GST e-invoice generation system on anvil

GST e-invoice generation system on anvil
GST officers are working on a system where businesses above a certain turnover threshold will have to generate electronic invoice on the government or GST portal for every sale, reducing the room for tax evasion.

To start with, businesses above a specified threshold will just get a unique number for every e-invoice generated. This number can be matched with the invoices reported in the sales return and taxes paid, an official said.

Businesses will be required to generate full electronic tax invoice or e-invoice recording entire amount if sales.The official said that the businesses with turnover beyond a certain threshold limit shall be provided with a software that will be connected  to the GST or any other Govt portal to generate e-invoices. Threshold can also be fixed on the basis of value of invoices.

E-invoice generation method shall be similar to that generation of e-way bill or payment of GST on the portal.

This proposed system of e-invoice shall eventually replace the e-way bill system.

 

 

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