Hey there, tax enthusiasts!
We are here to bring you essential updates regarding e-invoicing, set to take effect from November 1, 2023. These changes aim to enhance security and streamline reporting for businesses. Let's break them down in simple terms:
1. Two-Factor Authentication (2FA):
Starting November 1, 2023, all businesses with an Annual Turnover exceeding Rs 20 Crores will be required to implement Two-Factor Authentication (2FA). This is a security measure that adds an extra layer of protection to your e-invoicing activities.
2. New Reporting Time Limit:
Effective November 1, 2023, businesses with an Annual Turnover of 100 crores or more must adhere to a new reporting time limit. Invoices must be reported within 30 days from the date of issuance. This rule applies to all document types requiring Invoice Reference Numbers (IRNs), including credit and debit notes. This ensures that invoices are reported promptly, enhancing transparency and compliance in financial transactions.
In summary, these changes are part of an ongoing effort to make e-invoicing more secure and efficient. As responsible businesses, it is essential to stay updated and adapt to these changes.
Interested in Learning More?
If you're looking to dive deeper into the world of GST and Income Tax Return (ITR) filing, we offer comprehensive courses that cover everything from the basics to the intricacies of tax returns.
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For inquiries and enrollment, feel free to reach out via:
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We're here to assist you in your tax journey.
Thank you for staying informed, and we're committed to helping you navigate these changes seamlessly.
Best regards,
Sarath S Raman
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