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Why Your Business Needs Complete Gst Billing Software?

Goods and Service Tax (GST) is a great revolution for businesses in India. GST system converted the complex indirect tax framework of India into an easy, feasible, and integrated one. Before the advent of GST, the taxation process was a little tiresome but it is easy to file taxes with GST. 

In the long run, this new tax reform will overflow the Indian economy with positive effects. But the problem is filing GST taxes takes a little bit more time. Moreover, it is important for business owners to make sure that they enter 100% accurate details. Thus, it may take a little bit more time and effort but to make it easy, you can use the GST billing software.

The GST billing software for business automates the process and thus it is easier to file the taxes. GST’s unified tax format throughout India is an onerous task, especially when all Indians are not on board with the GST related processes. Some of the small and medium-sized businesses aren’t aware of the benefits that this billing software has.

You will see in this article will provide you with the important reasons why you need the best GST billing software even if you have a small business.

Mandatory fields a GST invoice should have

Companies generally issue a tax invoice to charge the tax and pass on the input tax credit. You can easily create it using the Easy GST website. You can easily file all your GST returns with one click, as you enter all your bills and invoices here. The website will automatically submit them to GST Server.

  • A GST Invoice must have the following mandatory fields:
  • Invoice number and date
  • Shipping and billing address
  • Customer name
  • Place of supply
  • Customer and taxpayer’s GSTIN (if registered)
  • Item details i.e. description, quantity (number), unit (meter, kg etc.), total value
  • HSN code/ SAC code
  • Item details i.e. description, quantity (number), unit (meter, kg etc.), total value

Ease of Filing Data and Simple Invoicing Methods

Most businesses use simple accounting software for all their requirements. Thus, this makes it harder for them to file the data and then integrate it. They have to merge that with the online government portal of GST. But with the help of GST tax software, it’s easier to migrate data from the software to the online portal.

GST invoicing is a little complex. Different goods have different HSN codes and tax percentages and you must enter the right codes as well as calculate the right tax percentage. Hence using  Free GST Software in India will make it easier to invoice various goods without any hassle.

Manage the Documents as well as Follow the Rules of GST

There are various documents in the business, from filing taxes to warning notices to refunds. All these documents have become digital since the emergence of GST and online documentation is mandatory. GST Tax Software will store your documents with ease & will classify them based on their types & store them in various folders.

There are various rules of GST according to the government. From various HSN codes to different tax slabs there are so many minute details to take care of. Also, small and medium-sized businesses aren’t always able to afford an accountant and often are in a terrible state. Easy GST website will make it easier to fill your GSTR 1,2 & 3 and also support your composition scheme.

Data Security and Customization Facility

Data security is the most important thing in recent times. No matter where you store the data, there is a high chance of breaching. But you can overcome this situation with free GST software in India. This software will take care of the security threats and thus they provide amazing security for the users.

You need not worry about the data that you have stored in the software, as it’s safe there. Also, investing in software like this will surely yield you so many benefits.

Cost-Effective and Time-Saving

It is important for you to keep track of your invoices if you are running a business. But the software will make things manageable and will help in keeping the track of all the invoices. It calculates the tax separately for each and every invoice. And thus the best GST billing software makes entire invoice processing is pretty simple and easy.

It solves all finance-related problems, from invoicing to tax filing easy and a lot of your time will be saved.

Artificial Intelligence Will Make Everything Easier

A business entity of one state files thirty-seven tax returns in one single year. Although GST vanished the indirect taxation system, the entire GST taxation system itself is complex. It takes some time as well as effort to adapt to the system. If your company has branches pan India then your company should file a total of 1073 tax returns in a single financial year.

It is definitely not an easy process. So, the artificial intelligence of GST compliant billing software comes as a saviour here. And makes it easy for your businesses to file taxes.

Customization

The customization feature of the GST billing software adds eggs to one’s beer. The software can be customized as per the demands and needs of your business. The artificially intelligent GST software is capable enough to address various types of tax penalties. Another advantage of this software is that it is highly flexible and can easily combine with various other software as well.

Key features to look for in a GST billing software for business

Here are some important features or details you should look for in the software that would ultimately benefit your business units.

  • A security feature that will protect confidential business information and that is robust in both tax filing and data security features.
  • Invoicing, Accounting and GSTN validator.
  • User-Friendly interface with step by step process explained that allows to navigate back and forth (excel-like interface).

