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  • Should you buy LIC shares in the mega-IPO?

    On Wednesday, May 4, the initial public offering (IPO) of Life Insurance Corporation of India (LIC), the largest share sale in the history of Indian stock markets, opens for subscription. Should you invest?

    Listing gains or wealth creation?

    First and foremost, decide why you wish to invest in LIC’s IPO. Do you want listing gains or build wealth over time?

    Put aside the urge to make listing gains for a moment. LIC is one of India’s most trusted brands. Trust is the most important factor in purchasing insurance, and it carries a lot more weight when it comes from a government company. So apply for the shares, use multiple accounts, and you’ll be fine. This is subject to your risk profile and assessment.

    Be prepared to invest more after the listing. How much to invest in the shares after listing depends on a number of factors. LIC has its own set of strengths and weaknesses.

    LICs will sell shares worth Rs 20,557 crore in a price range of Rs 902-949. Existing policyholders will receive a discount of Rs 60 per share; retail investors and employees will get a discount of Rs 45 per share. To secure an allotment of shares, investors should apply for the stock at the higher price band. The discount provides investors a safety net.

    Understand what works and what may continue to work in LIC’s favour.

    Attractive valuation in comparison to its peers

    The revised LIC IPO looks appealing because it is available at an embedded value per share of 1.1 times, which is at a discount of nearly 65 percent compared to its peers in the private life insurance space such as HDFC Life Insurance, SBI Life Insurance or ICICI Prudential Life Insurance.

    In fact, HDFC Life is trading at a price to embedded value of 4-times, SBI Life at 3-times, and ICICI Prudential Life at around 2-times. As a result, LIC offers investor an excellent opportunity at a reasonable price.

    LIC, alone, is larger than the overall Indian mutual funds industry. As of September 30, 2021, LIC had total assets under management (AUM) of approximately Rs 39 lakh crore, which is greater than the AUM of the entire mutual fund industry. In fact, LIC invests the majority of its debt instruments in sovereign and AAA-rated securities, while more than 90 percent of its equity investments are in stocks that are part of the Nifty 200 and BSE 200 indices.

    Largest market share, but is it losing ground?

    Based on total premiums received in financial year 2021-2022, LIC has a market share of more than 60 percent. That makes LIC the market leader. But, it has consistently lost market share.

    Yet, even though it is losing market share, it still has the largest share of the life insurance market, even when compared to international insurance market leaders. To reclaim its lost market share, it must mitigate risks by providing more robust product offerings and utilising channels such as Bancassurance (remember that a majority of life insurance business for SBI, HDFC and ICICI comes from their bancassurance channels), among other things.

    Strong agent network has led to penetration

    LIC also has the largest network of life insurance agents, accounting for more than half of all individual agents in India.

    India is largely under-insured country, although after the COVID-19 pandemic, people have started taking insurance more seriously. This creates an opportunity for the sector to grow. India has the highest protection gap among Asia-Pacific (APAC) countries, at more than 80 percent. Given our size and under-penetration, it presents a good opportunity to continue generating a minimum of 15 percent new business profit (NBP) for a long time.

    A large-cap stock waiting to enter indices

    After its listing, LIC will be a part of the NIFTY and SENSEX indices and may continue to be one of India’s top companies, making it a stock to hold in your portfolio. The percentage of allocation is determined by your risk assessment.

    There are a few concerns which you need to be careful about:

    Lower profit margins than competitors

    The majority of LIC’s revenue comes from savings plans, which have a higher operating cost than selling protection plans. LIC’s VNB margin, or Value of New Business margin, is around 10 percent, which is very low when compared to SBI Life’s 21 percent, HDFC Life’s 26 percent, and ICICI Prudential Life’s 27 percent.

    LIC has a lot of ground to make up here.

    Also, LIC must step up its game by utilising digital platforms and creating a robust digital experience similar to that offered by its competitors.

    The bailout king

    The government controls LIC, and in the past, LIC has bailed out many companies that were in trouble. Even the LIC’s share sale prospectus states that it may be required to take certain actions with no guarantee that such actions will be beneficial. We can only hope that this changes after its listing.

    Stock price rise can be slow if supply is consistent

    There is concern that LIC will continue to come out with offers for sale to raise more money, which may work against the stock price, as opposed to that of a company like Tata Consultancy Services Ltd (TCS), which, rather than issuing more stock, ends up buying back its own. But, as long as you’re invested in a solid company like LIC, you shouldn’t be too concerned about supply; if there’s a correction, you can always add more.

    Should you invest?

    Follow the 50-25-25 rule before you invest in LIC or any other stocks. You can follow my rule, which states that you should invest 50 percent of your equity allocation in top and emerging sectors such as banking and finance, auto, information technology, insurance, and so on, and invest in the top 2 or 3 companies from these sectors. The remaining 25 percent can be invested in any good mid-cap company, which means any company that is not in the top 100 by market capitalisation and is between the top 101 and 250 in India. The remaining 25 percent can be invested as you see fit, which means you can do whatever you want with it as long as you don’t break the rules.

    Source: Money Control Website

  • GST revenues at all-time high of Rs 1.68 lakh cr in April

    The GST collection in April touched the highest ever level of about Rs 1.68 lakh crore, up 20 per cent from the year-ago period, on improved compliance and recovery in business activity, the Finance Ministry said on Sunday.

    During the month, 1.06 crore GST returns from GSTR-3B were filed, of which 97 lakh pertained to March 2022.

    The gross GST revenue collected in April is Rs 1,67,540 crore, of which CGST is Rs 33,159 crore, SGST Rs 41,793 crore, IGST Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and cess Rs 10,649 crore (including Rs 857 crore collected on import of goods), the ministry said.

    The gross GST collection in April 2022 is an all-time high and Rs 25,000 crore more than the previous highest collection of Rs 1.42 lakh crore recorded in March.

    In April last year, the mop-up from Goods and Services Tax (GST) was about Rs 1.40 lakh crore.

    Giving comparable data of April GST return filing, the ministry said there is a “clear improvement in the compliance behaviour, which has been a result of various measures taken by the tax administration to nudge taxpayers to file returns timely, to making compliance easier and strict enforcement action was taken against errant taxpayers identified based on data analytics and artificial intelligence”.

    During the month, revenues from import of goods were 30 per cent higher and the revenues from the domestic transaction (including import of services) are 17 per cent more than the revenues from these sources during the same month last year.
    The total number of e-way bills generated in March 2022 was 7.7 crore, which is 13 per cent higher than 6.8 crore in February 2022, which reflects the recovery of business activity at a faster pace, the ministry said.

    In April 2022, 84.7 per cent of registered businesses paid taxes by filing GSTR-3B, compared to 78.3 per cent in the year-ago period.

    Also, 83.11 per cent of GST registered businesses have filed supply or sales return GSTR-1, compared to 73.9 per cent a year ago.

    The highest ever tax collection in a single day also happened on April 20 and Rs 57,847 crore was paid as GST through 9.58 lakh transactions.

    Deloitte India Partner MS Mani said while the GST collections in respect of March have always been high, the record collections of Rs 1.68 lakh crore reported are on account of multiple favourable factors, including the recent changes on permitting input tax credits only upon timely compliance by the vendors.

    “The impact of the continuing focus on ensuring timely compliance by all GST registrants by restricting the input tax credits of the buyers together with enhanced analytics to detect evasion has also contributed significantly to the all-time high collections reported,” Mani said.

