GOVT. MAY SOON LAUNCH E-INVOICE PROVISION

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Businesses with a turnover exceeding a particular amount will have to generate electronic invoice either on a government portal or on the Goods and Services Tax (GST) portal.

In order to pull the plug on GST evasion, the government is working on a mechanism wherein businesses with a turnover exceeding a particular amount will have to generate electronic invoice either on a government portal or on the Goods and Services Tax (GST) portal.
Such businesses — above the specified threshold — will initially get a unique number for every e-invoice generated.
“The unique number can be matched with the invoices reported in the sales return and taxes paid,” a senior government official told Moneycontrol.
 Going forward, businesses will be required to generate an e-invoice recording the entire value of sales.
Businesses would be given a software which will be linked to the GST portal for generating e-invoice. The threshold can be fixed on the basis of the value of invoice.
“E-invoice needs to be generated either on the basis of turnover of the registered person or value of invoice. Maybe it should be based on turnover threshold so as to avoid splitting of sales,” the official said.
The process of generating e-invoice would be similar to the one being followed for e-way bill on ewaybill.nic.in or GST payments.
The move is expected to replace the requirement of generating e-way bill for movement of goods, as invoices would be generated through a centralised government portal. Currently, e-way bill is required for moving goods exceeding Rs 50,000.
A committee, comprising central, state tax officials and GST Network Chief Executive, has been set up to look into the feasibility of introducing the e-invoice system to streamline generation of invoices and ease compliance burden. The committee is expected to give an interim report in June.
The new system is expected to check GST evasion. The focus of the government is now on anti-evasion measures to increase revenue and  compliance.

Source : Money Control

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