There have been so many instances of large scale frauds in GST through fictitious billing, bogus registrations etc. e-Invoicing will play a major role in restricting these frauds to a great extent. One of the myths among traders is that e-Invoice will replace manual/own system generated invoice, but it is not the case. Entitities will have to prepare invoice manually in own system and upload the same on designated portal Invoice Registration Portal (IRP), which inter-alia will generate Invoice Reference Number (IRN) and quick response code (QR Code).
Source: thehitavada.com
Latest Posts in "India"
- US imposes additional tariffs on India for buying oil from Russia
- GST Council to Discuss Simplifying Tax Regime, Reducing Levies on Cement, Services, and Insurance
- GST Council to Discuss Moving Food, Textile Products to 5% Tax Bracket in September Meeting
- Auto Industry Urges Quick GST Rate Implementation to Boost Festive Season Sales
- GST Council to Discuss Sin Goods Tax, Rate Structure Overhaul, and Future Cess Plans