    Tax Connect Advisory Partner Vivek Jalan said while the high collection depicts that the Indian Economy is coming out of the pandemic in full swing now, it is also a result of the tremendous price rise in input cost and implementation of GSTR 2B wherein the recipient can take only that much credit for input, input services and capital goods for which the supplier has filed his returns.

  • April GST collection likely to range from Rs 1.45-1.50 lakh crore: Finance Ministry sources

    The amount would exceed the all-time high GST collected in March 2022, when the numbers had peaked to Rs 1.42 lakh crore.

    The monthly collection under the Goods and Services Tax (GST) is likely to peak to another all-time high of Rs 1.45-1.50 lakh crore, CNBC-TV18 reported on April 26, citing sources in the Finance Ministry.

    The projected numbers mark a consecutive month-on-month (MoM) surge in GST collections. In March, a record-high amount of Rs 1.42 lakh crore was collected, which was 6.8 percent higher as compared to the previous month.

    The second highest monthly GST was collected in April 2021, when the numbers had peaked to Rs 1.41 lakh crore.

    TREND IN TOTAL GST COLLECTIONS
    Month Amount (in Rs crore) YoY change
    March 2022 1,42,095 15%
    February 2022 1,33,026 18%
    January 2022 1,40,986 18%
    December 2021 1,29,780 13%
    November 2021 1,31,526 25%
    October 2021 1,30,127 24%
    September 2021 1,17,010 23%
    August 2021 1,12,020 30%
    July 2021 1,16,393 33%
    June 2021 92,800 2%

    If the projected numbers for April 2022 turn out to be accurate, it would be the 10th month in a row when GST collections would cross the Rs 1 lakh crore-mark.

    For FY22 as a whole, total GST collections amounted to Rs 14.83 lakh crore, up 30 percent from Rs 11.37 lakh crore in FY21. The Finance Ministry attributed the rise in GST collections to the ongoing economic recovery along with anti-evasion activities and the various rate rationalisation measures undertaken by the GST Council to correct inverted duty structures.

    While the GST collections are on a high, deliberations are also reportedly underway to rationalise the taxation rates. The Finance Ministry, on April 25, said that the Group of Ministers – constituted in September last year to deliberate on the rates – was yet to submit their report.

    The GoM, headed by Karnataka Chief Minister Basavaraj Bommai, was set up by the GST Council to recommend ways in which any anomalies in tax rates could be corrected and revenue could be augmented.

  • Elon Musk’s ‘free speech’ push for Twitter: Is history repeating itself?

    Elon Musk, the world’s richest man, is spending USD 44 billion to acquire Twitter. There’s just one problem: The social platform has been down this road before, and it didn’t end well.

    Elon Musk, the world’s richest man, is spending USD 44 billion to acquire Twitter with the stated aim of turning it into a haven for free speech. There’s just one problem: The social platform has been down this road before, and it didn’t end well.

    A decade ago, a Twitter executive dubbed the company the free speech wing of the free speech party to underscore its commitment to untrammeled freedom of expression.

    Over the subsequent years, Twitter learned a few things about the consequences of running a largely unmoderated social platform one of the most important being that companies

    generally don’t want their ads running against violent threats, hate speech that bleeds into incitement, and misinformation that aims to tip elections or undermine public health.

    With Musk, his posturing of free speech just leave everything up that would be bad in and of itself, said Paul Barrett, the deputy director of the Center for Business and Human Rights at New York University. If you stop moderating with automated systems and human reviews, a site like Twitter, in the space of a short period of time, you would have a cesspool.

    Google, Barrett pointed out, quickly learned this lesson the hard way when major companies like Toyota and Anheuser-Busch yanked their ads after they ran ahead of YouTube videos produced by terrorists in 2015.

    Once it was clear just how unhealthy the conversation had gotten, Twitter co-founder and former CEO Jack Dorsey spent years trying to improve what he called the health of the conversation on the platform.

    The company was an early adopter of the report abuse button after UK member of parliament Stella Creasy received a barrage of rape and death threats on the platform. The online abuse was the result of a seemingly positive tweet in support of feminist campaigner Caroline Criado-Perez, who successfully advocated for novelist Jane Austen to appear on a British banknote. Creasy’s online harasser was sent to prison for 18 weeks.

    Twitter has continued to craft rules and invested in staff and technology that detect violent threats, harassment and misinformation that violates its policies. After evidence emerged that Russia used their platforms to try to interfere with the 2016 US presidential election, social media companies also stepped up their efforts against political misinformation.

    The big question now is how far Musk, who describes himself as a free-speech absolutist, wants to ratchet back these systems and whether users and advertisers will stick around if he does.

    Even now, Americans say they’re more likely to be harassed on social media than any other online forum, with women, people of color and LGBTQ users reporting a disproportionate amount of that abuse. Roughly 80% of users believe the companies are still doing only a fair or poor job of handling that harassment, according to a Pew Research Center survey of US adults last year.

    Meanwhile, terms like censorship and free speech have turned into political rallying cries for conservatives, frustrated by seeing right-leaning commentators and high-profile Republican officials booted off Facebook and Twitter for violating their rules.

    Musk appeared to criticise Twitter’s permanent ban of President Donald Trump last year for messages that the tech company said helped incite the Jan 6 insurrection at the U.S. Capitol last year.

    A lot of people are going to be super unhappy with West Coast high tech as the de facto arbiter of free speech, Musk tweeted days after Trump was banned from both Facebook and Twitter.

    Trump’s allies, including his son Donald Trump Jr, have even pleaded for Musk to buy out the company.

    If Elon Musk can privately send people into space I’m sure he can design a social network that isn’t biased, Trump Jr said in the caption of a video posted to Instagram last April.

    Kirsten Martin, a professor of technology ethics at the University of Notre Dame, said Twitter has consistently worked at being a responsible social media company through its moderation system, its hires in the area of machine learning ethics and in whom they allow to do research on the platform. The fact that Musk wants to change that, she added, suggests that he’s focused on irresponsible social media.

    Twitter declined to comment for this story. A representative for Musk did not immediately respond to a message for comment.

    New social media apps targeted at conservatives, including Trump’s Truth Social, haven’t come remotely close to matching the success of Facebook or Twitter. That’s partly because Republican politicians, politicians and causes already draw large audiences on existing, and much better established, platforms.

    It’s also partly due to floods of inflammatory, false or violent posts. Last year, for example, right-wing social media site Parler was nearly wiped off the internet when it became evident that rioters had used the app to promote violent messages and organise the Jan 6 siege of the US Capitol. Apple and Google barred its app from their online stores, while Amazon stopped providing web-hosting services for the site.

    Musk himself regularly blocks social media users who have criticised him or his company and sometimes bullies reporters who have written critical articles about him or Tesla. He regularly tweets at reporters who write about his company, sometimes mischaracterising their work as false or misleading.

    His popular tweets typically send a swarm of his social media fans directly to the accounts of the reporters to harass them for hours or days.

    I only block people as a direct insult, Musk tweeted in 2020, responding to a tweet from a reporter.

    Evan Greer, a political activist with Fight for the Future, said Musk’s lack of experience in moderating an influential social media platform will be a problem if he successfully takes over the company.

    If we want to protect free speech online, then we can’t live in a world where the richest person on Earth can just purchase a platform that’s millions of people depend on and then change the rules to his liking, Greer said.

