J P Chawla & Co. LLP

Fineprint Vol.11 2020

Indian Economy has received much-needed push in the Indian festival season in November, with lot of sectors out-performing previous months. Much needed recovery was made in sectors like automobile, FMCG and e-commerce. Another indicator of recovery is an increase in GST collections, the revenues for the month of November 2020 are 1.4% higher than the GST revenues in the same month last year. In GST earlier the government had introduced the e-invoicing system to be applicable on the taxpayers whose aggregate turnover exceeds five hundred crore rupees with effect from 1st October 2020. Now with effect from 01st January 2021, the said e-invoicing system shall be applicable to all those taxpayers having turnover exceeding one hundred crore rupees. 

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