E-invoicing may begin under GST
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In what could radically transform the indirect tax administration system and the way business is conducted, India is looking at the possibility of introducing electronic invoicing under goods and services tax.
If the country adopts the system, businesses will likely have to issue invoices, or bills, directly via the GST Network, and the data will be available to the authorities right away.
The GST Council has set up a committee to look into the feasibility of e-invoicing. It will also study the systems in place in other countries, such as South Korea and some from Latin America.
The move comes as the new single tax regime, which took effect on July 1, 2017, has seen a rise in incidents of evasion. The GST Council has taken a number of measures, such as introduction of electronic way bills (e-way), to clamp down on tax evasion.
Tax experts say e-invoicing can be effective in tackling evasion. #casansaar (Source - Economic Times)
If the country adopts the system, businesses will likely have to issue invoices, or bills, directly via the GST Network, and the data will be available to the authorities right away.
The GST Council has set up a committee to look into the feasibility of e-invoicing. It will also study the systems in place in other countries, such as South Korea and some from Latin America.
The move comes as the new single tax regime, which took effect on July 1, 2017, has seen a rise in incidents of evasion. The GST Council has taken a number of measures, such as introduction of electronic way bills (e-way), to clamp down on tax evasion.
Tax experts say e-invoicing can be effective in tackling evasion. #casansaar (Source - Economic Times)
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