     

  • Elon Musk strikes deal to buy Twitter for $44bn

    The board of Twitter has agreed to a $44bn (£34.5bn) takeover offer from the billionaire Elon Musk.

    Mr Musk, who made the shock bid less than two weeks ago, said Twitter had “tremendous potential” that he would unlock.

    He also called for a series of changes from relaxing its content restrictions to eradicating fake accounts.

    The firm initially rebuffed Mr Musk’s bid, but it will now ask shareholders to vote to approve the deal.

    Mr Musk is the world’s richest person, according to Forbes magazine, with an estimated net worth of $273.6bn mostly due to his shareholding in electric vehicle maker Tesla which he runs. He also leads the aerospace firm SpaceX.

    “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Mr Musk said in a statement announcing the deal.

    “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans,” he added.

    “Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

    The move comes as Twitter faces growing pressure from politicians and regulators over the content that appears on its platform. It has drawn critics from left and right over its efforts to mediate misinformation on the platform.

    In one of its most high-profile moves, last year it banned former US President Donald Trump, perhaps its most powerful user, citing the risk of “incitement of violence”.

    At the time Mr Musk observed: “A lot of people are going to be super unhappy with West Coast high tech as the de facto arbiter of free speech.”

    News of the takeover has been cheered by the right in the US, although Mr Trump on Monday told Fox News he had no plans to re-join the platform.

    The White House declined to comment on the takeover but spokesperson Jen Psaki told reporters: “No matter who owns or runs Twitter, the president has long been concerned about the power of large social media platforms.”

    On Twitter, MP Julian Knight, chairman of the UK’s Digital, Culture, Media and Sport Committee, called the deal an “extraordinary development in the world of social media”.

    “It will be interesting to see how a privately owned Twitter (run by a man who is an absolutist over free speech) will react to global moves to regulate.”

    Elon Musk and Twitter logoGETTY IMAGES

    Controversial history

    Mr Musk, who has more than 80 million followers on Twitter, has a controversial history on the platform himself.

    In 2018 US financial regulators accused him of misleading Tesla investors with his tweets, claims that were resolved in a $40 million settlement and that Mr Musk continues to deny.

    And in 2019 he was hit with a defamation suit – which he successfully defeated – after calling a diver involved in rescuing schoolboys in Thailand “pedo guy” on the platform.

    On Monday, Mr Musk, who has been known to clash with journalists and block critics, suggested that he saw Twitter as a forum for debate.

    “I hope that even my worst critics remain on Twitter, because that is what free speech means,” he wrote just hours before the deal was announced.

    Can Musk turn Twitter around?

    As part of the takeover, which is expected to close later this year, Twitter’s shares will be delisted and it will be taken private.

    Mr Musk has suggested this will give him freedom to make the changes he wants to the business.

    Among other ideas, he has suggested allowing longer posts and introducing the ability to edit them after they have been published.

    Twitter shares on Monday closed more than 5% higher after the deal was announced.

    But the price remained lower than Mr Musk’s $54.20 per share offer, a sign that Wall Street believes he is overpaying for the firm.

    Mr Musk has said he doesn’t “care about the economics” of the purchase. However, he will take on a company with a chequered record of financial performance.

    Despite its influence, Twitter has rarely turned a profit and user growth, particularly in the US, has slowed.

    The company, founded in 2004, ended 2021 with $5bn in revenue and 217 million daily users globally – a fraction of the figures claimed by other platforms such as Facebook.

    Bret Taylor, chair of Twitter’s board, said it had fully assessed Mr Musk’s offer and it was “the best path forward for Twitter’s stockholders”.

    Parag AgrawalTWITTER

    Parag Agrawal succeeded Twitter co-founder Jack Dorsey in November

    It is not clear who will lead the company moving forward. Twitter is currently led by Parag Agrawal, who took over from co-founder and former boss Jack Dorsey last November.

    But in his offer document, Mr Musk told Twitter’s board: “I don’t have confidence in management.”

    Mr Agrawal told employees on Monday that the future of Twitter is uncertain.

    “Once the deal closes, we don’t know which direction the platform will go,” he said, according to the Reuters news agency.

    Shareholder vote

    Mr Musk’s targeting of Twitter has moved at remarkable speed. It emerged at the beginning of April that he had become the largest shareholder in the firm with a 9.2% stake.

    He was then invited to join Twitter’s board but turned down the offer before launching a surprise bid for the company on 14 April, saying he wanted to “unlock” its potential as a bastion of freedom of speech.

    Twitter tried to fend off his bid, threatening to dilute the shareholdings of anyone who bought more than a 15% stake in the firm. However, its stance shifted after Mr Musk revealed more financial details about his proposed bid.

    He has secured $25.5bn of financing for the deal and will take a $21bn stake in the business.

    The board unanimously approved the bid, which will now be presented to shareholders for a vote.

  • Here’s how online shoppers are finding inspiration

    People shop across Google more than a billion times a day — and we have a pretty good sense of what they’re browsing for. For instance, our Search data shows that the early 2000’s are having a moment. We’re seeing increased search interest in “Y2k fashion” and products like bucket hats and ankle bracelets. Also popular? The iconic Clinique “Happy” perfume, Prada crochet bags and linen pants.

    While we know what’s trending, we also wanted to understand how people find inspiration when they’re shopping for lifestyle products. So we surveyed 2,000 U.S. shoppers of apparel, beauty and home decor for our first Inspired Shopping Report. Read on to find out what we learned.

    Shopping isn’t always a checklist

    According to our findings, most fashion, beauty and home shoppers spend up to two weeks researching products before they buy them. Many, though, are shopping online just for fun — 65% say they often or sometimes shop or browse online when they’re not looking for anything in particular. To help make online shopping even easier and more entertaining, we recently added more browsable search results for fashion and apparel shopping queries. So when you search for chunky loafers, a lime green dress or a raffia bag on Google, you’ll scroll through a visual feed with various colors and styles — alongside other helpful information like local shops, style guides and videos.

    Phone screens show animations of a Google search for various clothing items with visual scrolling results

    Apparel queries on Search show a more visual display of products

    Inspiration can strike anywhere

    We know shopping inspiration can strike at any moment. In fact, 60% of shoppers say they often or sometimes get inspired or prompted to buy something even when they aren’t actively shopping. That can come from spotting great street style: 39% of shoppers say they often or sometimes look for a specific outfit online after they see someone wearing it. Or it can come from browsing online: 48% of shoppers have taken a screenshot of a piece of clothing, accessory or home decor item they liked (and 70% of them say they’ve searched for or bought it afterwards). Google Lens can help you shop for looks as soon as you spot them. Just snap a photo or screenshot and you’ll find exact or similar results to shop from.

    Sometimes words aren’t enough

    We know it can be hard to find what you’re looking for using words alone, even when you do have an image — like that multi-colored, metallic floral wallpaper you took a photo of that would go perfectly with your living room rug. Half of shoppers say they often or sometimes have failed to find a specific piece of clothing or furniture online after trying to describe it with just words. And 66% of shoppers wished they could find an item in a different color or print.

    To help you track down those super specific pieces, we’re introducing an entirely new way to search — using text and images at the same time. With multisearch on Lens, you can better uncover the products you’re looking for even when you don’t have all the words to describe them. For example, you might be on the lookout for a scarf in the same pattern as one of your handbags. Just snap a photo of the patterned handbag on Lens and add the query “scarf” to complete your look. Or take a photo of your favorite heels and add the query “flats” to find a more comfortable version.

