E-invoicing and GST Returns | Legal Update
With the current environment on GST compliance, proposed changes, the impact of the present process and other aspects.
here’s a bite on E-Invoicing and GST returns.
E-INVOICING AND GST RETURNS
The terms “E-Invoicing” and “GST” are often confused.
As both terms are related to electronic invoicing.
Electronic invoicing is electronic billing software that allows you to file and issue returns, receipts, etc., electronically through your company’s website.
Invoicing, billing, collecting, and processing of payments by electronic means are known as e-commerce. E-commerce has developed into an essential part of business in India.
With the growth of E-Invoicing and other online billing software packages, companies can manage their invoicing, billing, collecting and processing payments across the country and globe from their office or home computer.
E-Invoicing and other online billing solutions allow your customers to obtain an invoice instantly, print it out right away, and send you a check in the mail.
In the past, e-commerce was done only with software packages that were difficult to use, costly, and limited in function.
Today, many excellent, affordable e-invoicing and e-payment systems have all of the functionality needed for an online business.
You can also take advantage of built-in scheduling features that will automatically schedule billings for multiple billable items simultaneously.
An easy-to-use shopping cart option lets you maintain inventory, calculate sales tax, and change the layout as needed.
There are also other essential uses for customizing your e-invoice template. For instance, some companies choose to have their company logo or web address placed at the bottom of each page in an e-commerce solution.
It makes it easy to remember and makes your site more user-friendly. Some small businesses also prefer to place the names and logos of their key personnel in these templates.
You must work with an e-commerce and e-invoicing solution provider that has been around for a while and has built up substantial experience in handling both custom and business e-commerce and e-invoicing systems.
You should make sure that your e-commerce and e-invoicing solution provider has affordable monthly fees for after-sales support as well as monthly fees for setup and start-up.
INSIGHTS ABOUT GST RETURNS
What is a GST return?
A GST return is a document that certifies that all of the purchases you made in a certain province were made in the state where you reside. In other words, it is an identification card for all of your transactions.
There are several documents that you will need when filing your GST return. These documents include your statement of income, a list of all purchases, receipts or invoices for all transactions, and details about your family and dependents.
On the other hand, a GST Annual return is a type of GST return filed by the taxpayers once a year. The term GST Annual return is also known as GSTR 9.
The primary purpose of GST Annual return is to submit an annual compilation of outward supplies, inward supplies, tax liability and input tax credit availed during a financial year.
There have been some changes proposed in the compliance, such changes are-
- Authenticated data fed to GSTN for GST returns and E- waybill by IRP.
- Transactions can be amended in ANX 1/1 A
- Matched transactions eligible for credit computation and RET1 is also populated.
There is no single doubt how essential “E-invoicing and GST returns have become recently, and now after the amendments, we can expect some growth in the filing as ease has been served due to “real-time reporting of transactions for authentication”.
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