You must invest in GST compliant software, as it is always a profitable deal. It will make your process simple, quick and more productive.

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Are You Looking for the Best GST Software in India?

Easy-GST is a GST ready accounting software to manage your accounting, Inventory, Payroll, Billing, and Banking, File your GST returns and many more features.

Feature to save your time and help you, Keep your business finance on track.

Easy Invoice: Easy invoicing software for your business. Create Professional invoice and customize them using your company logo and color theme.

Financial Report: Get real time view of all your company financial through Easy Reporting. Easy has lots of reports to give you an overview of your company’s financial health and adding more time to time.

Assets Management: Manage all your company assets from easy. Easy does all back end work for you and creates required journal entries so you don’t need an expert knowledge to manage your company assets.

Payroll Software: Easy payroll is everything you need to automate your payroll. Create employee information at your fingertips. It provides all necessary reports for HR to manage employee time and attendance.

Multi-Currency: Multi currency lets you create invoices and bills in any currency. With multi-currency option, you can easily generate bill and invoice in different currencies.

GST Return: Easy is now GST ready. Easily file all your GST returns with one click. As you already have your invoices and bills entered in easy we will automatically submit them to GST server. Upload GSTR1, GSTR2 and GSTR3 through Easy GST accounting software.

Secured Data: Easy use SSL to securely transmit data between your browser and easy server.

Inventory Management: Get real time stock valuation with Easy inventory. Your inventory is continually updated on your balance sheet to track real time.

Dashboard: get a quick glance at your business finance. Easy GST dashboard gives you an overview of your business finance. Get real time cash flows, bank balance, invoices & bills etc…

Time and Billing: Easy to use time sheet module let your employees create their time sheets easily without spending a lot time.

Easy EPOS for retails outlets: Android based wireless EPOS for restaurant & supermarket. The dashboard gives you an overview of your payment history, receipts, sales analytics history, inventory etc…

Bill Expenses: Easy GST is business expense management software. Whether it’s a business expense or personal expense you can track all your expenses right from easy.

Banking: Manage all your bank accounts easily, and keep them up to date. Connect easy to your bank account or import your bank statement into easy. Easy offers auto matching and rule based reconciliation to make it even faster to reconcile your bank.

Time Tracking: Record every second your team spent on a project. With our flexible time sheet reporting, prepare report as per your requirements.

Try Easy GST business accounting software for 7 days free trial. Check out the Easy GST website to get more idea about the software.

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TDS and TCS Rates Cut by 25 Percent – ITR Due Date Extended

Finance minister Smt. Nirmala sitaraman held a press conference on 13th May 2020 to provide details of Rs.20 Lakh Crore special economic package announced by the Prime Minister on the day before 12.05.2020 to spur growth and revive the Indian economy amid COVID-19 pandemic.

The finance minister said the rates of TDS for non-salaried specified payments made to residents and rates of TCS for the specified receipts will be reduced by 25 per cent of existing rates.

The reduction shall be applicable for the remaining part of the financial year 2020-21 starting May 14, 2020 to till March 31, 2021.

The reduction of TDS and TCS rates on non-salaried payments by 25 per cent will set free additional cash in the hands of vendors, overall increasing liquidity in the economy.

The government also announced that it will issue all refunds to charitable organisations and other non-corporate tax payers. Till now over Rs 18,000 crore has been issued as refunds to small taxpayers.

Income Tax under the Direct Taxes which are outlined below:

The pending income tax refunds to charitable trusts and non-corporate businesses and professions including proprietorship, partnership and LLPs and cooperatives shall be issued immediately.

In order to provide more funds at the disposal of taxpayers for dealing with the economic situation arising out of COVID-19 pandemic, rates of TDS have been reduced by 25% for specified payments to resident non-salaried assesses.

The due date of all Income Tax Returns for Assessment Year 2020-21 (FY 2019-20) will be extended from 31st July, 2020 and 31st October, 2020 to 30 November, 2020. Similarly, the tax audit due date will be extended from 30th September to 31st October 2020.

The date of assessments getting barred on 30th September, 2020 will be extended to 31st December, 2020 and those getting time barred on 31st March 2021 will be extended to 30th September, 2021.

