Home Auto News Policy E-invoicing of GST compulsory from Oct 1, with higher threshold

E-invoicing of GST compulsory from Oct 1, with higher threshold

New Delhi: The authorities proposes to roll out compulsory e-invoicing of GST from October 1, however has determined to boost the threshold to exempt smaller entities from this compliance, an official said on Thursday.

Accordingly, e-invoicing shall be necessary just for companies with turnover of Rs 500 crore or extra. Those, on the opposite aspect of the threshold, shall be exempted from the compliance burden, for the time being.

The threshold for necessary e-invoicing, a step to enhance tax compliance, was earlier deliberate to be stored at Rs 100 crore. But, the adjustments at the moment are being made on the suggestions of an empowered panel of the Goods and Services Tax (GST) Council.

The GST implementation committee, that takes selections on behalf of the Council when pressing steps are wanted, recommended on Wednesday that the Central Board of Indirect Taxes and Customs (CBIC) can keep October 1 because the date for implementing e-invoicing however with a higher threshold, said Principal Commissioner, GST Policy, Yogendra Garg.

“The QR codes are definitely not happening on October 1 but the e-invoice scheme and 500 crore turnover related notification should be out by next week and the industry can start working on it as everything is y,” he said at an ASSOCHAM e-Conclave on three years of GST.

Garg additionally said that the CBIC would enhance the present GST return submitting system as a substitute of rolling out a brand new mannequin.

“Simultaneously, we are going to notify a new scheme as well because there were some issues – export invoice and e-way bill related parameters were not there. So some of those changes are going to be notified soon,” he added.

Stressing that the federal government’s endeavour is to make life easier for the taxpayer and it has been reactive and delicate to commerce necessities, he said: “There are challenges ahead but rest assured, the whole idea is to keep it as simple as possible and focus is on improving compliance mechanism, make it further simple and bring the costs down.”

Garg, nevertheless, lamented the dearth of interplay with business and urged to keep communication channels open in order that the coverage wing retains attending to know as to what’s required and expected.

“The problems, issues and challenges come to us very, very late and not on a regular basis. If there is regular communication, that will keep us updated on what are the requirements from the industry,” he said.

Pratik Jain, Chairman, ASSOCHAM National Council on Indirect Taxes advised {that a} white paper ought to be purchased on the sort of the GST India wants in subsequent three to 5 years that clearly spells out a roadmap bringing uncovered sectors into the oblique tax fold.

Directorate General of GST Intelligence detects Rs 72 crore tax evasion

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