In India, e-invoice is mandatory for GST registered businesses with an annual turnover of Rs 10 crore and above. In an e-invoice system, all B2B invoices are authenticated on an invoice registration portal (IRP), after which an invoice reference number (IRN) is generated to complete the ...
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GST CMP-08 is Now Live for Composition Taxpayers Recently, the GST council had brought a new GST return filing model for the taxpayers having GST registration under the Composition scheme. Under that, a new GST return, GST CMP-08 has been introduced. The GST CMP-08 shall replace the existi...
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GST is imposed at each of these stages, making it a “multi-stage” tax. 2. Value Addition Taxation GST is applied to the added value at each stage, ensuring that only the incremental value is taxed. For example: Manufacturing: When a biscuit manufacturer buys raw materials like flour and...