All invoices for commercial enterprise-to-business income by way of entities past a specific turnover threshold might be generated on a centralized authorities portal by using September, a flow aimed at curbing the risk of faux invoices and evasion of GST, officials said.
The sales secretary is tracking the development of the implementation of the electronic or e-bill task for which an officials’ committee has already been installed, they added.
“E-invoice for B2B transactions may be rolled out in subsequent 3-4 months in a phased way. The complete invoice could be generated on a central authority portal,” a professional advised PTI.
The circulation will help curb Goods and Services Tax (GST) evasion through the difficulty of faux invoices. Besides, it might make the return submission method less complicated for corporations as bill facts could be captured using a centralized portal.
“Once rolled out, the e-invoice project will allow organizations to generate an e-manner bill if needed concurrently,” the legit delivered. E-manner bill is needed for moving goods exceeding Rs 50,000.
Depending on the success of the undertaking within the B2B section, the sales department could extend it to commercial enterprise-to-purchaser (B2C) sales, mainly in sectors where the possibility of tax evasion is excessive.
Businesses beyond the specified turnover threshold, to be determined later, would be provided a software program for you to be related to the GST Network (GSTN) or a central authority portal for generating e-bills. The threshold can also be constant based on the bill fee.
The e-invoice technology approach will be like the one accompanied by the e-way bill at the ‘waybill.Nic.In’ or GST fee on the GSTN portal.
A thirteen-member officers’ committee, comprising primary and country tax officials and the GST Network Chief Executive, has been installed to examine the feasibility of introducing an e-invoice machine to streamline invoice technology and ease the compliance burden. The committee will finalize its period in-between record this month.
The proposed ‘e-bill’ is part of the exercise to test GST evasion. Nearly years into GST implementation, the government is now focusing on anti-evasion measures to shore up sales and growth compliance.
Over 1.21 crore registered groups under the GST, of which 20 lakh are under the composition scheme.
