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🚨 Important Update: Enhancements to E-Way Bill & E-Invoice Systems 🚨 The Goods and Services Tax Network (GSTN) has announced significant updates to the E-Way Bill and E-Invoice systems, rolling out from 1st January 2025. These updates aim to improve security and streamline compliance for taxpayers across India. Key Highlights: 🔒 Multi-Factor Authentication (MFA): Mandatory for taxpayers with an Annual Aggregate Turnover (AATO) exceeding: 👉 ₹20 Crores starting 1st January 2025 👉 ₹5 Crores starting 1st February 2025 👉 All taxpayers starting 1st April 2025 Ensure your registered mobile number is up to date to avoid disruptions. 📜 E-Way Bill (EWB) Updates: Document Validity: EWBs can only be generated for documents dated within 180 days. Extension Limit: EWBs can only be extended up to 360 days from the original generation date. For detailed guidance, visit the E-Invoice and E-Way Bill portals. #GST #EWayBill #EInvoice #TaxCompliance #BusinessUpdates

Tired of manual GST filing and reconciliation? It's time to switch to ExpressGST and experience: Feature: ● 7x faster GST return filing & reconciliation ● Report of ITC Reversal - 37A ● PAN level Import of Books Data ● Sales Register by R1 of all F.Y. in Excel ● ITC Tracker to Claim Accurate ITC ● Ready Reco Report of 2A / 2B of all F.Y. ● Download all GST Notices/Demand/Replies ● Compare GSTR-1 / 3B & Books ● Supplier Amended Invoices after claiming ITC Bye-bye to delays and manual errors! To make your GST transactions more efficient, sign up for ExpressGST now! ➡ https://lnkd.in/gPQ5smjG #ExpressGST #GST #GSTR1 #GSTR3B #GSTCompliance #CloudGSTSoftware #TaxFilingMadeEasy #FasterGSTReturns #SmartTaxSoftware #ReconciliationSimplified #GSTFilingMadeEasy #SeamlessIntegration #TaxTimeSimplified

Important Update for #GST Assessees: Multi-Factor Authentication (#MFA) for E-Way Bill and E-Invoice Generation An E-Way Bill is a document required to be carried by a person in charge of the conveyance carrying any consignment of goods of value exceeding ₹50,000. It is generated from the GST Common Portal for the E-Way Bill system by registered persons or transporters who cause the movement of goods of consignment before the commencement of such movement. ✔️Starting January 1, 2025, MFA will become mandatory for taxpayers with AATO (Aggregate Annual Turnover) exceeding ₹20 crore. ✔️from February 1, 2025 for those with AATO exceeding ₹5 crore. ✔️Starting April 1, 2025, the GST portal will mandate Multi-Factor Authentication (MFA) for the generation of E-Way Bills and E-Invoices for #all taxpayers. What You Need to Know ?? #MFA Mandate: All GST assessees will need to enable MFA to use the updated E-Way Bill and E-Invoice systems. #New Restrictions: The generation of E-Way Bills will be limited to documents dated within 180 days from the invoice date, with any extensions capped at 360 days. #Action Required: Make sure you're prepared to comply with these changes before the deadline to avoid disruptions in your operations. Stay informed and secure your digital transactions with these upcoming changes. For more details, check the latest advisory on the GST portal. CA Seemit Jain #GST #MFA #EWayBill #EInvoice #TaxCompliance #Security #DigitalTransformation #GSTUpdates

GST compliance just got smarter with key updates to the E-Way Bill and E-Invoice systems. These changes are set to enhance transparency and simplify processes for businesses. Dive into the latest updates here: https://lnkd.in/dq4M6x3J #GSTCompliance #EWayBill #EInvoice #BusinessUpdates #TaxCompliance #RMPS #RMPSCo #RMPSAcademy

