The Govt. is serious about GST E- Invoicing; likely to introduce soon:
Top companies registered under the Goods and Services Tax ( GST ) may have to rely on a common goods and services tax portal to issue invoices to their customer as part of Governments initiatives to curb tax evasion.
AS per the Govt Officials “The government is looking to introduce an electronic invoice mechanism under GST, but could restrict it to large companies in the initial phase.”
This will automatically register every transaction on the GST network. It is being examined We are looking at if bigger companies could be brought in to begin with, /said the official.
E-invoicing will allow the government to capture transactions on a real-time basis. For companies, it will make compliance, as well as getting their tax credits, easier.
In connection with this, the GST council has appointed a committee and has also constituted a sub-group to examine all issues related to e-invoice, operation treatment, a tentative timeline for execution and more. The Group will examine and recommend on the business process and policy & legal aspects for generation of e-invoice.
The sub Group shall examine and recommend from time to time on all legal /policy aspects of generation of e-invoice, including inter alia invoice format, modification, cancellation of invoice, threshold turnover for invoice generation from the portal, immediate steps for B to B supplies with a high threshold turnover; invoice format in exceptional circumstances, if any, optional treatment for some sectors such as banking, telecom etc., tentative time line for execution, phase wise implementation i.e. extending coverage of e invoices for different categories of tax payers and consultation with other Stake holders.
Shri Ritvik Pandey, Joint Secretary (Revenue), DoR shall be the coordinator of this sub-Group and update the progress periodically.