Nucleus Advisors’ Post

🚨 GST Update: Time Limit for E-Invoice Reporting Revised! 🚨 Effective April 1, 2025, businesses with an Aggregate Annual Turnover (AATO) of INR 10 crore or more must report e-invoices within 30 days on the Invoice Registration Portal (IRP). This change emphasizes: 🔹 Real-time compliance 🔹 Enhanced transparency 🔹 Reduced scope for manual errors Businesses falling under this category should start aligning their systems to ensure timely reporting and avoid disruptions. Nucleus Advisors Pravesh Goel CA Ashish Gupta Abhishek Gupta, CA CA Rajat Singla #GSTUpdates #EInvoicing #ComplianceMatters

You’re just a form away to streamline your GST compliance journey with ease!!!

You’re just a form away to streamline your GST compliance journey with ease!!!

Claiming Input Tax Credit (ITC) just got easier! Starting October 1, 2024, the new **Invoice Management System (IMS)** on the GST portal will streamline how businesses handle supplier invoices. With IMS, you can accept, reject, or defer invoices with a single click, helping you avoid mismatches and file error-free GSTR-3B returns. Designed for businesses of all sizes, IMS also makes audits more precise and reduces compliance stress by “deeming” unactioned invoices as accepted. If you seek help on establishing this new feature, contact CA Ketan Sarage!

📢 GST E-Invoice Rule Change: Effective April 1, 2025 1️⃣ Who Does It Impact? Businesses with an Annual Aggregate Turnover (AATO) of Rs 10 crore and above must upload e-invoices to the Invoice Registration Portal (IRP) within 30 days of issuance. This rule previously applied only to businesses with AATO of Rs 100 crore+. 2️⃣ Mandatory 30-Day Deadline From April 1, 2025, any invoice not uploaded within 30 days will be rejected by the IRP. For example, an invoice dated April 1, 2025, must be uploaded by April 30, 2025. 3️⃣ Implications for Businesses Non-compliance means rejected invoices, disrupted transactions, and potential Input Tax Credit (ITC) issues. Timely uploading is critical to avoid penalties and maintain smooth operations. 4️⃣ Action Plan for Compliance Automate invoicing processes, integrate ERP systems with GST portals, and ensure team awareness for seamless compliance. #gstupdate #einvoice #gstindia #Businessimpact

#GST e-Invoice Generation Time Limit Now 30 Days for Turnovers Above ₹10 Cr! Starting April #2025, all taxpayers with an Annual Aggregate Turnover (#AATO) of ₹10 crore or more will have a 30-day window to generate e-invoices. This is a significant shift from the earlier threshold of ₹100 crore and aims to streamline the e-invoicing process for mid-sized businesses. 🔍 Key Highlights: 30-Day Time Limit: Businesses must now generate e-invoices within 30 days of issuing an invoice. Broader Scope: Applies to companies with AATO of ₹10 crore+, expanding from the previous ₹100 crore threshold. Compliance Reminder: Missing an Invoice Reference Number (IRN) may lead to penalties and enforcement issues during transit. 📌 🤔 What Does This Mean for Your Business? For companies with turnover above ₹10 crore, it's essential to align your invoicing processes now to avoid any last-minute rush when the rule kicks in. Generate the IRN along with the invoice to avoid transit issues, as GST squads may issue notices for missing documentation. 💡 Pro Tip: Though there’s a 30-day window, consider generating the e-invoice and IRN immediately at the time of issuing to avoid any compliance complications. Let's prepare for the change proactively. Are you ready to ensure seamless compliance? Share your thoughts or questions below! 💬👇 #GST #EInvoice #Compliance #TaxUpdate #BusinessFinance #IndiaBusiness

