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Badrinath Patel
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  1. Printout of E way bill is not mandatory, but for the conveniance and record purpose we need take print out of E way bill

    Printout of E way bill is not mandatory, but for the conveniance and record purpose we need take print out of E way bill

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Badrinath Patel
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  1. According to the latest Updates, the CBIC has notified that e-invoicing will be applicable from 1st April 2021 for businesses with a turnover of more than Rs. 50 crores (in any financial year from FY 2017-18 onwards).

    According to the latest Updates, the CBIC has notified that e-invoicing will be applicable from 1st April 2021 for businesses with a turnover of more than Rs. 50 crores (in any financial year from FY 2017-18 onwards).

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Badrinath Patel
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  1. E-invoicing is applicable to the export transactions to automate the refund mechanism to exporters under the following cases: Refund of the unutilised input tax credit on the exports made without payment of tax. Refund on the exports services provided with payment of tax. Refund of unutilised ITC wiRead more

    E-invoicing is applicable to the export transactions to automate the refund mechanism to exporters under the following cases:

    Refund of the unutilised input tax credit on the exports made without payment of tax.
    Refund on the exports services provided with payment of tax.
    Refund of unutilised ITC with regards to sales made to SEZ Unit/SEZ Developer without the payment of tax
    Refund of tax payment on supplies made to the SEZ Unit/SEZ Developer.
    Refund to the supplier/recipient of taxes paid on the account of deemed export supplies. Some of the examples of deemed exports are supplies made to the export-oriented units, United Nations, mega power projects/nuclear projects through competitive bidding.

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Badrinath Patel
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  1. e-invoicing became mandatory for all the taxpayers from 1st October 2020, whose aggregate turnover in a financial year exceeds Rs.500 crore. Thereafter, taxpayers with turnover more than Rs.100 crore must comply from 1st January 2021 whereas taxpayers with turnover more than Rs.50 crore must begin cRead more

    e-invoicing became mandatory for all the taxpayers from 1st October 2020, whose aggregate turnover in a financial year exceeds Rs.500 crore. Thereafter, taxpayers with turnover more than Rs.100 crore must comply from 1st January 2021 whereas taxpayers with turnover more than Rs.50 crore must begin complying from 1st April 2021. Eventually, all taxpayers may be brought under the tax ambit in a phased manner.

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Badrinath Patel
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  1. The CGST Rules require all the invoices (including credit notes/debit notes) to be physically signed by the authorised representative of the entity issuing the invoice. However, such authorised representative may also place his digital signature if it is affixed as per the provisions of the InformatRead more

    The CGST Rules require all the invoices (including credit notes/debit notes) to be physically signed by the authorised representative of the entity issuing the invoice. However, such authorised representative may also place his digital signature if it is affixed as per the provisions of the Information Technology Act, 2000.
    The e-invoice system requires a supplier to upload the JSON of the invoice onto the Invoice Registration Portal (IRP). The JSON will have to follow the specific mandatory and optional parameters while reporting the invoices. The digital signature is one of the optional parameters in this case. Once the e-invoice is signed by the IRP, it will be a valid e-invoice which can be used by the seller for his various business transactions. The IRP will also forward the digitally signed e-invoice to the GSTN and the e-way bill system.
    One can conclude from this that every invoice must be signed by the athorised dsignatory, however it is not necessary that there must Digital Signature only.

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Badrinath Patel
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  1. The Harmonised System of Nomenclature (HSN) code shall be used for classifying the goods under the GST regime and services will be classified as per the Services Accounting Code (SAC). HSN code is introduced for the systematic classification of goods all over the world to avoid inconvience while traRead more

    The Harmonised System of Nomenclature (HSN) code shall be used for classifying the goods under the GST regime and services will be classified as per the Services Accounting Code (SAC).
    HSN code is introduced for the systematic classification of goods all over the world to avoid inconvience while trading internationally. It is a 6-digit uniform code that classifies the products worldwide. Under this, section and chapter titles describes broad categories of goods, while headings and subheadings describe products in detail. The HSN system is used by more than 200 countries and economies for reasons as it helps in the uniform classification of products and provides a base for their customs tariff.
    Similary, the SAC code means Services Accounting Code under which the services fall under the GST are classified. HSN code and SAC code are the codes used to classify goods and services under the GST regime in India.

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Badrinath Patel
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  1. Imports of Goods or Services or both will be treated as inter-state supplies and IGST will be levied on the import of goods or services into the country. The incidence of the tax will follow the destination principle and the tax revenue in case of SGST will accrue to the State where the imported gooRead more

    Imports of Goods or Services or both will be treated as inter-state supplies and IGST will be levied on the import of goods or services into the country. The incidence of the tax will follow the destination principle and the tax revenue in case of SGST will accrue to the State where the imported goods and services are consumed.

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