    Phone screen shows the ability to search for a flat version of a pair of yellow high heels, using text and images at the same time.

    With multisearch on Lens, you can search with both images and text at the same time

    Trying before you buy matters

    It’s not always possible to make it to the store and try something on before you buy it — but it matters. Among online beauty shoppers, more than 60% have decided not to purchase a beauty or cosmetic item online because they didn’t know what color or shade to choose, and 41% have decided to return an item because it was the wrong shade. With AR Beauty experiences, you can virtually discover and “try on” thousands of products from brands like Maybelline New York, M.A.C. and Charlotte Tilbury — helping you make more informed decisions. And now, shoppers can try on cosmetics from a variety of brands carried at Ulta Beauty right in Google Search. Just search for a product, like the Morphe Matte Liquid Lipstick or Kylie Cosmetics High Gloss, and find the best shade for you.

    Phone screens show animations of models virtually trying on various lipstick and eyeshadow shades.

    Google’s AR Beauty experience features products from Ulta Beauty

    No matter where you find your shopping inspiration, we hope these features and tools help you discover new products, compare different options and ultimately make the perfect purchase.

    Source: Google Blog

  • E-invoicing under GST – What is GSTN’s e-Invoicing Software?, Process, Implementation

    What is e-invoicing under GST?

    ‘e-Invoicing’ or ‘electronic invoicing’ is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal. Under the electronic invoicing system, an identification number will be issued against every invoice by the Invoice Registration Portal (IRP), managed by the GST Network (GSTN). The National Informatics Centre launched the first IRP at einvoice1.gst.gov.in.

    All invoice information will be transferred from this portal to both the GST portal and e-way bill portal in real-time. Therefore, it will eliminate the need for manual data entry while filing GSTR-1 returns and generation of part-A of the e-way bills, as the information is passed directly by the IRP to the GST portal.

    To whom is e-invoicing applicable?

    Phase Applicable to taxpayers having aggregate turnover of more than Applicable date Notification number
    I Rs 500 crore 01.10.2020 61/2020 – Central Tax and 70/2020 – Central Tax
    II Rs 100 crore 01.01.2021 88/2020 – Central Tax
    III Rs 50 crore 01.04.2021 5/2021 – Central Tax
    IV Rs 20 crore 01.04.2022 1/2022 – Central Tax

    The taxpayers must comply with e-invoicing if the turnover exceeds the specified limit in any financial year from 2017-18 to 2021-22. Also, the aggregate turnover will include the turnover of all GSTINs under a single PAN across India.

    Suppose ABC ltd aggregate turnover was as follows:
    FY 2017-18: Rs 15 crore
    FY 2018-19: Rs 17 crore
    FY 2019-20: Rs 24 crore
    FY 2020-21: Rs 19 crore
    FY 2021-22: Rs 18 crore (till date)

    The ABC ltd shall mandatorily generate e-invoices from 01.04.2022 irrespective of current year aggregate turnover as it has crossed the Rs 20 crore turnover limit in FY 2019-20.

    However, irrespective of the turnover, e-Invoicing shall not be applicable to the following categories of registered persons for now, as notified in CBIC Notification No.13/2020 – Central Tax:

    • An insurer or a banking company or a financial institution, including an NBFC
    • A Goods Transport Agency (GTA)
    • A registered person supplying passenger transportation services
    • A registered person supplying services by way of admission to the exhibition of cinematographic films in multiplex services
    • An SEZ unit (excluded via CBIC Notification No. 61/2020 – Central Tax)
    • A government department and Local authority (excluded via CBIC Notification No. 23/2021 – Central Tax)

    What is the current system in place for issuing invoices?

    Currently, businesses generate invoices through various software, and the details of these invoices are manually uploaded in the GSTR-1 return. Once the respective suppliers file the GSTR-1, the invoice information is reflected in GSTR-2A for the recipients for viewing only. On the other hand, the consignor or transporters must generate e-way bills by again importing the invoices in excel or JSON manually.

    Under the e-invoicing system (to be implemented from 1st October 2020), the process of generating and uploading invoice details will remain the same. It will be done by importing using the excel tool/JSON or via API integration, either directly or through a GST Suvidha Provider (GSP). The data will seamlessly flow to GSTR-1 preparation and for the e-way bill generation too. The e-invoicing system will be the key tool to enable this.

    What is the process of getting an e-invoice?

    The following are the stages involved in generating or raising an e-invoice.

    1. The taxpayer has to ensure to use the reconfigured ERP system as per PEPPOL standards. He could coordinate with the software service provider to incorporate the standard set for e-invoicing, i.e. e-invoice schema (standards) and must have the mandatory parameters notified by the CBIC, at least.
    2. Any taxpayer has got primarily two options for IRN generation:
      • The IP address of the computer system can be whitelisted on the e-invoice portal for a direct API integration or integration via GST Suvidha Provider (GSP) such as ClearTax.
      • Download the bulk generation tool to bulk upload invoices. It will generate a JSON file that can be uploaded on the e-invoice portal to generate IRNs in bulk.
    3. The taxpayer must thereafter raise a regular invoice on that software. He must give all the necessary details like billing name and address, GSTN of the supplier, transaction value, item rate, GST rate applicable, tax amount, etc.
    4. Once either of the above options is chosen, raise the invoice on the respective ERP software or billing software. Thereafter, upload the details of the invoice, especially mandatory fields, onto the IRP using the JSON file or via an application service provider (app or through GSP) or through direct API. The IRP will act as the central registrar for e-invoicing and its authentication. There are several other modes of interacting with IRP, such as SMS-based and mobile app-based.
    5. IRP will validate the key details of the B2B invoice, check for any duplications and generate an invoice reference number (hash) for reference. There are four parameters based on which IRN is generated: Seller GSTIN, invoice number, FY in YYYY-YY, and document type (INV/DN/CN).
    6. IRP generates the invoice reference number (IRN), digitally signs the invoice and creates a QR code in Output JSON for the supplier. On the other hand, the seller of the supply will get intimated of the e-invoice generation through email (if provided in the invoice).
    7. IRP will send the authenticated payload to the GST portal for GST returns. Additionally, details will be forwarded to the e-way bill portal, if applicable. The GSTR-1 of the seller gets auto-filled for the relevant tax period. In turn, it determines the tax liability.

    A taxpayer can continue to print his invoice as being done presently with a logo. The e-invoicing system only mandates all taxpayers to report invoices on IRP in electronic format.

    How will e-invoicing benefit businesses?

    Businesses will have the following benefits by using e-invoice initiated by GSTN:

    1. e-Invoice resolves and plugs a major gap in data reconciliation under GST to reduce mismatch errors.
    2. e-Invoices created on one software can be read by another, allowing interoperability and help reduce data entry errors.
    3. Real-time tracking of invoices prepared by the supplier is enabled by e-invoice.
    4. Backward integration and automation of the tax return filing process – the relevant details of the invoices would be auto-populated in the various returns, especially for generating the part-A of e-way bills.
    5. Faster availability of genuine input tax credit.
    6. Lesser possibility of audits/surveys by the tax authorities since the information they require is available at a transaction level.

    How will e-invoicing curb tax evasion?