Press release issued by GSTN Clarifying the ambiguities: Understanding the reporting requirements for ITC in Table 8 of GSTR-9. Here are the summaries for each case: Case 1: Invoice dated FY 2023-24, but supplier reported after due date - If an invoice is dated FY 2023-24, but the supplier reported it after the due date, the ITC will not be auto-populated in Table 8A. - In this case, report the ITC in Table 8C and Table 13 of GSTR-9. Case 2: Reclaimed ITC due to payment made after 180 days - If ITC was reversed in FY 2023-24 due to non-payment to the supplier within 180 days, and the payment was made in FY 2024-25, the ITC can be reclaimed. - In this case, report the reclaimed ITC in Table 6H of GSTR-9 for FY 2024-25. Case 3: ITC claimed and reversed in the same year and again reclaimed - If ITC was claimed and reversed in the same year (FY 2023-24), it should not be reported in Table 8C and Table 13. - Instead, report the net ITC claimed in Table 6B of GSTR-9 and not to report reversal in table 7 Case 4: Invoice belongs to FY 2022-23, but appears in Table 8A of GSTR-9 for FY 2023-24 - If an invoice belongs to FY 2022-23, but appears in Table 8A of GSTR-9 for FY 2023-24, it is because the supplier reported it after the due date. - In this case, do not report the ITC in Table 8C and Table 13 of GSTR-9 for FY 2023-24. Case 5: Invoice belongs to FY 2023-24, but goods not received in 2023-24 - If an invoice belongs to FY 2023-24, but the goods were not received in 2023-24, the ITC was claimed and reversed in the same year. - In this case, report the reclaimed ITC in Table 8C and Table 13 of GSTR-9 for FY 2023-24. #GSTR9 #GSTReturns #GSTCompliance #TaxCompliance #GSTIndia #GSTR9Filing #GSTAnnualReturn #TaxReturnFiling #GSTUpdates #GSTNews

• GST Invoice Management System introduced for real-time invoice corrections, approvals, and ITC accuracy. • Enables taxpayers to take actions (approve/reject/pending) in real-time; unacted invoices auto-accepted by GSTR-2B date. • Pending invoices carried forward; updates for QRMP taxpayers quarterly; challenges include technical issues and short preparation time.

GST Insights! GSTR 1 Update New option added in "Table 12 - HSN wise summary of outward supplies" in GSTR 1 for Tax Payers generating e-invoices. Now Tax Payers can Import HSN Data in GSTR 1 from E-Invoices, these will help the tax payers in importing all HSN data where e-invoices were generated and manual entry for only that HSN data where e-invoices were not generated. If Tax Payers have only B2B supplies then it will save his time for HSN data entry. Remember, B2C invoice data would still need manual addition to HSN summary. #gst #gstr1 #towardsmoreease #returns #monthlyreturns #idt #business #hsnsummary #hsn #gstportal

📊 GST Update: Key Changes in E-Way Bill and E-Invoice Systems The GST Portal has issued an important advisory regarding changes to the E-Way Bill and E-Invoice systems. Here’s a quick summary: 1. Update a. Multi-Factor Authentication (MFA) is Mandatory for Login (Additionally requires OTP-based authentication for logging into both the E-Way Bill and E-Invoice portals.) - For taxpayers of Aggregate Annual Turnover (AATO) > 20 Crores w.e.f 01.01 2025 and if AATO > 5 Crores w.e.f 01.02.2025 and for all others w.e.f. 01.04.2025 b. Restrictions on E-Way Bill Timelines 🚧 (01 January 2025) - E-Way Bill can only be generated Within 180 days from base document. - E-Way Bill validity can only be extended to maximum of 360 days from the date of generation. 2. Steps Businesses Should take: To stay compliant and avoid operational disruptions, ensure the following: - Register an Active Mobile Number on the GST Portal. - Create Sub-Users as required proactively.   3. Key Questions to Consider: 🔍 1. Does the government have the power to restrict the generation and extension of the E-Way Bill to a specified number of days? 🔍 2. Can we generate a delivery challan on the date of movement of goods for goods billed to customers more than 180 days earlier? It’s crucial to align your processes with the new timelines and ensure system readiness before the effective dates. Source: https://lnkd.in/g7Vk3eJQ #GSTUpdate #EWayBill #EInvoice #Compliance #GSTAdvisory

Action Points for October 2024 GST Return pertaining to FY 2023-24: 1. Reconcile ITC for FY 2023-24 and avail ITC of FY 2023-24 if any pending to avail. 2. Notify the suppliers about any ITC not reflected in GSTR-2B but for which goods/services have been received during 2023-24 before filing his GSTR 01. 3. Calculate the common ITC for FY 2023-24 and do the reversal as per Rule 42 and Rule 43 of the CGST Rules. 4. Check all vendor payments have been made within 180 days for FY 2023-24. If not, reverse the ITC with interest and re-avail in the month payment is actually made. 5. Ensure ITC for inputs and capital goods is correctly identified and recorded in the books for the disclosure in Table 6 of GSTR-9. 6. Make sure all outward supplies of FY 2023-24 are reported and if any transaction is left, please report in GSTR 01 of October 2024. #advocatemohitgupta #taxupdates