The Goods and Services Tax Network (GSTN) has approved stakeholders’ comments on the new e-invoice format, which will be able January 2020, and will be binding for all dealers.
The GST Council in its 35th affair on June 21 had absitively to acquaint cyberbanking invoicing arrangement in a phased address for B2B (Business-to-Business) transactions. E-invoicing is a rapidly accretion technology which would advice taxpayers in astern affiliation and automation of tax accordant processes. It would additionally advice tax authorities in active the annoyance of tax artifice and demography ascribe tax acclaim (ITC) application affected invoices.
According to government data, 1,620 cases of affected invoice(s) involving counterfeit ITC account ₹11,251 crore came into ablaze during 2018-19. During the accepted fiscal, abstracts up to June shows that Central GST authorities appointed 535 cases of affected invoice(s) involving counterfeit ITC account ₹2,565 crore. Considering this ascent number, the prime motive of addition of e-invoicing appears to be the annoyance of counterfeit invoices and to ensure that the all-embracing apparatus of GST is not abandoned by such measures.
Further, the charge for e-invoicing was additionally acquainted to ensure complete inter-operability of e-invoices beyond the absolute GST eco-system so that e-invoices generated by an software can be apprehend by any added software, thereby eliminating the charge of beginning abstracts entry. The arrangement today is a affliction point and additionally amenable for lot of archetype absurdity accompanying non-reconciliation.
The admeasurement is additionally in band with the all-around practices as abounding countries beyond the apple accept adopted standards for e-invoice.
Now experts feel that there are assertive key issues that charge to be bound by GSTN afore finalising the format.
Harpreet Singh, Partner, at KPMG, accustomed the absolution of the abstract e-invoice architecture for consultation. The aim should now be to accommodate as abundant inputs as possible, so that the final balance architecture suffices for all sectors.
“Whether balance number, date, balance blazon cipher would be auto-populated, what capacity charge to be entered beneath ‘transaction mode’, how would one enters e-waybill capacity on the balance as about e-waybill is generated column arising of balance etc. are some of the accessible questions appearing from the abstract format,” said Singh.
Invoice No Format In Gst – invoice no format in gst
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