Introduction of e-Invoice in GST
A recent news report about the government planning to launch a facility to generate ‘electronic invoice,’ i.e., e-invoice with the objective to curb tax evasion gathered a lot of attention. We would like to acquaint you regarding the latest update in this matter -
- A Committee of Officers (CoO), headed by Dr. Rajeev Ranjan (Special Secretary, GST Council Secretariat) and Shri Manish Kumar Sinha (Joint Secretary, TRU-II, CBIC) was constituted on 22 April 2019 to examine the e-invoice system, currently prevailing in various countries (like South Korea, Latin America, etc.) The committee is working to provide recommendations on the following:
- To initialize the implementation of a system to generate e- invoice number on the GST portal.
- Study the possibility to dispensing the e-way bill requirement by integrating e-invoice and e-way bill.
- To explore the integration of the e-invoice system with various accounting systems currently adopted by companies.
- To gradually grow from the generation of an e-invoice number to subsequently generating the e-invoice from the GST portal.
- As per new reports and statements of officials available in the public domain, the following may be noted:
- The above mechanism is currently being evaluated for B2B transactions and may later be extended to B2C transactions.
- Initially, the e-invoice number generating system would be applicable to high turnover/transaction thresholds.
- The government may launch such a facility by September 2019.
Please click here to view the office memorandum setting out the Terms of Reference of the committee.
Offline Utility of GSTR 9 released on the GST portal
- Offline utility for preparing the Annual Return Form for GSTR 9 has been released on the GST portal on 8 May 2019.
- Form GSTR 9 should be filed by the regular taxpayers filing GSTR 1 and GSTR 3B.
- The due date for filing Form GSTR 9 for the period 1 July 2017 to 31 March 2018 is 30 June 2019.