GST-registered businesses with annual turnover of more than Rs 5 crore will soon have to generate electronic invoices for B2B transactions. The GST Council, comprising finance ministers of the Centre and states, had decided to implement it in a phased manner and with e-invoices being generated, for every B2B (Business-to-Business) transaction, invoice matching by tax authorities would not be required under Goods and Services Tax (GST). Currently, businesses with turnover of over Rs 20 crore will have to generate e-invoices for B2B transactions. GST, or Goods and Services Tax, is an indirect tax imposed on the supply of goods and services. It is a multi-stage, destination-oriented tax imposed on every value addition, replacing multiple indirect taxes, including VAT, excise duty, service taxes, etc.
Prime Minister Shri Narendra Modi dedicates to the nation the 600 MW Kameng Hydro power Station implemented by NEEPCO Ltd., it is situated in which of ...
The ADB report projects a potential GDP loss for India by 2070 due to climate change. What is the estimated percentage?
India requested the WTO to defer the ruling on the ICT import duty dispute with which country until April 2025?
Who is set to become the next Chairperson of the Union Public Service Commission (UPSC)?
Which city leads the funding in the Indian fintech sector according to the report?
What minimum support price (MSP) did the Madhya Pradesh Cabinet set for soybean procurement in 2024?
Kerala Startup Mission (KSUM) has signed a memorandum of understanding with which organization to support and maintain regular contact for mutual exchan...
Which Indian state has the highest allocation for women-centric welfare schemes in FY25?
What is the total outlay for the Cabinet-approved "Sustainable Livestock Health and Production" scheme?
Which Indian bank became a signatory to the Partnership for Carbon Accounting Financials (PCAF)?