    It will help in curbing tax evasion in the following ways:

    • Tax authorities will have access to transactions as they take place in real-time since the e-invoice will have to be compulsorily generated through the GST portal.
    • There will be less scope for manipulating invoices since the invoice gets generated before carrying out a transaction.
    • It will reduce the chances of fake GST invoices, and the only genuine input tax credit can be claimed as all invoices need to be generated through the GST portal. Since the input credit can be matched with output tax details, it becomes easier for GSTN to track fake tax credit claims.

    What are the mandatory fields of an e-invoice?

    e-Invoice must primarily adhere to the GST invoicing rules. Apart from this, it should also accommodate the invoicing system or policies followed by each industry or sector in India. Certain information is made mandatory, whereas the rest of it is optional for businesses. Many fields are also made optional, and users can choose to fill up relevant fields only. It has also described every field along with the sample inputs for the interested users. One can see that certain required fields from the e-way bill format are included now in the e-invoice, such as the sub supply type.

    Below is the gist of the contents of the latest e-invoice format as notified on 30th July 2020 via Notification No.60/2020 – Central Tax:

    1. 12 sections (mandatory + optional) and six annexures consisting of a total of 138 fields.
    2. Out of the 12 sections, five are mandatory, and seven are optional. Two annexures are mandatory.
    3. The five mandatory sections are basic details, supplier information, recipient information, invoice item details, and document total. The two mandatory annexures are details of the items and the document total.

    The following fields must be compulsorily be declared in an e-invoice:

    Sl. no. Name of the field List of choices/ specifications/sample Inputs Remarks
    1 Document Type Code Enumerated List such as INV/CRN/DBN Type of document must be specified
    2 Supplier_Legal Name String Max length: 100 Legal name of the supplier must be as per the PAN card
    3 Supplier_GSTIN Max length: 15  Must be alphanumeric GSTIN of the supplier raising the e-invoice
    4 Supplier_Address Max length: 100 Building/Flat no., Road/Street, Locality, etc. of the supplier raising the e-invoice
    5 Supplier_Place Max length: 50 Supplier’s location such as city/town/village must be mentioned
    6 Supplier_State_Code Enumerated list of states The state must be selected from the latest list given by GSTN
    7 Supplier Pincode Six digit code The place (locality/district/state) of the supplier’s locality
    8 Document Number Max length: 16 Sample can be “ Sa/1/2019” For unique identification of the invoice, a sequential number is required within the business context, time frame, operating systems and records of the supplier. No identification scheme is to be used.
    9 Preceeding_Invoice_Reference and date Max length:16 Sample input is  “ Sa/1/2019” and “16/11/2020” Detail of original invoice which is being amended by a subsequent document such as a debit and credit note. It is required to keep future expansion of e-versions of credit notes, debit notes and other documents required under GST.
    10 Document Date String (DD/MM/YYYY) as per the technical field specification The date when the invoice was issued. However, the format under explanatory notes refers to ‘YYYY-MM-DD’. Further clarity will be required. Document period start and end date must also be specified if selected.
    11 Recipient_ Legal Name Max length: 100 The name of the buyer as per the PAN
    12 Recipient’s GSTIN Max length: 15 The GSTIN of the buyer to be declared here
    13 Recipient’s Address Max length: 100 Building/flat no., road/street, locality, etc. of the supplier raising the e-invoice
    14 Recipient’s State Code Enumerated list The place of supply state code to be selected here
    15 Place_Of_Supply_State_ Code Enumerated list of states The state must be selected from the latest list given by GSTN
    16 Pincode Six digit code The place (locality/district/state) of the buyer on whom the invoice is raised/ billed to must be declared here if any
    17 Recipient Place Max length: 100 Recipient’s location (City/Town/Village)
    18 IRN- Invoice Reference Number Max length: 64 Sample is ‘a5c12dca8 0e7433217…ba4013 750f2046f229’ At the time of the registration request, this field is left empty by the supplier. Later on, a unique number will be generated by GSTN after uploading the e-invoice on the GSTN portal. An acknowledgement will be sent back to the supplier after the successful acceptance of the e-invoice by the portal. IRN should then be displayed on the e-invoice before use.
    19 ShippingTo_GSTIN Max length: 15 GSTIN of the buyer himself or the person to whom the particular item is being delivered to
    20 Shipping To_State, Pincode and State code Max length: 100 for state, 6 digit pincode and enumerated list for code State pertaining to the place to which the goods and services invoiced were or are delivered
    21 Dispatch From_ Name, Address, Place and Pincode Max length: 100 each and 6 digit for pincode Entity’s details (name, and city/town/village) from where goods are dispatched
    22 Is_Service String (Length: 1) by selecting Y/N Whether or not supply of service must be mentioned
    23 Supply Type Code Enumerated list of codes Sample values can be either of B2B/B2C/ SEZWP/S EZWOP/E XP WP/EXP WOP/DE XP Code will be used to identify types of supply such as business to business, business to consumer, supply to SEZ/exports with or without payment, and deemed export.
    24 Item Description Max length: 300 The sample value is ‘Mobile’ The schema document refers to this as the ‘identification scheme identifier of the Item classification identifier’ Simply put, the relevant description is generally used for the item in the trade. However, more clarity is needed on how it needs to be described for every two or more items belonging to the same HSN code.
    25 HSN Code Max length: 8 The applicable HSN code for particular goods/service must be entered
    26 Item_Price Decimal (12,3) Sample value is ‘50’ The unit price, exclusive of GST, before subtracting item price discount, can not be negative
    27 Assessable Value Decimal (13,2) Sample value is ‘5000’ The price of an item, exclusive of GST, after subtracting the item price discount. Hence, gross price (-) discount = net price item, if any cash discount is provided at the time of sale
    28 GST Rate Decimal (3,2) Sample value is ‘5’ The GST rate represented as a percentage that is applicable to the item being invoiced
    29 IGST Value, CGST Value and SGST Value Separately Decimal (11,2) Sample value is ‘650.00’ For each individual item, IGST, CGST and SGST amounts have to be specified
    30 Total Invoice Value Decimal (11,2) The total amount of the Invoice with GST. Must be rounded to a maximum of 2 decimals

    How does the e-invoice look like?

    The e-invoice format notified is as follows: 

    e-invoice format

    Check out detailed format of an e-invoice

    Download Now

    FAQs on e-invoicing

    To whom will e-invoicing apply

    The e-invoicing system applies to the GST registered persons whose aggregate turnover in the financial year exceeds Rs.50 crore. From 1st April 2022, it shall apply to those with a turnover of more than Rs.20 crore. However, exceptions include Special Economic Zones (SEZ) units, insurance, banking, financial institutions, NBFCs, GTA, passenger transportation service, and sale of movie tickets. However, exceptions include Special Economic Zones (SEZ) units, insurance, banking, financial institutions, NBFCs, GTA, passenger transportation service, and sale of movie tickets.

    Can an e-invoice be cancelled partially/fully?

    An e-invoice cannot be cancelled partially but can be cancelled wholly. On cancellation, it must be reported to the IRN within 24 hours. Any attempt to cancel thereafter cannot be done on the IRN and must be manually cancelled on the GST portal before the returns are filed.

    Will the bulk uploading of invoices for the generation of IRN be possible?

    No, invoices must be uploaded one at a time into the IRP. The ERP of a business will need to be designed to place the request for the upload of individual invoices.

