Tag: GST

E-invoicing Under GST System from Microvista.

What are e-Invoices?

A structured and standardized system to report all B2B invoices to the GST system has been introduced by the government. This is also known as “E-Invoicing under GST” or “Electronic Invoicing”. This is a system to generate authenticated B2B invoices between the supplier and the buyer. It is a system where invoices are generated digitally in a structured format for B2B transactions and validated by the Goods and Service Tax Network (GSTN).

This has become mandatory for all the companies with a turnover of over Rs.100 crores to switch to E-invoicing system from 1st January 2021. It already became mandatory for companies with a turnover of over Rs. 500+ crores from 31st October 2020. Further, this would become mandatory for all B2B transactions irrespective of company size in the coming 12 to 18 months.

Basically, it’s the invoice that is ‘reported’ on the GSTN Invoice Registration Portal prior to sending to the buyer. The portal then issues an IRN (Invoice Registration Number) along with a QR code that should be printed on the invoice and then sent to the buyer. This way all invoices that are transferred to the GST portal are uniform in structure and makes the whole process of filing GST very easy.

Connect with Microvista for best GST E-Invoicing API solutions.

Benefits of e-Invoicing:

This is very important and significant to understand.

Real time invoicing:

E-invoicing helps to track real time data of invoices generated by the supplier. It also enables the fast availability of Input Tax Credit (ITC). It is also very easy to keep the track of e-invoices byu he supplier and the buyer.

Easy generation of e-way bill:

Taxpayers can just enter the vehicle’s details and then the e-way bill can be created very easily. Details are auto-populated in the part A of the e-way bill from the GST portal for the authenticated invoice.

Standard format:

E-invoices are generated in a standard format which helps in uniform information flow and makes it easy to understand by the stakeholders involved. This makes the whole process of invoicing very simple and interoperable.

Faster access:

E-invoicing helps to access invoices faster and easier.

Reduced data entry error:

All the invoices generated under the e-invoicing system are uploaded on a common portal and are very well authenticated before transferred to the GST portal. This happens in real time. This auto population system reduces the changes of data entry since manual entries are eliminated during GST return filing.

Why get the GST E-Invoicing API from Microvista?

Generate e-invoices very easily without any errors with Microvista’s best quality and enriched GST E-Invoicing API service. We make sure that the data is checked, validated, authenticated, encrypted and transmitted securely to the IRP (Invoice Registration Portal), then the IRN is sent to you in a ‘ready to print’ format. Our provided data includes the IRN and QR code for your easy use.

With our GST E-Invoicing API, you will experience: 

  • Seamless and smooth integration with your existing system/software. 
  • Our GST E-invoicing API is scalable for the future and convenient to use.
  • Our expert team is available to assist you whenever you face any issue.
  • High data security.
  • Direct communication between the supplier and the buyer through a well monitored system.
  • Prompt customer support.
  • Transparency in all our communication.
  • We have a large handling scale in India.   

Get started with GST E-Invoicing with our API:

Microvista’s GST E-Invoicing meets the standard and mandate requirements of GST E-Invoicing. We provide India’s most trusted and the simplest e-invoicing API solution. We would be very happy to share more details with you. Contact us today for the best and enriched e-invoicing API or for the best GST E-Invoicing API in India. Call Our Experts  70167-11841 / 97731 38204 / 079-26460445.

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Get Real Time GST Verification API from Microvista

Microvista’s GST Number Verification API is a one time, quick and hassle free integration

GST API is required to verify your customer’s GSTIN for smooth commercial transactions. It can be used for any small, medium or large scale companies. Microvista’s GST Verification API integrates very quickly with your existing application, website or software and helps you to get the accurate and reliable GST information of your customers/vendors very easily and in a swift manner from the GSTIN server. Now you can confidently take merchants and vendors on board knowing that they are genuine and are active GSTIN holders.

What is the GST Verification API?

