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As per the GST regulations, e-invoicing is mandatory for businesses with a turnover exceeding ₹5 crores in a financial year.
Threshold Exceedance: Since your business has exceeded the ₹5 crore turnover threshold in the financial year 2024-25 (by November 2024), you are required to implement e-invoicing.
Effective Date for E-Invoicing: The effective date for e-invoicing is the 1st day of the month immediately following the quarter in which the threshold is exceeded.
Applicable Quarter: In your case, the threshold was exceeded in the quarter October-December 2024. Effective Date: Therefore, you are required to implement e-invoicing from *January 1, 2025*.
Recommendation: To ensure compliance, prepare your system and processes to generate e-invoices from January 1, 2025.
You can start testing and generating e-invoices on a voluntary basis from December 2024 to ensure a smooth transition. Important Note: Keep in mind that the GSTN (Goods and Services Tax Network) may announce changes to the e-invoicing regulations, so it's essential to stay updated with the latest notifications and guidelines.
Notification No. 70/2020-Central Tax, dated September 30, 2020, indeed makes an amendment to Notification No. 13/2020-Central Tax, dated March 21, 2020. According to the notification, the words "a financial year" are substituted with "any preceding financial year from 2017-18 onwards". This change affects the applicability of certain GST provisions.¹ ² To clarify, the amendment: - *Substitutes "a financial year" with "any preceding financial year from 2017-18 onwards"*: This change impacts the scope of the notification, making it applicable to preceding financial years starting from 2017-18. - *Amends Notification No. 13/2020-Central Tax*: The original notification was published on March 21, 2020, and was later amended by Notification No. 61/2020-Central Tax, dated July 30, 2020. The amendment is related to Rule 48(4) of the Central Goods and Services Tax Rules, 2017.
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