The Indian government is considering the mandatory implementation of electronic invoicing (e-invoice) for business-to-consumer (B2C) transactions within the next 2-3 years. Currently, businesses with a turnover of Rs 5 crore and above are required to generate e-invoices for business-to-business (B2B) sales and purchases.
The Goods and Service Tax Network (GSTN) has issued the advisory in respect of introduction of compliance pertaining to DRC-01C (Difference in Input Tax Credit (ITC) available in GSTR-2B & ITC claimed.
GSTN introduces a new ledger to track reversal and reclamation of Input Tax Credit (ITC) for better compliance. Taxpayers must report accumulated ITC reversed balance by 30 Nov 2023
"GSTN is pleased to inform that the geocoding functionality for the "Additional Place of Business" address is now active across all States and Union Territories," GSTN said in an advisory issued on Wednesday.