CBDT has issued a press note on 13.05.2020 specifying the new reduced rates of TDS and TCS effective from 14.05.2020 to 31.03.2021. From April 1, 2021, the prescribed rates of TDS shall apply. In the notification, the CBDT said while TCS on sale of the motor vehicle above ₹10 lakh has been cut to 0.75 per cent from 1 per cent earlier, TDS on 23 items has been reduced.

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How An Accounting Software Can Help Your Small Business To Grow Exponentially

Small companies’ best accounting software is free, easy to use, and helps track revenue and spending. The accounting software can also have detailed financial statements to give you insight into financial security for the company. We looked at more than three dozen things and narrowed them down to our top nine.

According to a new survey of Sage’s 700 small businesses, small businesses that don’t use software packages are more likely to struggle with accounts receivable, notes receivables, and billing than business people who use computerized accounting. Shaquela Tracy, CPA, from Chicago Accounting Company The Meekins Group, says that using pen and paper or databases is often a “complete and utter disaster.” Lastly, perhaps as short as 2015, some states will necessitate each company to manage their books using financial statements, so why wait if you can enjoy all the extra benefits today?

When reconciling your bank account with computerized applications, you don’t lose the deductions. If you do not post the bank charges or the missing receipt for the debit card purchase in the office supplies store, the account does not balance out.

Quick Input

If you ever don’t like keyboarding in your transactions, most banks would allow you to access your bank account details directly. Just a few keystrokes, you can achieve transactions worth a full month. Credit cards that are used in the company should be easy to track, so you should consider posting the payment fees. Reconciling the credit card balance would ensure that transactions are accounted for in the same way as reconciling the bank balance to the statement.

Simple GST Compliance

Whether you’re like most small business owners, you want to make the filing of your GST returns as simple as possible. To do so, consider using GST-enabled accounting software — it applies GST directly to all of your invoices, enabling you to easily retrieve essential financial documents so that you are ready to file your return.

Your accounting program can also be used as a reminder to register your GST returns. Simply set up the program by entering your GST returns in monthly, quarterly, and annual due dates.

Save Time with Automation

Many cloud-based accounting solutions allow you to build automated, time-saving workflows. For example, you can insert the details about your vendor into the system and set up a process that will automatically pay the vendor on the due date every month.

You can also give your customers recurring invoices automatically once their information is entered into the program.

Origin and aging of consumers. Using the invoicing feature of a program helps you to monitor the buying history and payment patterns of your customers. Reports on aging can be created to make collection efforts easier. In reality, selection attempts can be noted on the client profile screen in a special “Notes” window.

Vendor history and aging.

You may use the accounts payable program to track bills when they arrive and prepare for cash flow, rather than simply cutting checks when bills are due. You’ll also be issued with reports for each vendor using the software. This allows the position of previous payments and invoices.

Makes Collaboration Easy

If you don’t like writing your accountant’s financial reports, using cloud-based accounting software is a great choice for you.

Since the program and all the financial information are stored in the cloud, it can be accessed from anywhere so you can set up the accountant’s access so that if necessary, they can sign into the database. You can also track how much access you offer to your employees. For example, if you have an individual managing your payroll, you can let the employee access the payroll portion of the software without requiring them to view your bank accounts.

Software Improves Accuracy

When all of your financial information is kept in the same place, and you frequently enter the correct information into the system, you have the chance of costly accounting errors.

Most cloud-based accounting software is simple to use, allows you to enter spending and revenue as required, and allows you to categorize all your transactions. That way, you know the information you are looking at is right any time you pull a report or check your finances. You don’t need to know different accounting practices, formulas, or shortcuts when using cloud-based accounting software instead of an Excel spreadsheet.

If you are looking for an accounting software that can take care of your businesses accounting requirements from every corner then Easy-GST got it covered. You can avail a number of additional features with the subscription and hurry now to get the best deal and discounts.

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Everything You Must Know About UTGST?

The GST council has included the UTGST to fulfill the constitutional duty set out in Article 366 of the Constitution (One Hundred and First Amendment) Act, 2016, introducing a new provision, namely Provision 26B on “Government.” According to this section, with respect to Articles 246A, 268, 269, 269A, and 279A, “Land” includes a Union territory with a Legislature but also “Canada” for GST purposes, added a Union territory with a Legislature.

