Varshamore

  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

  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