What did Finance Secretary speak?
E-invoicing is presently mandated for agencies with an
annual turnover over Rs 500 crore. By January 1 subsequent year, it will likely
be to be had to taxpayers with an annual turnover over Rs one hundred crore.
The authorities will roll out the digital invoicing
(e-invoicing) gadget for all commercial enterprise-to-commercial enterprise
(B2B) transactions below the Goods and Services Tax (GST) regime from April 1
subsequent year in order to update bodily invoices, finance secretary Ajay
Bhushan Pandey stated.
The authorities added the e-invoicing gadget on
October 1, 2020 for agencies with an annual turnover over Rs 500 crore. By
January 1, 2021, it will likely be to be had to taxpayers with an annual
turnover over Rs one hundred crore, he stated.
It is a remarkable leap forward as e-invoicing has
many blessings each for the commercial enterprise and the tax administration.
Buyers and dealers could be capable of have real-time records of the invoices.
It replaces the bodily bill and could quickly update the prevailing e-manner
invoice gadget and taxpayers will now no longer ought to generate separate
e-manner bills, he stated.
Pandey stated the e-invoicing gadget can also
additionally finally dispense with the existing gadget of submitting GST
returns for smaller agencies and micro, small and medium enterprises (MSMEs)
due to the fact e-bill will pre-populate returns for such agencies and they'll
be required to honestly pay the taxes.
The returns could be routinely generated for all
components for which e-invoices were issued, he stated after reviewing the
development of the e-invoicing gadget that become added on October 1 for
agencies with an annual turnover of over Rs 500 crore. The assembly become
attended through senior officers from the Central Board of Indirect Taxes and
Customs (CBIC), the National Informatics Centre (NIC) and the GST Network
(GSTN).
After overview of the development withinside the
closing seven days, Pandey stated the implementation of e-invoicing is getting
gradually robust. This is the start of a brand new bankruptcy of the benefit of
doing commercial enterprise and paying taxes in India. From the primary to the
7th day Invoice Reference Number (IRN) era has grown through 163% and feature
touched the depend of 13.sixty nine lakh IRNs at the 7th day, i.e., on October
7, he stated.
As e-invoicing is a really innovative gadget, we count
on that it'll additionally produce other principal blessings of enhancing the
charge cycle for the enterprise and deliver increase to bill primarily based
totally lending to MSMEs, he stated.
India has been capable of construct and increase this
large e-bill gadget in GST in only seven to 8 months, he stated. According to a
be aware organized through GSTN, among October 1 and October 7 greater than 695
lakh INRs had been generated through over seventy one thousand customers.
On the first actual day of e-invoicing gadget, greater
than 8.40 lakh INRs had been generated through 8,453 customers even as on
October 7 approximately 13.69 lakh INRs had been generated through 14,one
hundred customers, it stated.
To be sure, the advent of e-invoicing gadget become to
start with scheduled from April 1, 2020, however it become postponed to October
1 due to the sudden outbreak of Covid-19 pandemic. In order to make the gadget
step by step regulate to the e- invoicing gadget, it become prescribed that the
taxpayers having mixture turnover of Rs. 500 crore and above best might be
required to problem e-bill from October 1.
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