SIGN IN SUBSCRIBE

News Update

IndiGo orders 30 Airbus A350s for long haulsFiling of Form 10A & 10AB: CBDT extends due date to June 30RBI to issue fresh guidelines for banks to freeze suspected bank accounts being used for cyber crimesCPGRAMS recognized as best practice in Commonwealth Secretaries of public serviceIsrael-Iran War: A close shave for Global Economy but for how long?KABIL, CSIR ink MoU for Advancing Geophysical InvestigationsI-T - If income from stock-in-trade are held as investments, then provisions of section 14A would apply to such income: ITATTRAI recommends on Infra Sharing, Spectrum Sharing & Spectrum LeasingI-T- Revisionary powers u/s 263 can't be exercised when AO has neither assumed facts incorrectly nor there is incorrect application of law : ITATTechnology Board okays funding of Dhruva Space's Solar Array ProjectI-T- Issue of interest is debatable issue on which two views are possible and AO accepted one of views for which PCIT cannot assume revisional jurisdiction: ITATHealth Secy visits Bilthoven Biologicals, discusses production of Polio VaccineI-T - Estimation of profit element from purchases should be done reasonably if assessee could not conclusively prove that purchases made are from parties as claimed, in absence of confirmations from them: ITATStudy finds Coca-Cola accounts for 11% of branded plastic pollution worldwideI-T- Triplex flats purchased are interconnected and can be considered as 'a residential unit'' as per definition of section 54F of Act : ITATDelhi HC says conspiracy against PM is a crime against StateI-T- AO omitted to probe issue of cash payments made over specified limit; revisionary power u/s 263 is rightly exercised: ITATBrazil makes new rules to streamline consumption taxesI-T-Power of revision unnecessarily exercised where AO had no scope to examine creditworthiness & genuineness of assessee's creditors: ITATBiden signs rules mandating airlines to give automatic refunds for delayed or cancelled flightsI-T-As per settled law, in absence of enabling powers, no disallowance can be made : ITATBYD trying to redefine luxury for new EV variantsGST - On the one hand, the order states registration is liable to be cancelled retrospectively and on the other hand mentions that there are no dues - Order modified: HCSC asks EC to submit more info on reliability of EVMsRight to Sleep - A Legal lullaby
 
Over 39.81 crore GST e-invoices generated within 6 months of launch

By TIOL News Service

NEW DELHI, APR 01, 2021: TAXPAYERS generated have generated more than 39.81 crore Goods and Services Tax (GST) e-invoices and 61.7 crore e-way bills in the financial year 2020-21, the Ministry of Electronics and IT said on Thursday.

Since the National Informatics Centre (NIC) launched the GST e-invoice system on October 1, 2020, more than 39.81 crore e-invoices have been generated by over 88,000 suppliers, helping over 47 lakh recipients avail Input Tax Credit (ITC).

Its usage reached a record 37.42 lakh e-invoices on March 31, MeITY said.

In addition, a record 7.12 crore e-way bills were generated in March, 2021 which was the highest in any month during the three years of the system's launch in April, 2018.

Similarly, on March 24, the system saw 27.86 lakh e-way bills generated, which is the highest in a day since its launch. A total of 180.34 crore of e-way bills have been generated over the past three years.

The e-invoice system is meant for businesses with aggregate turnover of more than Rs. 500 crores in the financial year, and subsequently to taxpayers with turnovers between Rs. 100-500 crores from January 1. From April 1, 2021, taxpayers whose annual aggregate turnover is between Rs. 50-100 crore are mandated to generate e-invoice from the portal.

Meanwhile, e-way bill is generated for the movement of goods from one place to another, having value of more than Rs. 50,000. It replaced the need of e-way bills from multiple States with one centralised document for tax compliance and monitoring of movement of essential commodities.

Recently, the FASTag data has been integrated with the system, allowing GST officers to track the movement of e-way bills using the analytical reports. On an average, 24 lakh daily FASTag transactions from 826 toll plazas, related to commercial vehicles are exchanged between the different systems and authorities.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST