19 Jul 2024 05:56 PM
New

Interoperable services of E-Invoice-1 and E-Invoice-2 Systems

Source: https://taxguru.in/goods-and-service-tax/interoperable-services-e-invoice-1-e-invoice-2-systems.html

The E-invoice1 system, operational since October 2020, has facilitated the generation of over 631 crore e-invoices by 11.08 lakh taxpayers, with over 21 crore e-invoices generated monthly. The system, rolled out in phases, began with taxpayers having an annual aggregate turnover (AATO) over Rs. 500 crores and now includes those with AATO over Rs. 5 crores, extending to B2B and export invoices from August 1, 2023. GSTN expanded the number of e-invoice portals from one to six, incorporating private participation, with NIC launching the e-invoice2 portal in March 2023. Despite multiple portals, the e-invoice1 portal remains predominant for IRN generation. NIC has now introduced interoperable services between e-invoice1 and e-invoice2 portals, available for testing and set to go live on August 1, 2024. Key features include shared login credentials, unified API token usage for e-invoice and e-waybill services, and criss-cross operations for printing and cancellation of e-invoices across both portals. These services enable seamless switching between portals, ensuring uninterrupted e-invoice generation and high system availability, even during technical challenges. Detailed API-related features are available in the API documentation and sandbox websites of the e-invoice and e-waybill systems.

19 Jul 2024 05:49 PM
New

Budget 2024 expectations: From IT, infra to capital gains tax, these are the changes one can expect

Source: https://www.livemint.com/budget/budget-2024-expectations-from-it-infra-to-capital-gains-tax-these-are-the-changes-one-can-expect-psu-railway-11721367446656.html

The Indian stock market is abuzz with anticipation as the coalition government prepares to unveil its Budget 2024. This budget is not just a fiscal plan; it is a blueprint that will set the tone for the country's economic trajectory. Investors, market analysts, and corporate leaders are keenly watching for signals that will guide their strategies and investment decisions. The expectations are high, with several key areas drawing significant attention.

18 Jul 2024 05:36 PM
New

With ₹12 trillion stuck in tax disputes, Govt must speed up resolution mechanism in budget: Experts

Source: https://www.livemint.com/companies/with-rs-12-trillion-stuck-in-tax-disputes-govt-must-speed-up-resolution-mechanism-in-budget-experts-11721281067899.html

Mumbai: The government must look to fix dispute resolution in the upcoming budget with steps such as streamlining legal processes and introducing monitoring mechanisms to free up more than ₹12.2 trillion stuck in various tax squabbles, experts said.

18 Jul 2024 05:28 PM

Casual dining sector faces 'cloud landlord', inflation and other mounting cost challenges

Source: https://www.livemint.com/industry/retail/casual-dining-sector-faces-cloud-landlord-inflation-and-other-mounting-cost-challenges-11721211913981.html

New Delhi: India's casual dining industry has been leading the organized food services market, capturing nearly 50% of the share until FY24, while quick service restaurants accounted for another 27%. However, the sector faces several challenges and anticipates clarity with the upcoming Union budget. The National Restaurant Association of India (NRAI), which advocates for the interests of numerous restaurants across the country, hopes that the sector, which is the third-largest employer providing 8.5 million jobs until FY24, will receive favourable.

18 Jul 2024 05:41 PM

Tax reforms: India’s agricultural income exemption needs a rejig

Source: https://www.livemint.com/opinion/online-views/tax-reforms-india-agricultural-income-tax-filing-farmers-gst-11721244549727.html

Next week will see the first budget of the new government being presented. As is traditional for this time, newspapers and opinion columns are full of suggestions on what the Union Budget should focus on. It comes at a very interesting time for the government.

18 Jul 2024 05:49 PM

New API Features of E-Invoice Interoperable services

Source: https://taxguru.in/goods-and-service-tax/api-features-e-invoice-interoperable-services.html

The NIC has introduced new API features for interoperable e-Invoice and e-Way Bill services, allowing a single authentication token to be used across multiple portals (e-Invoice1, e-Invoice2, e-Waybill1, e-Waybill2). This update enables access to services and operations, such as IRN generation, cancellation, and e-Waybill creation, across these portals, with APIs designed for cross-portal functionality. Specific error codes and additional header parameters have been introduced for seamless integration. The changes are available for testing on the sandbox portal before moving to production.

17 Jul 2024 06:22 PM

Montek Singh Ahluwalia: How to pack for India's journey to 2047

Source: https://www.livemint.com/budget/budget-2024-how-to-pack-for-the-journey-to-viksit-bharat-in-2047-11718709192664.html

With the new government in place, attention will naturally shift to how it proposes to deliver on the promise of achieving Viksit Bharat by 2047. The vision has gone down well as an aspirational objective. Since the transition will extend over two decades, the list of reforms needed is bound to be long, covering both the economy and also society. Today’s Mint presents several articles that identify some of the areas where changes are needed. Each will involve a combination of policies and programmes, and the details can only evolve over time.

16 Jul 2024 05:54 PM

Gujarat tops in GST filing compliance at 95%, HP, Tamil Nadu, UP, others also lead, while Arunachal, Manipur lag behind

Source: https://www.livemint.com/economy/gujarat-tops-in-gst-filing-compliance-at-95-hp-tamil-nadu-up-others-also-lead-while-arunachal-manipur-lag-behind-11721044598623.html

Gujarat, Tamil Nadu, UP, Punjab, Haryana and Delhi, among others, emerged as the top states with the highest tax returns filing in the current fiscal up to the end of May. But north-eastern states like Arunachal Pradesh and Manipur lagged behind due to low digital connectivity.

16 Jul 2024 05:58 PM

Budget 2024: Nirmal Bang Equities expect some push back on bringing products like Oil & Gas, Alcohol under GST regime

Source: https://www.livemint.com/economy/budget-2024-nirmal-bang-equities-expect-some-push-back-on-bringing-products-like-oil-gas-alcohol-under-gst-regime-11721100324250.html

Budget 2024: With some deterioration in state Finances during FY24, Nirmal Bang Institutional Equities remains watchful on state finances. Expect some push back on bringing products like Oil & Gas and Alcohol under the GST regime. Capex & infra focus likely to stay and private capex push likely

15 Jul 2024 05:59 PM

CBI Arrests CGST Superintendent and Inspector for Bribery

Source: https://taxguru.in/goods-and-service-tax/cbi-arrests-cgst-superintendent-inspector-bribery.html

The Central Bureau of Investigation (CBI) has recently made arrests in a significant case involving corruption within the Central Goods & Services Tax (CGST) department. A Superintendent and an Inspector from the CGST office in Solan, Himachal Pradesh, have been apprehended on charges related to bribery.