E invoice news – 26 March 2021 ( 2 topics : E invoices and HSN Code )

E invoice news – 26 March 2021 ( 2 topics : E invoices and HSN Code )

E invoice news – 26 March 2021 ( 2 topics : E invoices and HSN Code )

E invoice news – 26 March 2021

( 2 topics : E invoices and HSN Code )



E invoices

  • If your Turnover was 50 cr to 100 Cr in any of last 3 years :

  • Read this carefully. Get E invoice ready immediately. Else big loss possible.

 


  • If your Turnover was over 35 crores and have more than 1 plant , check this above again. The GST invoices made for intra company , but inter state sales, say your Gurgaon plant ( Haryana) to your Pune Plant ( Maharashtra) …..it is to be added for this eligibility

 


If you are below 35 Cr , relax


if you are over 100 cr already. Your staff must have already done this


HSN Code – 6 Digit

IRRESPECTIVE OF YOUR TURNOVER

HSN Code: From April 1, 2021, Now you must mention 4 digit HSN Code/ 6 digit HSN code in invoices… you also and your vendors also…

https://taxguru.in/goods-and-service-tax/hsn-code-mandatory-irrespective-turnover-01-04-2021.html

IRRESPECTIVE OF YOUR TURNOVER, YOU MUST FOLLOW THIS

Serial Number

Aggregate Turnover in the preceding Financial Year

Number of Digits of Harmonised System of Nomenclature Code (HSN Code)

(1)

(2)

(3)

1.

Up to rupees five crores

4 DIGITS

2.

more than rupees five crores

6 DIGITS

 


Notes

E-Invoicing: From April 1, 2021, E-invoicing compulsory if your turnover exceeded Rs 50 Cr in ANY of the financial years starting from FY 2017-18 upto FY 2019-20. … Note : Add the even inter plant sales , and Interest income, rent income to see the total figure of 50 crores.


Beware
and Be Aware

GST Penalties / onroad problems should be avoided by awareness
and doing things “First time right”
Remember…Educate your Vendors too .. Else you will lose all your ITC on those bills…
and a possible penalty of Rs 25000 for incorrect invoicing ….per invoice


See the detailed demo files on the Google drive link below

click here to access the Google Drive


Powerpoint

Powerpoints and Manuals

1 IRN – Invoice Regn number – PPT irn_ppt_18pg – Click here

2 IRN – Invoice Registration_manual -31pg – Click here

3 IRN GENERATION IN FINSYS ERP_31pg landscape

4 How to QR_code_invoice_dt 21 March 2021 and DSC

5 How to do the QR_VERIFICATION_dt 21 March 2021

these other files on the Google drive link below


Finsys at your service