Dear All,


Financial Year is changing - 


A.Take care about invoice numbering -


-  Taxpayer can start new invoice series as unique for the financial year starting from 1st April 2025.


taxpayer have to take care that any previously used ( in any of last year)  invoice no or series should not be repeated.


- If current series of invoice no. contains year as part of invoice no i.e 24-25, precaution to take to Change the same to 25-26 in invoice no as may be required


B.Take care abouts HSN Digit on Invoice


- As per Notification no.78/2020 Central Tax dated 15th October 2020, HSN Reporting on Tax Invoice whether 4 digit or 6 digit should be as per below 


1.Aggregate Turnover in the Preceding Financial Year Up to Rupees 5 crores = 4 Digit HSN 


2.Aggregate Turnover in the Preceding Financial Year more than Rupees 5 crores = 6 Digit HSN 


Kindly note - 
CGST Rules 2017 specifies that the tax invoice issued by a registered person should have a consecutive serial number, not exceeding sixteen characters, in one or multiple series, containing alphabets or numerals or special characters


C. E-Invoice Applicability
 
- A Business whose total turnover is exceeding Rs. 5 Crores in last financial year i.e 2024-2025, Is required to generate an E-Invoive


D. Timeline for E-invoice Reporting  


- From 1st April 2025, taxapayers with annual Turonver of 10 Crores and above would not be allowed to report e-invoice later than 30 days from the Invoice date.




Thanks & Regards,
Team PSKA
www.pskothari.com