The basics of e-Invoicing What is e-Invoicing? Ans. e invoicing under gst or Electronic Invoice is the process of generation of Invoices in a specified format as per a schema, so it is readable by all other users. These Invoices are to be authenticated and reported on the Invoice registration Portal (IRP) where a unique […]
Recovery of Money from Debtors in India Many businesses and individuals have at one particular time, sold goods and serve services to the customers / clients with an agreement or without agreement, that payment will be made at a later date or granted loans to debtors who even after several attempts of payment reminder have […]
Cancellation of GST Registration 1. The proper officer may, either on his own motion or on application submitted by registered person or his legal heir (in Case of death of such person) cancel the registration, in prescribed manner and within prescribed period. As per Section 29 of the CGST Act, read with rule 20 of […]
Income Tax Rate for AY 2020-21 (FY 2019-20) 1. Individual (resident or non-resident) or HUF or AOP or BOI or any other artificial juridical person Taxable Income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs 5,00,000 5% Rs. 5,00,000 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% Please note that this […]
GST is the form of indirect tax collected in India, which is levied on the supply of good and services. It is calculated on the sum of reverse charge, inward supplies and outward supplies. It has replaced VAT; a tax collection system which was cumbersome in nature, the tax was collected by laws laid out […]
Concept of E-Invoice The GST Council has approved introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System, starting from 1st January 2020 on voluntary basis. Since there was no standard e-invoice format existing in the India, standard for the same has been finalized […]