GST Verification API is an interface that helps you get the accurate GST details of an individual or a company. These GST details are needed for better financial transactions. Microvista’s GST Verification API helps you to identify the credibility of the GST account.

Why is the GST API needed?

GST Number verification is the need of every business to make sure that your GST has been paid to the correct party. It is very much needed to protect yourself from fake or fraud GST accounts. It assists in extracting your customer’s company details like trade name, legal name, registration date, gstin status, business place details, etc.

  • It gives real time GST information.
  • It’s very reliable.
  • It’s very simple, easy to use and seamless. 
  • Protects you from fraudsters. 
  • Accurately check your traders and vendors.
  • Considerably reduces your time to verify the information of your customers offline.

Contact us today. Call Our Experts  70167-11841 / 97731 38204 / 079-26460445.

Why Microvista’s GST Number Verification API?

The Indian economic world is a fast-developing one, with many hundreds and thousands of companies coming up each year and it is very important to check the best and credible company when you want to do business with them. Microvista’s best GST Verification API helps you all along the way to verify your customer’s GST account and other necessary details.

Microvista Technologies Pvt. Ltd. is a leading premier software company serving the clients globally. We have the best and dedicated IT professionals who are highly inspired, creative and talented. By using our GST API you will experience the best product and best collaboration with our team. We make sure to use the best and latest IT practices and proven expertise to give our clients the best quality of services and products. We, at Microvista, work for our client’s satisfaction and to exceed clients’ expectations. Connect with us. Visit us.

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No GST Returns, No E-way Bill, Says GST Council

With a steep rise in non-compliance in filing GST returns, the GST Council is soon set to stop generating e-way bills for traders who have not filed returns for two consecutive quarters.

“As soon as the new IT system that will ensure barring of e-way bill generation if returns are not filed for six months is put in place, the new rules will be notified,” an official said.

As per GST norms, an e-way bill is necessary for moving goods worth over Rs 50,000 from one state to another.

The move has been initiated after recording lower-than-expected revenue collection under GST. Against the budgeted monthly revenue target of Rs 1 lakh crore, GST collections have so far averaged Rs 96,800 crore a month this fiscal.

According to the government’s own admission, GST compliance has steadily declined over the past year with 28.75 per cent of regular taxpayers not filing returns in November 2018, against 10.56 per cent in November 2017, an almost three-fold increase in non-filers. Among taxpayers under the composite scheme, non-filers increased to 25.37 per cent in the July-Sept period of 2018-2019 from 15.03 per cent in the same period the previous year

Fake invoices to claim input tax credit also increased from only four cases involving Rs 9.75 crore to 499 involving Rs 3894.94 crore. Central tax officers have detected 3,626 cases of GST evasion/violations cases, involving Rs 15,278.18 crore in the April-December period.

To shore up revenue and increase compliance, the government had said that stringent anti-evasion measures have to be put in place. Another step being initiated is to tag eway bills to the FASTag mechanism. Beginning April, the revenue department is working on integrating the e-way bill system with NHAI’s FASTag mechanism to help track movement of goods. There have been reports that some transporters are doing multiple trips by generating a single e-way bill. Integration of e-way bill with FASTag would help find the location of vehicles, and when and how many times they cross NHAI’s toll plazas.

ICAI Sets up Desks to Help Traders With GST

Chartered accountants’ apex body Institute of Chartered Accountants of India (ICAI) has set up desks to help small businessmen and traders on Goods and Services Tax (GST), which is set to be rolled out from July 1.

ICAI GST Sahayata Desks have been made operational, without any charge, in all major cities to facilitate small businessmen, traders, shopkeepers and public at large.

ICAI said these desks would be made operational at around 200 locations in all different parts of the country. Among others, these desks would create basic awareness on GST, inform individuals about the benefits and help them in migration to the new system.