UTGST is imposed on transactions occurring in any union territory of India, including Andaman and Nicobar Islands, Dadra and Nagar Haveli, Chandigarh, Lakshadweep and Daman, and Diu, by the respective Union Territory. This tax in the rules of allocation and payment is identical to SGST.

The object of the UTGST bill is to apply, in the absence of a legislature, a tax collection on any Intra UT supply of goods and services in the union territories and has similar properties as SGST’s. All in all, therefore, the SGST can not fulfill the required requirement here and has taken its place for the same UTGST. The Union Territory GST applies to the territories of the Indian Union, including Chandigarh, Lakshadweep, Daman and Diu, Dadra and Nagar Haveli, Andaman and Nicobar.

Why Union Territory GST Is Implemented?

The key agenda was taken up by the GST council for which the UTGST was adopted by the apex body, which will continue to provide benefits the same as SGST. In addition, New Delhi and Puducherry will still enjoy the SGST rules, as both states have independent legislatures and are able to function openly under the terms of SGST, and the GST Council has also found them states.

For more comprehension on the subject of the Union Territory GST, one can see the legislative rules and regulations written into the constitution, that states that, pursuant to Article 246(4) of the Constitution, Parliamentary has the right to make laws on any matter for any part of the territory of India not included in the State, including the matters listed in the State List By checking the aforementioned constitutional rules and regulations, the central government will forward the UTGST for further approval to Parliament.

Under GST, all the states in India are protected by the SGST Act. In the Indian Constitution, the concept of ‘States’ includes union territories with their own legislature. Hence the SGST Act also refers to the Delhi and Puducherry union territories. This means that the taxes imposed on supplies within the Delhi and Puducherry union territories will be CGST+SGST, and the tax imposed on supplies from Delhi / Pondicherry to another State/union territory will be IGST.

Since the SGST Act cannot be applied in the territory of a union without its own legislature, the GST Council introduced the UTGST Act to impose a tax on the territories of the Chandigarh, Lakshadweep, Daman, and Diu, Dadra, and Nagar Haveli and Andaman and Nicobar Islands. UTGST will be levied in lieu of SGST in those union territories.

The explanation for the existence of UTGST is that the SGST for states cannot be enforced in Union Territories with no legislature. Because Delhi and Pondicherry have their own legislatures, they will collect and levy SGST in lieu of UTGST like other states.

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Latest News and Updates About GST You Must Know About

The government must issue refunds to companies for products and services tax paid on orders that consumers have canceled due to the national shutdown placed to contain the latest coronavirus outbreak, as requested. It will benefit businesses who would be forced to refund all payments made to them, including vat.

According to Rajat Mohan, a partner at AMRG & Associates, companies used to change the excess GST charged for other new bookings, but now they will be liable for a refund, which will be a big relief. Hospitality and tourism, leisure, culture, media, advertisement, and aviation are some of the sectors that have been most impacted due to COVID-19 and that stand to benefit.

Upon the emergence of the Coronavirus epidemic, the global economy is forced to take a big step back. The Government of India has taken concrete steps to resolve the citizens’ and company concerns. Union finance and corporate affairs minister Smt on 24 March 2020. Nirmala Sitharaman announced significant relief steps on enforcement issues relating to laws and regulations across various sectors. Such announcements have focused in particular on the fields of Income Tax, EPF, ESI, GST, Customs & Central Excise, Corporate Affairs, Insolvency & Bankruptcy Code (IBC), Fisheries, and Banking and Trade.

A recent Rajasthan GST Advance Ruling on Goods and Service Tax Liability on Company Managers’ Remuneration has come up for discussion. The reasoning in this decision sets out a legal theory that relies on company law in terms of a director’s roles and responsibilities. Such interdependence on tax law definition isn’t unusual. In this case, the conflict was over the essence of the remuneration received by the director of a company and its taxability under GST.

It is expedient to mention those aspects of the GST law before diverting into the conflict. There is an absolute legislative exclusion from GST of compensation that an employee gets for their services. There is also a particular clause, albeit not under the GST law as such, but under a subordinate notice, which specifies that on the reverse charge basis, the GST responsibility for the services rendered by a director is with the recipient organization. Under the Service Tax Act, a similar clause prevailed.

