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Mastering the Art of Invoicing: The Heartbeat of Financial Transactions

Introduction:In the intricate dance of business transactions, the rhythm is set by a crucial component—Invoicing. Beyond a mere financial formality, accurate and timely invoicing serves as the heartbeat of your financial health. Let’s delve into the importance of mastering the art of invoicing for a seamless and thriving business. The Significance of Accurate Invoicing:Invoicing is …

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Over 100,000 small and mid-sized firms flout GST e-invoicing rules

In the dynamic landscape of India’s Goods and Services Tax (GST) regime, a recent article highlights a significant issue—over 100,000 small and medium-sized businesses are currently non-compliant with e-invoicing norms. This mandatory requirement under GST, applicable to businesses with an annual turnover exceeding Rs 5 crore, aims to streamline invoicing processes and enhance transparency in …

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GST Portal launches new feature to track ITC claimed, reversed, and re-claimed

Taxpayers can report their opening balance of ITC Reversal until November 30, 2023. After that, the option to report the opening balance will be removed, and it will be assumed that the taxpayer has no ITC Reversal Balance to report. The Electronic Credit Reversal and Re-claimed Statement shows the Input Tax Credit (ITC) claimed, reversed, …

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New GST Scheme ‘Mera Bill Mera Adhikaar’ Promotes Invoicing: Chance to Win Prizes

The Goods and Services Tax (GST) authorities are set to launch the ‘Mera Bill Mera Adhikaar’ scheme on September 1st, aiming to encourage consumers to request invoices for their purchases. Initially rolling out in Haryana, Assam, Gujarat, and the union territories of Dadra and Nagar Haveli, Daman and Diu, and Puducherry, this scheme holds exciting …

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