What is GST?
GST is the full form of Goods and Service Tax. It is government tax that is levied on the supply of Goods and Services. Most of the countries have implemented GST. Some of them are India, Canada, Australia, Vietnam, Singapore, Spain, United Kingdom, Brazil, Monaco, Italy, Nigeria, and South Korea. Each country has its own rules and regulation on calculating GST. For example, Australia has 10% of GST on most goods and services. If you look at india, it has 0% to 28% of GST depending on the item’s nature.
E-Invoicing or electronic invoicing is a process of an utility system where GSTN is used to authenticate B2B invoices. So that it can be on common GST portal furthermore. The following are the benefits of E-Invoicing
- 1. Reduces mismatch errors
- 2. Allows interoperability and reduces data entry errors
- 3. Real-time tracking
- 4. Final preparation
- 5. Go Live support
E-Way Billis just like other e-bills and it is called as E-Way Bill because the bill is generated on the E-Way Bill Portal. GST registered person cannot transport goods in a vehicle whose value exceeds Rs. 50,000 (Single Invoice/bill/delivery challan) without an e-way bill that is generated on ewaybillgst.gov.in.
Alternatively, E-Way Bill can also be generated or cancelled through SMS (Short Message Service), Android Mobile Application and by website portal integration through API
GSTR 1 Reconciliation
GSTR – 1 is a tax return which is filed monthly or quarterly by taxpayers to reveal details of their outward supplies for the month along with their tax liability. Here, invoice-wise details are to be uploaded so that the Government can keep a track of every transaction. After filing GSTR -1, businesses have to file GSTR – 1.
GSTR 2 Reconciliation
GSTR-2 is a tax return that contains details of your monthly purchases / inward supplies. It is compulsory to all GST registered businesses to file their GSTR-2 after filing GSTR-1. A GSTR-2A report will be auto-generated in the GSTN Portal when your vendors have filed their sales return (GSTR-1) so that you can verify all data before you file your return.