    Will there be a facility for e-invoice generation on the common GST portal?

    No, invoices will continue to be generated on the individual ERP software currently in use by businesses. The invoice must adhere to the e-invoicing standard format and include the mandatory parameters. The direct generation of invoices on a common portal is not being planned at the moment.

    What are the types of documents that are to be reported into the IRP?

    The documents that will be covered under the e-invoicing system are as follows-

    • Invoices by the supplier
    • Credit notes by the supplier
    • Debit notes by the recipient
    • Any other document as notified under GST law to be reported as an e-invoice by the creator of the document

    For more FAQs on e-Invoicing, read our article on e-Invoicing FAQs.

  • Microsoft has turned off File Explorer Ads and here’s how you can disable other Windows Ads

    HIGHLIGHTS

    • Ads promoting Microsoft products were spotted on Windows 11 File Explorer.
    • This received backlash from Windows and Microsoft community.
    • The company says it wasn’t meant to be “published externally” and has been “turned off” for now.

     

    For operating system (OS) companies like Microsoft, built-in advertising could be a direct revenue source or a way to promote their products. Windows OS is already known to have ads in various parts of the user interface. They are mostly removable using simple toggles. However, one area which didn’t have ads till now was File Explorer, and much to our dismay, it may too have ads in the future.

    Recently, a Twitter user named @flobo09 shared a screenshot showing a Microsoft Editor promo ad in the Windows File Explorer. The tech Twitterati took note of it and openly showed its disapproval. Listening to the growing commotion, Microsoft released a press statement saying, “This was an experimental banner that was not intended to be published externally and was turned off.”

    Now, nowhere does it say that Microsoft won’t turn on those ads again, and more importantly, it doesn’t seem to have the intention to keep Windows 11 ads at bay.

     

    So, we may have to take things into our own hands. Let’s do that.

    • Remove promoted apps on the Windows Start Menu individually by right-clicking and tapping the Unpin/Uninstall option.
    • Get rid of Windows Lockscreen ads by unticking the ‘Get fun facts, tips, tricks, and more on your lock screen’ option within Settings > Personalization > Lockscreen.
    • Disable “suggestions” and “tips” (that you may find unnecessary) by unchecking ‘Offer suggestions on how I can set up my device’ and ‘Get tips and suggestions when I use Windows’ options within Settings > System > Notifications.
    • Even the ads that may appear on the Settings app can be toggled off by unticking the ‘Show me suggested content in the Settings app’ within Settings > Privacy & Security > General.
    • Disable permissions to Microsoft from accessing your Diagnostic data by switching off the ‘Let Microsoft use your diagnostic data, excluding info about websites you browse, to enhance your product experiences with personalized tips, ads, and recommendations.’ option within Settings > Privacy & Security > Diagnostic & Feedback > Tailored experiences.
    • And at last, if you don’t want Microsoft creating a personalized ad profile of you, you can deny the ‘Let apps show me personalized ads by using my advertising ID option’ within Settings > Privacy & Security > General.

    These remove or deny Microsoft’s permission to use various ad spots across their platform. So, you may follow the above steps and have a largely ad-free Windows experience.

     

  • Busywin Released New Version Busywin 21 5.00 – Learn What’s New

    Major Changes

    • New feature ‘Event Notification’ introduced. By enabling this feature user can get notifications of specific events like User LogIn/LogOut, Master Add/Modify/Delete & Voucher Add/Modify/Delete, on his mobile through BusyBNS App. Can be enabled through Features/OptionsàGeneral
    • Provision made to save Master/Voucher images in user’s Google Drive or to specify link of image already saved in Google Drive. Till now Master/Voucher images could only be saved in database in SQL mode. To enable this feature follow below steps:
      1. Use option ‘Enable Connectivity with Google Drive’ through Features/OptionsàGeneral
      2. Once above option is enabled follow the process of Authentication with Google
      3. Then enable option of saving of images in Google Drive in specific sections (Maintain Images & Notes) in Features/OptionsàAccounts/Inventory
      4. Once configured, BUSY will prompt either to save the image in Google Drive or to specify link of already saved image in Google Drive after Master/Voucher
    • Provision made to export any screen report to Google Worksheet like Microsoft To enable follow the below steps:
    1. Use option ‘Enable Connectivity with Google Drive’ through Features/OptionsàGeneral
    2. Once above option is enabled follow the process of Authentication with Google
    3. Now while exporting any screen report; in the list of Data Format options ‘Google Sheet’ will also be shown as one of theProvision made for E-Invoice QR Code printing for country Saudi Arabia:
    1. Enable in Features/Options GST/VAT
    2. Enable in respective voucher
    3. Enable QR Code printing in Standard Invoice printing
    4. Once enabled, E-Invoice QR Code will start printing in

