New Finance Budget, 2015 has provided facility to issue digitally signed invoices by inserting Rule 4(C) in Service Tax Rules, 1994 along with the option for maintenance of records in electronic form and their authentication by means of digital signatures. However, conditions for issuing digital signed invoices and option of maintaining of records in electronic form was not in the line till now.
The neoteric, Notification No. 18/2015- Central Excise (N.T.), dated 6 July, 2015, in pursuance of sub-rule (2) of Rule 4(C) of the Service Tax Rules, 1994 made under sub-section (1) and sub-section (2) of Section 94 of the Finance Act, 1994, now specifies conditions, safeguard and procedures for issuing of invoices, preserving records in electronic form and authentication of records and invoices by digital signatures.
Also, read the related blogs for better understanding: New GST Refund Procedure under the GST Regime
As per the notification, for issuing digital signature invoices and maintaining records in electronic form the following condition shall be complied, namely;-
Every assesse who opts to maintain records in electronic form shall ensure that appropriate backup of records in electronic form is maintained and preserved for a period of 5 years immediately after the financial year to which such records pertain.
For query or help, contact:singh@carajput.com or call at 9555555480
Exploring Corporate Bonds in India - A Comprehensive Guide Corporate bonds in India represent a compelling investment option, offering a… Read More
Central Board of Direct Taxes Mandates E-Filing of Appendix-II Forms under Income Tax Rules, 1962 The Central Board of Direct… Read More
Payment System or mechanism under GST Regime General Rules for Payments Regular taxpayers under GST must compute tax monthly,… Read More
Rule 86B under the GST Regime Rule 86B is a provision introduced under the Goods and Services Tax (GST) regime… Read More
Big Relief to Taxpayers- welcome change for GST taxpayers The recent update by the Goods and Services Tax Network (GSTN)… Read More
Central Board of Indirect Taxes & Customs Circulars Issued on 26th June 2024 Following the recommendations from the 53rd GST… Read More