GST Filing complications due to nationwide Lockdown

Regardless of the lockout and COVID-19 impact, all organizations and businesses are following up on work from home. Yet the modern trend of operating from home brings with it a few obstacles for start-ups and even for bigger corporations too. One of the problems that corporations face is that workers responsible for filing tax and GST returns and producing e-way bills can not access their office systems.

The GST reporting process is complicated as it includes consolidating cost bills and transactions from different agencies, validating and entering into accounting systems, calculating the amount of tax due from sales, and more. And, it usually occurs in the last week of the month, which in the current situation makes it impossible for a lot of businesses to handle and file their returns.

Small companies that are unable to operate from home, and where taxpayers are required to be on the premises to comply, are likely to be affected. Some employees can work at the premises for a short period of time for smooth product movement and e-way bill generation.

There are several companies that help their customers stick seamlessly to cloud-based applications that can be accessed anytime, anywhere. When data is applied, the program can automatically produce reports and create reconciliations. These are unique situations, and we hope that the government will be able to resolve those issues.

Latest GST Updates

  • GST returns filing date is being extended to 30 June 2020 for March, April & May by the government.
  • According to the government, there is no Late Fee, No Penalty for the businesses with a turnover of less than Rs.5 crore.
  • The last date for opting for composition scheme extended to 30 June 2020.
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Choose the Right Accounting Software for your Business

Accounting software can offer many effective ways for small companies to handle everyday financial activities, as well as provide useful reports to track and ownership to help them assess business results. Without due consideration, company owners often make expensive errors by investing in the wrong accounting software, and instead, they fail to make the software work, or by switching to new software, they incur even greater costs.

It is also a great decision-making tool as timely reports and budget review tools that come with most accounting software programs offer business owners an opportunity to step back and provide an overall view of company finances. Yet how do you choose the best accounting software for your small company in a sea of programs and software brands?

Since accounting software is essential to your small business, it’s important to make sure you do some homework before you buy any specific form of financial management or accounting software. Looking closely at the needs of your company, you can Gage the day-to-day functionality specifications that you need. Here are just a few of the things to do and consider before you commit to buying accounting software.

Multi-User Access

Many accounting systems allow you to invite other users into the system and monitor the data they see and the activities they can access. For example, you would prefer to give your business partner and accountant full access, while only allowing your employees to use the program to track their time and invoice customers. Many services allow you to invite multiple users at no added cost; others give free accountant access, but if you choose to add other users to the network, you can subscribe to a higher pricing plan or pay an extra.

Cloud-Based Software

Many of the top accounting systems are cloud-based, so you can access your account anywhere, anywhere from any computer with internet connectivity to help you manage your business remotely, whether you’re at home or on holiday.

Many also provide smartphone applications to help you track key information and perform core tasks on the go. For employees who have minimal functionality such as monitoring time and filing expense receipts, some offer different applications. The features of the mobile app differ, so if this is an essential feature for you, you’ll want to make sure it has the functionality you need. You would also want to make sure it works on your favorite device, as some are only compatible with iOS, and others can be used in addition to phones and tablets with smart watches.

Do a Needs Analysis

You must carry out a requirements assessment before settling on a particular accounting system to decide the features, functions, and reports that the program will need to do. You must first take out some time to think about what accounting transactions are important to your company, so you can choose a system that can handle them with ease. Any reports you need to build controls that you need or integrate with third-party applications that you want should be identified. The basis for which you start the selection process would be this requires review.

Time saving Automations

Some accounting applications can be set up to send regular invoices and past-due reminders automatically, saving you time on your invoicing and receivable tasks. Some will save you time by tabling transaction matches to reconcile your accounts. When your company offers quotations or forecasts to clients, search for a system that can turn these documents into invoices in just a few clicks. When you are carrying inventory, search for a program that automatically creates purchase orders to reorder goods when items drop below a specified threshold.

Along with another factor that also comes into consideration is the cost factor that is why Easy GST accounting software is offered as the new Quarantine offer. In this global crisis of COVID-19 pandemic, we are offering our software totally free for 6 Months* only for students. Instead of trial users, you can use it for 6 months without paying anything if you are a student. This offer also comes with 2 users for 1 account login & after that the nominal fees will be applicable according to the plan.

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What You Must Know About GST API Integration?