    Minor Changes

    • Till now backup of data files more than 2GB could not be compressed and was getting backed up as it is taking more Now this restriction has been removed and data more than 2GB will also be compressed. Also the compression mode till now was proprietary but now changed to zip format. Since the compression mode has been changed, data backup made from BUSY21 (5.0) onward will not be restored in lower versions.
    • Sending invoice pdf by BNS/SMS, format of accompanying text message was fixed. Now provision made to make that text message configurable. If any invoice format with the name BusyBNS or BusySMS is found then that format will be used to generate text message accompanying invoice pdf being sent by BNS/SMS.
    • User rights provided to Generate/Print E-Way Bill and Generate/Print E-Invoice. Till now these options were available to all users.
    • E-Way Bill/E-Invoice configuration in Features/OptionsàGST tab, provision made to disallow sub user to delete/modify invoice once E-Way Bill/E-Invoice has been generated. Till now invoice with E-Way Bill/E- Invoice could be deleted/modified by sub
    • Bill-by-bill details window for new reference, provision made to create multiple new references (against one) on the basis days as specified. Required when payment against a bill is to be received in multiple parts (like EMI).
    • Provision made to print second language data in Item bar code printing
    • Provision made to apply Schemes in Stock Transfer voucher also. Till now schemes were available in Sales/Purchase/Sales Return/Purchase Return vouchers
    • Feeding Dr Note/Cr Note (w/o Items), provision made to pick Party GST details as per Party specified in voucher or as specified there (parallel to Separate Billing/Shipping details in Sales voucher).
    • Feeding B2B Expense voucher, if any Expense account was not found then voucher was not being This treatment was creating problem while using Expenses Payable account instead of Expense account. Now this restriction of having Expense account has been removed and user can feed B2B Expense voucher with any account.
    • Till now feeding B2B Expense voucher with a Composition Party was allowed creating confusion later on. Now a warning will be shown in such cases so that user can take the corrective
    • Specifying Account/Item details in second language, length of Name/Alias/Print Name increased from 40 to 60.
    • Currency String field size was 10 characters. Now increased to 15 characters as required in country
    • For country Ghana, Amount in Words was to be specified in different format. Now provision made for the
    • Payment Reminder/Statement of A/c; from second page onward, Party name was not being printed on top of page. Now it will be
    • Bulk Updation of Accounts/Items; if <ESC> was pressed, screen was getting unloaded without any warning resulting into loss of any work done. Now on pressing <ESC> user would be prompted whether to quit or
    • Provision made to ‘Print Instrument Details’ in Statement of A/c.
    • Bills Receivable/Payable & Bill-wise Statement, provision made to calculated Due Days on the basis of either Voucher Date/Due
    • Bill-wise Statement, provision made to show either Pending Days or Clearing Days. Till now Clearing Days was being shown
    • Broker-wise Bills Receivable report, provision made to ‘Sort Party-wise’. Till now all pending bills were being sorted Voucher No./Date-wise.
    • Ageing Analysis; while mailing report for all Parties till now report could be sent to one email ID only. Now provision made to send mail to individual Party like in other
    • Sending bulk email of any report to individual Party, provision made to Send to Party and/or Send to Self. Required when Party-wise report is required to be sent on our own email also. Till now individual mail could be sent to Parties
    • Making TDS payment entry, Quarter was being asked after selecting the references and user had to pick manually all the references for the current Quarter. Now Quarter will be asked before picking references and pending references on the basis of selected Quarter will be picked
    • Account master creation; on pressing F4 on Station or Transport field, option to create master by specifying GSTIN was being shown. Now in this case list of Transports or Station will be shown to pick
    • Voucher splitting has been restricted in case Compound Discount/Markup has been applied with Items as it was creating confusion in split values.
    • User Dashboard configuration, provision made to show Bills Payable in Bills Receivable and vice
    • Speed of showing List of Companies with /ccd command
    • Item master field HSN Code was being shown in country Ghana and Gambia which was not required. Now it will not be
    • Account Ledger on screen; provision made to show status of a Purchase Invoice as per GSTR-2A/2B with the help of F6 key (like in Bills Payable report).
    • Cheque Printing utility provision made to show Total Amount of cheques being
    • Screen reports; if both Sorting & Filtering was applied on a report, printing directly from grid was not Now if any sub details (like Narration, Item Details) are used in report only then printing directly from grid will be restricted in this scenario.
    • Applying Compound Markup in Sales invoice, value more than 100 was not being accepted. Now it will be
    • Warning for Overdue Pending Bills in Sales Invoice, now Overdue Days will also be
    • Item barcode printing with Item MRP based on Item’s Price Category; if some numeric value was specified in Price Category field, Item’s MRP was being printed as zero. Now in such scenario MRP as specified in Item Master will be
    • Slight change in Balance Sheet Horizontal format columns spacing to make it more
    • ‘Auto Create Bill References’ utility was picking Voucher as Ref. No. for Purchase Invoices. Now Purchase Bill No. will be used as Ref. No. instead of Voucher No.
    • While showing report notes on screen, F.Y. in which note was created will also be shown along with date of note
    • Pending Job Work reports; provision made to generate for Selected Parties and Selected Items
    • Exporting any report to Excel; in text columns, ‘ was being appended in the beginning of column value creating Now it has been removed and data will be exported as it is.
    • Purchase Type master, option to specify Capital Purchase was not available for country Nepal. Now made
    • Creating new company; for some states a default declaration was being shown in Invoice Standard This declaration was required in VAT regime and not in GST. Now it will not be shown by default in case of GST.
    • Specifying Item’s Multiple Alias during Item creation, option ‘Read from Barcode’ was always being shown as disabled and user had to enable it to use this option. Now user’s choice (enabled or disabled) will be saved in background and will be shown as enabled or disabled next time when this form will be
    • Billing/Shipping Details window; while picking details from Party master using F4 key, Party Name was being Now Party Print Name will be picked.
    • Option to copy Voucher while saving from Sale to Purchase and vice versa has been extended to Sales Return to Purchase Return and vice
    • While copying voucher from Sales to Purchase, by default ‘ITC Eligibility’ was being shown as None. Now it will be shown as Input Goods.
    • While going through Trial Balance to Account Ledger, Narration was not being shown in Ledger. Now it will be shown if option ‘Show Narration’ was enabled earlier while viewing Account Ledger
    • Billing/Shipping Details enabled; while sending Email/SMS to Party after voucher saving, same was being sent to Email/Mobile specified in Billing/Shipping Details window instead of as specified in Party master. Now it will be sent to both (as specified in Billing/Shipping Details and as specified in Party master).
    • Item’s Multiple Alias size was 20 Now increased to 40 characters.
    • Warning for Minimum Sales Price was being shown in Sales & Sales Order vouchers. Now provision made to show in Sales Quotation & Sales Challan also.
    • While replicating vouchers, Due Date in Bill references was not getting set as per due days specified in Account master. Now Due Date for replicated voucher will be set as per due days specified in Account
    • <ALT+F4> key was closing data entry screen abruptly without any warning. Now <ALT+F4> key has been disabled in Masters/Vouchers.
    • Sales data entry with barcode scanning enabled; on pressing F4, List of Items was being shown whereas in case of barcode scanning disabled option to pick data either from Item Group or BOM was being shown. Now in case of barcode scanning enabled, option for Item Group or BOM can be invoked using <ALT+F4>
    • Sales invoice feeding for country Saudi Arabia, by default option ’Generate E-Invoice’ was being shown as ‘N’. Now it will be shown as ‘Y’ by default.
    • ‘PDC Details’ report, provision made to ‘Print Instrument Details’ in
    • ‘Bank Reconciliation’ reports, provision made to show actual bank balance in the bottom of the
    • Screen reports gets refreshed if any data is changed during drill down. It was problematic when editing multiple entries in bulk through screen reports. Now an option provided in the bottom of screen reports Do not refresh report after data modification. If this option is enabled then screen report will not be refreshed after any data modification during drill
    • Sales Order adjusted in un-approved Sales voucher; Order was being shown as Pending in a few reports and as Cleared in some other Now in all reports it will be shows as Cleared.
    • Item-wise Tax% as specified in Item row in Sales/Purchase voucher will also be shown in side panel with other Item row level information.
    • Feeding Dr/Cr Note (w/o Items); while specifying the tax account, tax amount was not getting auto calculated as was being done in B2B Expense Now in Dr/Cr Notes also tax amount will be calculated automatically.
    • Item MRP-wise stock management, provision made to disallow Qty. Out if stock is not available. Can be enabled in from Features/OptionsàInventory
    • Item’s Batch/Parameter-wise details enabled; while changing Item’s quantity in Item grid, provision made to update it back in Batch/Parameter details window automatically. Till now this provision was available in BCN mode
    • Exporting Dr/Cr Note in pdf format, Voucher No. was not getting appended in export file name. Now it will be
    • HDD binding with user/company; separator for multiple HDD was ‘;’ but till now it was possible to specify ‘:’ or ‘,’ as separator which was creating confusion later on. Now it ‘:’ and ‘,’ has been restricted as
    • Balance Sheet with second level details on screen, heavy figures (hundreds of crores) were being shown without currency separator. Now it will be shown with currency separator.
    • Bulk Voucher deletion utility, till now balances of all masters were getting updated after deletion of vouchers taking a lot of time. Now option provided to update balances of only those masters which were used in vouchers being
    • User not having rights for sending Email/SMS was being prompted for the same after voucher saving and then request was being declined with message for not having rights. Now in this scenario, user won’t be prompted for sending Email/SMS after voucher saving.
    • Update Sales Price from Purchase Price utility, provision made to make Effective Purchase Price as Minimum Sales Price.
    • ‘Production Planning’ report; while checking for BOM at second level, for Items having multiple BOMs, first BOM was being Now last BOM will be picked instead of first.
    • Downloading Remote Support Software from Company menu; TeamViewer 9 was being downloaded. Now TeamViewer 15 will be
    • Provision made to show Particulars in Sub-Ledger report