“The GST Sahayata Desks would be operational w.e.f May 28, 2017, till September 30, 2017, at a pan-India level,” it said in a release today. The GST would replace multiple taxes system from July 1, and it would also boost economic growth in the country because of the development of a common market, ICAI President Nilesh S Vikamsey said.

 

http://www.moneycontrol.com/news/economy/policy/icai-sets-up-desks-to-help-traders-with-gst-2291937.html

Centre, States May Settle For 4 Percent GST on Gold, Silver

NEW DELHI: The Centre and the states may settle for 4% goods and services tax (GST) on bullion and opt for a special rate for financial services, amid intense lobbying from the two sectors in the run up to the rollout from July.

In addition, the GST Council — the apex decision-making body comprising state finance ministers and headed by Union finance minister Arun Jaitley — is discussing whether to include handloom and handicrafts as well as bidis in the tax net, although the house is still divided.

Sources told TOI that bidis, which are currently exempt, may be brought under the net as they are sin goods, like cigarettes, which will face a cess. Cigarette companies have been arguing for a while that bidis should also be subjected to high taxes but there is a lobby that has been making a case for keeping it out, given that thousands depend on it for livelihood.

A similar case is also being made for handloom and handicrafts, where some of the states as well as the textiles ministry is in favour of either exempting them from GST or keeping them at zero rate. But there is an equally powerful argument to ensure that GST of 5% is levied. Sources also said that in case of gold and silver the southern states are in favour of a 6% levy, considering some of them levy up to 5% VAT. In contrast, some of the western states are keen on a low levy of 1% or so. While slabs for goods were finalised by the GST Council, bullion and services were kept out of the decision.

Revenue secretary Hasmukh Adhia recently indicated that there may be two rates for services, although he refrained from disclosing the levels. Experts believe that certain services may be put in the 18% bracket with a lower levy of 12% on others.

In addition, sources said, a special dispensation may be made for financial services — such as banking and insurance — which has been lobbying with the GST Council for a simpler regime, including an exemption from state-wise registration.

The decision on rates is expected at the next meeting of the GST Council, scheduled in Srinagar on May 18 and 19, where product-specific levies are expected to be finalised along with rules that will govern the new tax regime. The commerce ministry is also keen that some of the concerns such as refund of taxes to exporters be reworked.

http://timesofindia.indiatimes.com/business/india-business/centre-states-may-settle-for-4-per-cent-gst-on-gold-silver/articleshow/58635963.cms

GST: Tax Headache in India Is a Bonanza for Global Accounting Firms

What is taxing for some in India has become brisk business for others.

With seven weeks to go before the nationwide Goods and Services Tax is implemented, Indian companies are rushing to bring in experts to help prepare their accounting and information technology systems for the tax-system overhaul. That’s created a windfall for international professional services firms, including PricewaterhouseCoopers LLP and KPMG LLP.

Providing advice on everything from taxation regulations to business finance will generate as much as 150 billion rupees ($2.3 billion) in extra consulting fees, according to a council member of India’s accounting regulator, the Institute of Chartered Accountants of India. PricewaterhouseCoopers said it’s pulled in a specialist from Australia to help bring Indian companies into compliance with the new taxation regime, which starts July 1.

“We are helping our clients’ transition to GST in phases,” said Pratik Jain, a partner leading the firm’s indirect taxes arm in India, in a telephone interview. The firm has a team focused on GST-driven demand that’s drawing on advice from abroad “plus a pool of international experts when needed,” he said.

Representatives from Ernst & Young LLP and KPMG said they are also fielding calls for help from businesses struggling to assess the impact of the GST’s implementation and how best to implement computer-based systems to manage their supply chain, procurement and accounting processes.

KPMG India

KPMG India has a team of more than 1,100 people with skills across GST, IT and supply chain management to support about 400 clients from a wide range of industries transition to the new tax system, said Sachin Menon, a partner and the firm’s national head of indirect taxes. International experts have also been drawn in to help clients, he said.

