step towards reducing the possibilities of survey/audits, fraud GST invoices, and many such problems.
Taxpayers must generate GST e-invoices and submit them to the Invoice Registration Portal (IRP). To ease filing GST returns, you can implement the best accounting software in India, Imprezz.in. We offer a 14 days free trial software program with updated GST invoice templates. Login to better understand the utilities before purchasing the software.