     

    Bugs Removed

    • ‘Update Sales Price from Purchase Price’ feature was sometimes not updating branch-wise price in case of branch Now problem rectified.
    • Voucher splitting was sometimes showing error ‘Dr & Cr Amount should be equal’ and voucher was not getting Now problem rectified.
    • ‘Stock Ageing FIFO Basis’ generated for a branch was showing those Items also where Do not Maintain stock Balances was Nor problem rectified.
    • ‘Auto Adjust Reference’ utility run for a branch was adjusting vouchers for all branches instead of current Now problem rectified.
    • While updating Account masters details from GSTIN validation tool, sometimes an error was being shown in SQL mode. Now problem
    • Receipt printing format configured with <ACC_CATEGORY> field; if no Category was found tagged with Party, an error was being generated while printing Now problem rectified.
    • Custom column <TOTAL_TDS/TCS> in Account Ledger was generating Now problem rectified.
    • TDS configuration options were not being asked in Account master when created under group Loans (Liability). Now problem
    • ‘Return Filing Status’ field and ‘Validate HSN/SAC’ button was being shown in Account/Item master for countries other than India also whereas this field is relevant or Indian scenario only. Now problem
    • Re-validating GSTIN in Account master, new details were not getting updated in GSTIN information label shown in Account master. Now problem
    • Parameter-wise stock enabled and BCN not enabled in an Item; while feeding Production voucher if some parameters were specified in both Items consumed and Items generated, an error ‘Same BCN cannot be used in both Items Consumed and Items Generated’ was being Now problem rectified.
    • Printing Account Ledger for selected accounts for multiple Y., sometimes all entries spanning multiple F.Y. were not getting printed. Now problem rectified.
    • Sales voucher data entry, user not having rights to change Item price was able to do so by using F7 key which repeats data from previous Now problem rectified.
    • Option to disallow price change for a user for selected vouchers, sub user was not able to change price in batch-wise data entry form for all vouchers. Now problem
    • ‘Print Entry Level Details’ option was not working while printing pending Sales/Purchase Challan report. Now problem
    • Sales voucher converted to Purchase voucher using F6 key, text box ITC Eligibility was not getting enabled. Now problem
    • ‘Generate/Print E-Way Bill’ utility, sometimes Date filter was not working Now problem rectified.
    • ‘Regenerate Dual Voucher’ & ‘Rewrite Books’ utilities was not impacting nett price of Item in Serial No.- wise/Batch-wise Now problem rectified.
    • ‘Inventory Register’ printing, user configured header was not getting Now problem rectified.
    • List of Sales Vouchers, if both options Show MRP & Show Report Notes were enabled then an error was being Now problem rectified.
    • If amount adjusted in a bill reference was more than the reference amount, same was not being reflected properly in Bills Summary report. Now problem
    • Duplicating a Purchase voucher and changing the voucher date in new voucher, Purchase Bill Date was not getting changed as per new voucher date. Now problem
    • User Dashboard in Call Receipt voucher; on pressing <ENTER> on Call History voucher, an error was being
    • While replicating vouchers, E-Invoice details were also getting Now problem rectified.
    • Balance Sheet generated for a date range, sometimes on <ENTER> details for Opening Stock was showing value as Now problem rectified.
    • Importing BOM masters from Excel; if Item Alias was specified in place of Item Name, BOM was not getting Now problem rectified.
    • Sales Order printing configuration, <PRICE_CATEGORY> field was not Now problem rectified.
    • Sales invoice discount to be applied on Main Unit and transaction fed in Alt. Unit; while printing invoice, discount was being shown as calculated on Unit instead of Main Unit. Now problem rectified.
    • User rights were not working for some sub menus within Configuration Now problem rectified.
    • ‘Vendor-wise BCN Details’ report was showing wrong details in drill down Now problem rectified.
    • Item Serial-No.-wise data entry; if only one Serial No. row with multiple columns was there and data was copied from Excel sheet, only first cell was getting copy and other cells of the row were not getting Now problem rectified.
    • Item barcode printing, field <ITEM_ALT_UNIT_SALE_PRICE> was not working properly. Now problem
    • BCN date-wise price being maintained, sometimes wrong price was being picked in Sales Return voucher. Now problem
    • If same Job ID was used for ‘In House’ & ‘Out Side’ Job work; at the time of adjustment in Sales/Purchase voucher, wrong Job ID date was being Now problem rectified.
    • Sales Quotation in POS data entry mode; price as per Price Category as specified with Party master was not being Now problem rectified.
    • Sales Return voucher in POS data entry mode; directly scanning Item Serial No., sometimes an error ‘Serial not Found’ was being shown. Now problem rectified.
    • BCN-wise details being maintained; on picking Order details in Sales invoice using F11 key, sometimes an error was being Now problem rectified.
    • Tracking No. feature enabled; duplicating voucher using F12 key, new Tracking No. as specified in source voucher was not being shown for adjustment in target voucher. Now problem
    • Applying TDS using F4 key in Purchase voucher; both Purchase + Payment amounts were being considered to check the limit of 50 Lac where as it should have been only Purchase Now problem rectified.
    • Picking Order details in Sales voucher using F11; if Order was specified in Alt. Cur. and Item batch details also maintained, sometimes Item price was getting set to zero after specifying batch Now problem rectified.
    • Optional field filter was not working for Cost Centre Trial Balance Now problem rectified.
    • Stock Journal listing was generating error if MRP-wise details were being maintained and report notes was Now problem rectified.
    • Call Management vouchers; user not having access to Call/Inventory management configuration was able to access the same using Other Info button provided in bottom. Now problem rectified.
    • Consignment Sales voucher generated from Sales Order with Item-wise discount enabled and then copied to Purchase voucher after saving, an error related to Item discount configuration missing was being Now problem rectified.
    • Importing Party-Item-wise price structure, if only Markup field was being imported, no value was getting Now problem rectified.
    • Updating Sales Price from Purchase Price at the time of voucher saving and updating ‘All Incl. Prices’; in case of Multi Rate vouchers having Items with different tax rates, improper ‘All Incl. Price’ was being calculated (tax amount was being allocated on weighted average basis instead of tax % wise) . Now problem rectified
    • List of Sales filtered for one branch was not getting filtered if option ‘MC at Item Level’ was enabled in Now problem rectified.
    • Voucher Series Group filter was not working for Op. References in Order-wise Statement. Now problem
    • Parameter-wise Closing Stock report, if option for grouping on Sales Price was enabled, sometime multiple records for same Sales Price were being Now problem rectified.
    • Voucher Series Group filter tagged with user was not working properly for Purchase Indent Now problem rectified.
    • Generating Invoice from Order using F11 key, MRP as specified in Item master was not getting picked up. Now problem
    • Parameter-wise Profitability report; in Out column, quantity of Item row was being shown instead of quantity of parameter row. Now problem rectified.
    • Sales Register Columnar, option ‘Show Sales Return also’ was not working for users where option ‘Hide Value of Items’ was Now problem rectified.

     

    Download Busywin 21 5.00 from Official Site

    Here is the link to download Busywin 21 5.00 – http://download.bdns.in/BUSYSetups/BUSY21/setup.rar

  • Centre releases Rs 17,000 crore to states as GST compensation

    The Centre on Wednesday released Rs 17,000 crore as GST compensation to states to meet the shortfall in their revenue.