The new Invoice Management System (IMS) on the GST portal, launched on October 1st, 2024, is set to revolutionize the way taxpayers manage invoice corrections and amendments with their suppliers. This system allows recipients to accept, reject, or keep invoices pending before they’re included in their GSTR-2B, which plays a crucial role in determining eligible Input Tax Credit (ITC). If no action is taken, invoices will be deemed accepted, ensuring a smoother process for all parties. Key benefits of IMS: Improved record matching between suppliers and recipients Automatic updates to recipients’ dashboards for any amendments made by suppliers More accurate ITC claims and streamlined compliance processes Suppliers can track the actions taken by recipients on invoices This is a significant step toward making compliance easier while supporting seamless invoice and ITC management. To your continued success! #GSTUpdates #InvoiceManagement #InputTaxCredit #TaxCompliance #GSTIndia #TaxTechnology #ITCManagement #Accounting #Taxation #BusinessCompliance #GSTR2B #TaxFiling #Invoicing #FinanceAutomation #SupplierManagement #BusinessEfficiency #TaxInnovation #ComplianceMadeEasy #BusinessSuccess #TaxSolutions #TaxUpdate2024 #FinanceTechnology #AccountingSolutions #TaxNews #TaxAdvisory #BusinessGrowth

𝗦𝘂𝗺𝗺𝗮𝗿𝘆 New e-invoice guidelines under GST mandate a 30-day limit for generating e-invoices for businesses with over ₹10 crore turnover. 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 - 📅 New 30-day limit for e-invoice generation. - 🏢 Applicable for businesses with turnover over ₹10 crore. - ⚠️ Must comply by April 1, 2025. - 📊 Previous invoices can still be generated until the deadline. - 📝 Importance of timely invoice generation is emphasized. - 🔍 GST portal updates regarding compliance criteria. 𝗞𝗲𝘆 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 - 📉 Businesses with turnover above ₹10 crore must adhere to a strict 30-day limit for e-invoice generation to avoid penalties. This change emphasizes timely reporting and compliance. - 🔄 The new guidelines apply to both normal and e-invoices, urging businesses to align their invoicing practices promptly to avoid potential disruptions post-implementation. - ⏳ The advisory highlights a shift towards stricter compliance, indicating that failure to generate e-invoices within the stipulated time may lead to denial of invoice generation on the portal. - 📈 For businesses with turnover between ₹5 to ₹10 crore, the existing flexibility remains, but they are urged to adopt timely practices to prepare for future compliance requirements. - 📅 The advisory gives a heads-up about the upcoming changes, allowing businesses to adjust their practices before the April 1, 2025 deadline. - 💼 The importance of understanding the time of supply rules as per sections 12 and 13 of GST is reiterated, ensuring businesses are well-informed about invoicing norms. #GSTCompliance #GSTUpdate #EInvoice #GSTRegulations #TaxCompliance #BusinessRegulations #GSTIndia #EInvoiceGuidelines #TurnoverLimit #GSTPortal #TaxationUpdates #GSTN #IndirectTaxes

The new Invoice Management System (IMS) is set to transform how businesses manage invoices and Input Tax Credit (ITC). Want to know how this will impact your GST filings? Swipe to discover the details! 📊 For additional information, reach out to us at sales@indiafilings.com or visit indiafilings.com #GSTUpdate #TaxCompliance #BusinessGrowth #InvoiceManagement #EfficiencyMatters #GSTIndia #TaxTech #BusinessSolutions #AutomationInBusiness #IMS2024

Congratulations - You are in the e-Invoice Limit! Paying taxes indicates progress, not a disadvantage. Of course, it's growth! If you see it from another perspective. The Financial Doctor aims for all businessmen to achieve significant growth and wishes for everyone to comply with e-invoicing. E-invoicing is applicable if your previous year's turnover exceeds 5 crores. After the GST tax collection increased massively, business growth has been tremendous, among other benefits. Gross Good and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at ₹1.78 lakh crore, with a 11.5% year-on-year growth. FY 2023-24 marks a milestone with total gross GST collection of Rs. 20.18 lakh crore exceeding ₹20 lakh crore, a 11.7% increase compared to the previous year. Here is process of e-Invoice implementation in your accounting system such as Tally Solutions Pvt Ltd or other ERP! Prepared by our team member : Shubhnesh Prajapati #gst #account #tax #einvoice #increase #businessgrowth #compliance #system #managment #implementation #india #gstin #gstreturn #gstgrowth #gstcollection #government #taxpayer #startup #tally #accountant #accounting #businessadvisory