Taxpayers can use any ASP / GSP facilities to do activities related to GST compliance, such as filing returns. To use the ASP / GSP services, taxpayers must require ASP / GSP access to APIs. This is an additional security feature that enables taxpayers to control access to the GST Portal’s API for their account. Taxpayers are allowed to choose ‘ No “to access the API at any time they want. This will limit the use of his / her credentials to access the GST portal by the ASP / GSP application. This is a security feature designed to avoid any unauthorized access to your information.

The India Goods and Service Tax (GST) API is a Restful API that provides services for all functionalities related to taxpayers. It covers resources such as Payment Information, Returns filing, Registration, Ledger Viewing, and more. Content is provided through the GST Developer portal to help application developers understand, use, and consume GST APIs in their applications.

GSTN (Goods and Service Tax Network), the company that handles GST’s technical portion, has released a range of APIs for developers to build applications and enable them to comply. Until we understand different APIs and how these APIs can be accessed, let’s understand the purpose for which APIs are provided.

Purpose of APIs and various usage

You can connect with a server as you know it through the API. Using these APIs, one can access GSTN servers and perform different functions.

Filing of returns

New software for filing GST returns can be introduced or built. GSTN offers APIs which you can use:

  • Save different GST Returns,
  • View different GST returns,
  • Check status of GST returns,
  • Create Challans and make tax payments,
  • And other functions

Business challenges of investing in GSTN APIs

We have outlined the available APIs and the purpose of these APIs in the heading above, and how you can use them in your application. But the use of these APIs poses many difficulties.

Challenges are both technical and monetary

Technical challenges are not very relevant, as these can be addressed through continuous monitoring of GSTN notifications for updates.

Technical challenges

  • There are still no functional GST structures and even tax rules. For example, one never knows when to discontinue a tax return. We have not started any facilities at Know your GST because of this. GST returns, such as GSTR-3B and GSTR-1, will be discontinued, with the introduction of new GST returns Sahaj and GST Sugam.
  • There numerous other challenges that can be easily handled by developers.
  • Response to and request from the GST APIs also varies. This is due to regular changes to GST rules.

How to get GST APIs

GSTN offers GSP (GST Suvidha Providers) access to the APIs, and GSP can also nominate ASP (Application Suvidha Provider).

So, to access GST APIs, you should either become an ASP or a GSP.

As of now, GSTN has stopped accepting new GSP registration, so there is only one option to become an ASP.

You can use our support if you are looking for a solution to check GST numbers and incorporate GST Verification APIs.

Benefits of using our APIs are:

  • We have a clever system and caching to deliver 80 percent results even if GST servers or GSP servers are down.
  • Signing up, generating API Key, and running your first request will take less than 2 minutes.
  • Cheap plans with unlimited API calls.
  • You can also compare response time, as we are known for providing the fastest response.
  • Support through WhatsApp and documentation.
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If your e-Way bill generation is blocked due to tax defaults-here’s what you must do

The government has implemented the blocking of the e-way bill generation facility with effect from December 2, 2019, to curb tax evasion and non-filing of GST returns. Taxpayers who for the previous two or more consecutive tax periods have not submitted their returns are barred from generating the e-way bill.

What is the reason for the blocking of e-way bill generation?

There are about 20.75 Lakh GSTINs, according to the GSTN data, that have not filed GSTR-3B for September and October. In addition, out of the maximum of 20.75 Lakh GSTINs, approximately 3.47 Lakh GSTINs had transactions in the e-way bill portal for September and October 2019. The tax authorities find the non-filing of returns to be a primary reason for the decreasing collection of GST revenue. For taxpayers who did not submit their Form GSTR-3B return for two consecutive months, therefore, the ability to generate e-way bills had to be blocked.

How will the blocking of e-way bill generation work?

GSTR-3B is a return form containing a summary of the outward and inward supply details and the final tax payable after the input tax credit has been claimed. Each GST-registered taxpayer should file it on a monthly basis.

Under the new e-way bill generation facility blocking rule, a taxpayer who fails to file GSTR-3B return on the GST portal for two or more consecutive months will be prevented from generating an e-way bill. A blocked GSTIN can not be used as a supplier, recipient or transporter to generate an e-way bill. For e.g., if a taxpayer for September and October 2019 did not file GSTR-3B, his / her e-way bill generation facility would be blocked from December 2nd 2019.