The complex process of converting an economy with more than 1 billion consumers into a unified, common market has bolstered demand for enterprise resource planning, or ERP, said Ashish Mittal, co-founder of EasemyGST, an IT service provider in Gurugram near Delhi.

“We are in touch with 1,000 companies of which half have agreed to go with us,” Mittal said. About 200 inquiries were from medium to small businesses, he said.

Helping companies be fully compliant with the new system is difficult, as detailed guidelines aren’t yet available to provide the necessary clarity, PricewaterhouseCoopers’ Jain said.

“Corporate clients want more detailed guidelines and illustrations based on specific sectors,” he said. So far, clients have indicated that guidelines for getting credit for taxes paid are more restrictive, and lack of clarity on registration of taxpayers with multi-state operations is “a huge issue” under the new system.

More Clarity

Rules and specific rates of taxation aren’t yet finalized, according to the council member of the Institute of Chartered Accountants of India, who asked not to be identified because only the institute’s president is authorized to speak to the media. Without more granular detail, it will be impossible for organized industries to comply from July 1, let alone India’s 40 million small-scale enterprises, 70 percent of which are unorganized and haven’t started the process of readying their businesses the member said.

India has about 300,000 sales-tax accounting practitioners who help mostly small businesses file returns and comply with tax laws. In addition, there are 150,000 chartered accountants employed in India of which 80,000 need to be trained, the member said.

Businesses with more than 10 billion rupees in revenue typically spend 6 million-to-10 million rupees on accounting services, representatives of two accounting firms said. This cost will probably double at least in the first year of the GST’s implementation, they said.

Assam Assembly Passes GST Bill

Guwahati, May 11 () Assam Assembly today passed the GST Bill, paving the way for introduction of single taxation system by eliminating levies by multiple authorities.

The Assam Goods and Services Tax Bill, 2017, which had been tabled on Monday, was passed unanimously by the Assembly in a three-day special session to pass the bill.

“The GST will be a win-win for all the three stakeholders — country, state and consumers,” Assam Finance Minister Himanta Biswa Sarma said.

Presently, inflation was likely to fall by 0.5 per cent and after fourth year, the state’s revenue would increase substantially and stabilise possibly after 10 years, he said adding that five/six taxes would be abolished.

Corruption was likely to go down with introduction of GST as everything would be computerised and manual interference would almost be abolished, the minister said.

Former chief minister Tarun Gogoi said that Congress supported the GST Bill, but there were some concerns like the fate of local small industries on the face of free flow of goods from outside after withdrawal of entry taxes.

Chief Minister Sarbananda Sonowal termed the day as historic.

“Today is a historic day for Assam as the GST Bill has been passed in the state assembly which will go a long way in promoting the spirit of cooperative federalism in the country,” Sonowal said at a programme outside the Assembly.

This would also ensure transparency in governance and lead to economic growth, he said.

http://timesofindia.indiatimes.com/business/india-business/assam-assembly-passes-gst-bill/articleshow/58637172.cms

GST council clears CGST and IGST laws

Arun Jaitley expresses hope that GST’s implementation from 1 July will be possible after the council approves the drafts of CGST and IGST laws

New Delhi: Moving a step closer towards implementing the goods and services tax (GST) from 1 July, the GST council on Saturday approved two crucial supporting legislations for this ambitious tax reform.

The GST council, in its eleventh meeting in New Delhi, approved the drafts of the central GST law (CGST) and the integrated GST (IGST) law. It will again meet on 16 March to clear the state GST law (SGST) and the union territory GST law (UTGST).

Once all the bills are passed by the council, the Union government will collectively take the bills to the Union cabinet for its approval. Subsequently, the bills will be tabled together in Parliament in the second half of the budget session.

To be sure, there are some minor changes that have been proposed in the drafts of the CGST and the IGST bills. The legal committee will make these changes and subsequently the drafts will be again circulated to the states in the next few days. The bills may then again come back to the council for its final nod.

