All invoices for business-to-enterprise income via entities past a specific turnover threshold will be generated on a centralized government portal by using September, a move aimed at curbing the risk of faux invoices and evasion of GST, officers stated.
The sales secretary is tracking the development of the implementation of electronic or e-bill mission for which an officials’ committee has already been installed, they added.
“E-bill for B2B transactions could be rolled out in subsequent 3-4 months in a phased way. The whole bill might be generated on a government portal,” a legitimate told PTI.
The circulate will help in curbing Goods and Services Tax (GST) evasion through the difficulty of faux invoices. Besides, it’d make the returns submitting procedure easier for agencies as bill information would already be captured through a centralized portal.
“Once rolled out, the e-invoice undertaking will permit agencies to simultaneously generate an e-manner invoice if wanted,” the respectable delivered. E-way bill is needed for shifting goods exceeding Rs 50,000.
Depending at the success of the project in the B2B phase, the revenue branch could be looking at extending it to business-to-patron (B2C) income, especially in sectors in which the possibility of tax evasion is high.
Businesses beyond the desired turnover threshold, to be determined later, could be supplied a software program in an effort to be linked to the GST Network (GSTN) or a government portal for generating e-invoice. The threshold can also be constant on the basis of the price of the invoice.
The e-bill era approach can be much like the only being accompanied for the e-way invoice at the ‘waybill.Nic.In’ portal or payment of GST on the GSTN portal.
A 13-member officers’ committee, comprising crucial and state tax officers in addition to the GST Network Chief Executive, has been installed to look at the feasibility of introducing e-invoice gadget to streamline the generation of invoices and easing the compliance burden. The committee will finalize its intervening time document this month.
The proposed ‘e-bill’ is part of the workout to test GST evasion. With almost years into GST implementation, the authorities are now focussing on anti-evasion measures to shore up sales and boom compliance.
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