Govt likely to introduce electronic invoice system under GST
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The government is looking to introduce an electronic invoice mechanism under GST, but could restrict it to large companies in the initial phase, said a government official privy to the deliberations on the matter.
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.
After the successful implementation of the e-way bill system, the government is upbeat on opting for the e-invoicing as it looks to curb tax evasion. 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.
A committee appointed by the GST Council has constituted a sub-group that will examine issues connected to e-invoicing, including optional treatment of sectors such as banking and telecom as also tentative timeline for execution.
This sub-group will examine and recommend the business process, policy and legal aspects for generation of e-invoice. It will also consider matters such as format for invoice, modification or cancellation of invoice, turnover threshold for invoice generation from the portal, immediate steps for B-to-B supplies with a high threshold turnover and the format for exceptional circumstances.
Tax experts say e-invoicing should make it easier for businesses, but adequate time needs to be given. “To the extent of e-invoices, data should be automatically populated in the GST returns and hence compliances would be simplified. #casansaar (Source - Economic Times)
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