In a press conference after the meeting, finance minister Arun Jaitley expressed hope that the implementation of GST from 1 July will be possible.

“Hopefully the laws will be in Parliament in this session. Once the GST council completes this round of legislative activity, then the work will start on fitment of goods and services into the various rate structures,” he said.

The IGST law, the CGST law, the UTGST law and the bill to compensate states for revenue losses arising from a transition to GST will require the approval of Parliament while the SGST law will require the nod of the state legislative assemblies.

West Bengal finance minister Amit Mitra said the demands of the states for sharing of administrative powers under the IGST act have been met. “The cross empowerment will not be done by notification, will be put in as part of IGST law. I am very happy since it was a demand of states,” he said.

Pratik Jain, indirect tax leader at PwC India said approval of CGST and IGST laws by the GST council is a decisive step towards implementation of GST from July 1 this year.

http://www.livemint.com/Politics/AoyftkWvc5X13Y9voIT2PM/Centre-states-broadly-agree-on-GSTs-supporting-legislation.html

Treat us like banks on GST, says telecom sector

The telecom sector’s woes are expected to accelerate once the Goods and Services Tax is implemented in July. Given that the industry operates in 22 licensed service areas, it will be faced with multiple jurisdictions while paying GST. In order to avoid this the industry wants to be treated like banks where the revenues are aggregated in one place and then taxed because branches operate in different states.

In an interview with Moneycontrol, Rajan Mathews, Director General of Cellular Operators Association of India, said: “We pay our licence fee and taxes on a LSA (licensed service area) basis. So for the LSA of Delhi, there are three states (Uttar Pradesh, Haryana and Delhi). For Delhi, how many rates would apply given that Delhi is one service area? Similarly, place of origin is also an issue for SIM cards. Give us the same thing you allow for banks. We aggregate everything in one place if we are granted a central clearing mechanism.”

With the rollout of GST in July, the industry also fears that it is the rate of effective tax which will move up from the current 15 percent to 18 percent or more. The sector’s been lobbying hard with the government for lower rates since it is classified as an essential service. The industry has witnessed a sharp fall in profitability and revenues in the last two quarters and higher.

http://www.moneycontrol.com/news/business/companies/treat-us-like-banksgst-says-telecom-sector-1339619.html

GST council meet : No consensus on dual control issue

HIGHLIGHTS

  • GST council meet failed to arrive at any consensus on dual control issue.
  • The council has approved Central GST and state draft laws
  • The council has also agreed to a revenue sharing formula for the states losing out on income due to duties.

NEW DELHI:Finance Minister Arun Jailtey-led Goods and Services Tax (GST) council, on Friday, again failed to reach out atconsensus on contentious dual control or cross empowerment issue that deals with assessee jurisdiction. The meet failing to find any common ground on the issue has raised serious concerns about GST’s April 1 implementation date while the Finance Minister said that he was trying his best.

“I am trying my best (on deadline of April 1). I don’t want to hasten the process of discussion and don’t want to delay the implementation,” Jaitley said at a press briefing after the 7th GST Council meet ended.

“There was no issue raised on dual control today as we were working on legislations,” Jaitley said.

The council, however, agreed to a revenue sharing formula for compensating states losing out on incomes out of several state taxes.

“Center Goods & Services Tax (CGST) and State Goods & Services Tax (SGST) will be a reflection of one another. States will be compensated 100 per cent loss for 5 years,” Jaitley said while announcing that the council has also approved Central GST and State draft laws.

Jaitley said that the two principle issues that still remain before the Council are Integrated GST (iGST) and cross empowerment.

“In iGST, definition of territory of states is pending. And the division of authority between assessing authorities of Centre and states is pending. The two issues will be taken up together at the next meeting on January 3-4,” he added.

http://www.gstindia.com/gst-council-meet-no-consensus-on-dual-control-issue/