News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
GST - Goods and Services Tax »
 Why states are feeling the GST pinch
 Data protection bill, new GST rates, and more
 Government seeks suggestions on new GST returns
 FM Sitharaman assures states of releasing GST compensation dues soon
 Delhi HC stays interest levy on profiteered amount under GST
 GST a failure, has government just admitted it?
 GST: Here’s what to do if your e-Way bill generation is blocked for tax defaults
 GST structure to be reviewed on revenue concerns
 GST Council to review tax rates, exemptions
 GST e-invoicing must for businesses with Rs 100-cr turnover from April 1
 Government sets timeline for GST e-invoicing, trial to start January 1, 2020
 All You Need To Know About Goods And Services Tax
 States' GST compensation may need to be extended beyond 2022
 GST transfers to States are falling short of what was promised
 

Government sets timeline for GST e-invoicing, trial to start January 1, 2020
November, 28th 2019

It is to be noted that e-invoice would not mean generation of invoices from a central portal of tax department or GSTN and the taxpayer would continue to use his accounting system/ERP or excel based tools or any such tool for creating the electron...

The Government has come out with the timeline for the new e-invoicing system under GST and the limit of application for each category. Accordingly, it has been decided by the government that businesses having a turnover of Rs.500 crore or more would take up e-invoicing from January 1, 2020 on voluntary and trail basis.

According to a statement, businesses with turnover of Rs.100 crore or more would start e-invoicing on voluntary and trial basis from February 1, 2020. However, from April 1, 2020, which is also the beginning of the net fiscal, e-invoicing will be mandatory for both these businesses categories. For businesses having turnover less than Rs 100 crore, it would remain voluntary and on trial basis from April 1, 2020.

“Having done full preparation for last 6 months to introduce E-invoicing system, the government has decided to start ‘E-invoicing’ in a phased manner for generating business to business (B2B) invoices on voluntary basis,” read the statement.

The e-invoicing system would help to generate invoice in a standard format so that invoice generated on one system can be read by another system and reporting of e-invoice to a central system becomes possible.

“The adoption of these standards would not impact the users of invoice; however, all the accounting software would adopt the new e-invoice standard wherein they would re-align their data access and retrieval in the standard format,” said the statement.

The generation of e-invoice will be the responsibility of the taxpayer who will be required to report the same to Invoice Registration Portal (IRP) of GST. This portal will generate a unique Invoice Reference Number (IRN) and digitally sign the e-invoice and also generate a QR code. The QR Code will contain vital parameters of the e-invoice and return the same to the taxpayer who generated the document in first place. The IRP will also send the signed e-invoice to the recipient of the document on the email provided in the e-invoice.

It is to be noted that e-invoice would not mean generation of invoices from a central portal of tax department or GSTN and the taxpayer would continue to use his accounting system/ERP or excel based tools or any such tool for creating the electronic invoice as s/he is using today.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting