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12 Apr 2021
  • By Admin
  • Category Goods and Service Tax
  • Views 1869
Introduction:
All supplies made to unregistered persons or consumers are referred to as B2C transactions. B2C invoices are those invoices where the end-user will not be claiming input tax credit (ITC). As of now, B2C invoices are exempt from e-invoicing. However, a taxpayer is required to generate a dynamic QR code for enabling digital payments on all B2C invoices
10 Apr 2021
  • By Admin
  • Category Goods and Service Tax
  • Views 444

E-Invoicing has been made applicable from 01st October 2020 to all the businesses having aggregate turnover more than Rs.500 crores in any of the preceding financial years from 2017-18 to 2019-20. Further, from 01st January 2021, E-Invoicing will apply to businesses exceeding Rs.100 crores turnover in any FYs between 2017-18 to 2019-20, as specified via Notification No. 88/2020 –Central Tax.

09 Apr 2021
  • By Admin
  • Category Goods and Service Tax
  • Views 247

Extension on penalty waiver for non-compliance of QR Code till 30.06.2021 

 

Earlier, Notification No. 14/2020-CT dated 21.03.2020 stated that the registered persons having an aggregate turnover of more than Rs. 500 crores in a financial year issuing the invoice to unregistered person (i.e. B2C invoice), shall provide dynamic QR code on such invoice.

 

Introduction
  • A Statement of Financial Transactions (SFT) is supposed to be furnished in a prescribed form/ manner by a class of specified persons (reporting persons) as per the Income Tax Act. A new sub-rule 5A has been inserted under Rule 114E, identifying additional reporting requirements by a person's class. 
  • The frequency and manner of furnishing the statement of the financial transaction are to be specified. 
09 Apr 2021
  • By Admin
  • Category Goods and Service Tax
  • Views 488
The Central Board of Indirect Taxes & Customs (CBIC) directs SCNs issued by DRI to be kept pending until further notice. The Apex Court, through its judgment in Canon India [TS-75-SC-2021-CUST],

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