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Benefits of GST: What Are the Advantages & Disadvantages in India

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  The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The consumer pays the GST at the time of purchase. The GST replaces other indirect taxes, such as the value-added tax (VAT), service tax, luxury tax, octroi, and entry tax. The GST was introduced in India on 1 July 2017. It is a comprehensive indirect tax on manufacturing, selling, and consuming goods and services throughout India to make India a unified market. The GST levies all supplies of goods and services except those specifically exempted. Benefits of GST When it comes to the benefits of GST, there are quite a few. For starters, GST is expected to make India a unified market. This means that businesses will no longer have to pay multiple taxes on the same product or service. GST is also expected to reduce the overall tax burden on businesses, making it easier for them to do business in India. Additionally, GST is expected to lead to increased compliance with
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Changes in E-Way Bill System After E-Invoicing

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  E-invoicing is a new system implemented in India for businesses with a turnover of more than Rs. 500 crores. The system was introduced to streamline the invoicing process and reduce the compliance burden on businesses. E-invoicing or electronic invoicing is the issuance of an invoice in an electronic format, which computers can read. This differs from the current system, where businesses generate invoices in paper or PDF format. The e-invoicing system will be linked to the GST Network (GSTN), and invoices will be generated using a unique Invoice Reference Number (IRN). The main objective of introducing e-invoicing is to curb tax evasion and fraud by making it difficult for businesses to issue fake invoices. The government hopes that this will lead to an increase in tax revenue collections. This blog post will look at the changes made to the e-way bill system after the introduction of e-invoicing. How has the E-Way Bill system changed after e-invoicing? The E-Way Bill system has unde
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How to generate Consolidated e-way bills?

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  A consolidated E-way bill is a single document that contains all the details on the E-way bills related to the consignments. The transporter will face less confusion because he will only need to maintain one consolidated E-way bill rather than keeping multiple E-way bills for different consignors and consignees in one vehicle. You must be a transporter or should generate an E-way bill on your own to use the facility of a consolidated E-way bill. Steps to generate Consolidated e-way bills The following steps show the way to generate a consolidated E-way bill: Step 1: Log in to the E-way bill portal and generate individual E-way bills. Step 2: Select Generate New under the Consolidated EWB option found on the left-hand side of the dashboard. Step 3: After that, fill in the following details: ●      Select Mode of Transport (Rail/Road/air/Ship) ●      Next, expand the drop-down and select From State ●      Under the Vehicle Start From field, enter the location from whe
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Blocking Of E-way Bill Generation Facility Resumed

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  Due to the epidemic, the government has temporarily blocked permitting taxpayers to generate E-way bills. The taxpayers were greatly relieved by this suspension since it saved them the inconvenience of having to unlock E-way bills that had been blocked for non-compliance. However, the most recent GST advisory, which was made public on August 4th, 2021, noted that, in accordance with Rules 138 E (a) and (b) of the CGST Rules, 2017, the blocking of the E-way Bill (EWB) generating facility has restarted after August 15th, 2021.   Thus, starting on August 15th, the system will examine the validity of any returns or statements submitted using Form GST CMP-08 or Form GSTR-3B, and it will prevent the creation of EWB under the following circumstances: ●      Two or more Form GSTR-3B returns that are due (monthly or quarterly, as applicable) but are not filed for tax periods that expire in June 2021. ●      For the quarters up to June 2021, failure to file two or more statements on For
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Why Should We Use E-invoice?

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  Companies all across the world are attempting to counter competitive challenges through cost savings and increased financial performance visibility. By automating repetitive administrative procedures, back-office departments can see considerable cost reductions. Fewer organizations have optimized accounts payable compared to the number of organizations that have simplified and digitalized operations like procurement. In order to save money, some are centralizing accounting tasks into payment factories, while others are moving invoice processing abroad or outsourcing to a third party. Here are four of the main justifications for why you need to use e-invoicing in your business if you have not previously. 1.   Overcome paper invoice challenges: It is surprising that so many organizations have not yet optimized their accounts payable activities given the time, effort, and expense associated with the paper-based invoicing process. Each paper invoice must be processed manually, which take
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What is accounting software?

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  Do daily operations in your business include stock goods or inventory? If this is the case, you must manage and maintain track of all of your stocks. How many of them have been sold each day? What is the stock balance? Are the stocks moving per demand? Do you have an excessive amount of unused stock? And so on. Business owners may operate their firm more successfully by carefully monitoring the closing stock and conducting routine inventory audits. You can constantly maintain supply and consumption levels at their appropriate levels with the use of small business accounting software . This feature of inventory management software for small businesses is useful when dealing with several product lines and having inventories in multiple locations. Why is small business accounting software important? You may have seen several times that a retail store owner may find it challenging to maintain track of the stock on hand and inventory levels at a certain location. Daily management of this
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What is an E-invoice?

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  Electronically generated, verified B2B invoices for interchange between suppliers and customers are produced by the GSTN (Goods and Services Tax Network). From the point where the supplier creates the invoice until the buyer processes it, the actual practice of e-invoicing should be electronic.   To ensure a decrease in GST avoidance, the idea of GST E-invoice creation was taken into consideration. Businesses with a revenue of more than INR 500 crore are mandated to provide electronic invoices under the GST regime as of October 31, 2020. However, from January 1, 2021, companies with a revenue of more than Rs 100 crore will need to provide electronic invoices.   To improve productivity, reduce error handling, and assist organizations in complying with e-invoicing legislation, e-invoicing solutions may help replace human processes with automated business rules and actions.   Definition of E-invoice: E-invoicing, sometimes referred to as electronic invoicing, is a billing method where
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