In the case of blocked GSTINs, facilities, like updating the vehicle and transporter details or extending the validity of these e-way bills, will not be affected for e-way bills that are already created.

How to get your e-way bill generation facility unblocked?

If a taxpayer files his / her pending GSTR-3B for the default period(s), the e-way bill generation facility would be automatically unblocked, reducing the default period to less than two consecutive tax periods. On the next day, the block will be lifted automatically on the e-way bill portal.

The taxpayer can visit the e-way bill portal for immediate status updates and select the ‘ Search Update Block Status ‘ option, enter the GSTIN and then click ‘ GO. ‘ Click on the ‘ Update Unblock Status from GST Common Portal ‘ option if the status reflects as ‘ blocked. ‘ This will get the most recent filing status from the GST portal, and the e-way bill status will be updated as ‘ unblocked ‘ if the pending returns are filed.

Not providing an e-way bill while the goods are being shipped will lead to an interruption in a business ‘ daily operations and deliveries. This move would enable taxpayers to be more compliant and ensure that they make their returns/tax payments on time. By ensuring that their GSTR-3B is filed within the deadline, businesses need to be more careful so that their business-related operations do not disrupt. This new development can help to improve the collection of GST revenue within the e-way bill system.

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Everything You Must Know About E-Invoice System under New GST Return and Benefits

On September 29, 2019, the GST Council approved the introduction of ‘ e-invoicing ‘ or ‘ electronic invoicing ‘ to report business-to-business (B2B) transactions to the GST system. From January 1, 2020, the new system will be introduced. Previously, there was no generic e-invoice model in India, but the latest GST return set a standard to meet the business needs of traders and industrial entities. E-invoicing is the submission on a common portal of a standard invoice that has already been produced. Thus, multi-purpose reporting is automated with a one-time input of invoice details.

What is E-Invoice?

If an invoice on the computer or Point of Sales (PoS) machine is generated by software, then does it become an e-invoice? Is e-invoice as a system that allows taxpayers to generate invoices centrally? When discussing e-invoice, many such questions are raised.E-invoice does not mean generating invoices from a tax department’s central portal, as any such centralization will result in unnecessary restrictions on the way in which trade is carried out. In fact, taxpayers have different requirements and expectations that cannot be met through one software that generates e-invoices from a portal for the entire country. Invoice generated by each software may look more or less the same, but another computer system cannot understand it even though business users fully understand it.

The key objective behind the E-Invoice System

The intention behind the e-invoicing problem is to reduce manual data entry errors. Since the machine regulates the e-invoicing system, the e-invoices of sellers, banks, agents, or anyone else involved in trading will be analyzed and read. As part of the Return, the e-invoice will also provide details to the GST system in addition to a seamless record of transactions.

Benefits of E-Invoicing

  • Invoice addresses and fills a significant gap in GST information reconciliation to minimize misalignment.
  • E-invoice resolves and mends a flaw in the GST data reconciliation process in order to reduce flaws.
  • Another software can read e-invoices created on one software, allowing interoperability and helping to reduce errors in data entry.
  • E-invoice addresses and mends a flaw in the GST information reconciliation process in order to reduce flaws.
  • Get real-time invoice tracking generated by the various suppliers with e-invoice.
  • As tax authorities receive all the necessary transaction-level information via e-invoices, audits/surveys must not be deterred.
  • Any program will read the e-invoices that were generated on one application, thereby allowing interoperability.
  • E-Invoice cannot be partially canceled; it has to be fully canceled.
  • E-Invoice has the option of canceling the invoice within 24 hours of IRP registration. Any cancellation after 24 hours could not be made via IRN; before filing the return, taxpayers must manually cancel the same on GST Portal.

The e-invoice mechanism is expected to be implemented on a voluntary basis in stages from 1 January 2020. It will be phased enforced.

How will E-invoicing curb tax evasion?

It will help in curbing tax evasion in the following ways:

  • Tax authorities will have access to transactions as they occur in real-time as the e-invoice must be generated compulsorily through the GST portal.
  • There will be less room for invoice manipulation as the invoice is created before a transaction is performed.
  • It will reduce the chances of fake GST invoices, and it is possible to claim the only genuine input tax credit as all invoices need to be created through the GST portal.
  • Since the input credit can suit output tax data, monitoring fake tax credit claims becomes easier for GSTN.