KSA Infomatrix

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/ GST e-invoicing is mandatory from October 1 for companies with an annual turnover of above Rs 500 crore. Businesses that are on the tax authorities' radar for Goods and Services tax (GST) evasion will be automatically blocked from issuing electronic invoices when they attempt suspicious transactions.  The tax department is using data mining and artificial intelligence to  identify potentially fraudulent invoices  and shell companies, according to a Mint report. The move is aimed at curbing tax invasion and improving the efficiency of the indirect tax system. Moneycontrol could not independently verify the story. "Now what will happen is that our intervention can also happen almost on a real-time basis. With data a...

Follow us on -  LinkedIn  - https://www.linkedin.com/in/aseem-aggarwal-1b365549/ Youtube  -  https://www.youtube.com/user/aseemaggarwal92 Twitter  -  https://twitter.com/aseem252 Blog  -  https://aseemconsult.blogspot.com/ Aiming to collect almost the same sum as taxes as last year, the revenue department is tightening compliance requirements related to e-invoicing. The buyers are required to ensure proper e-invoices are issued to them by listed large GST-registered businesses; in the absence of such e-invoices, the buyers could lose input tax credit. A list released by the department includes over 28,000 GST identification numbers that must only issue e-invoice for B2B sale of items. The rule came into effect from October 1 for firms with more than Rs 500-crore turnover. E-invoicing system is connected to a central portal which receives and validates invoices in real time. It has been touted as a game changer, and one of the reasons why the propo...