Some businesses must sign up for GST. If they don't, it's against the rules. They will face big fines.
GSTR-9 is a vital annual filing requirement for GST-registered taxpayers. It compiles comprehensive data on both outward and inward supplies, covering transactions in the fiscal year, including CGST, SGST, and IGST supplies. It serves as a consolidated record of monthly or quarterly returns for that year.
Electronic invoicing under GST, known as e-Invoicing, is a way businesses can create invoices electronically. It is similar to how GST-registered businesses use electronic waybills when moving goods. Some specific GST-registered businesses are required to generate e-invoices for their transactions with other businesses (B2B). What is GST E-invoicing? e-Invoice, also known as Electronic Invoicing, is a system where all B2B invoices are electronically uploaded and verified on a specific portal. After successful verification, a unique Invoice Reference Number (IRN) is generated for each invoice by the IRP(Invoice Registration Portal). Additionally, each invoice is digitally signed