GST: B2B invoices will have to be generated on govt portal by Sept: Business Standard ePaper.


GST: B2B invoices will have to be generated on govt portal by Sept: Business Standard ePaper.
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Tuesday, May 7, 2019
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Dear all, 

Your Association SIMA is forwarding herewith an article on Goods and Service Tax published on Business Standard ePaper on 5th May 2018, New Delhi.

All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST, officials said.

The revenue secretary is monitoring the progress of implementation of electronic or e-invoice project for which an officers' committee has already been set up, they added.

"E-invoice for B2B transactions will be rolled out in next three-four months in a phased manner. The entire invoice would have to be generated on a government portal," an official told PTI.

The move will help in curbing Goods and Services Tax (GST) evasion through the issue of fake invoices. Besides, it would make the returns filing process simpler for businesses as invoice data would already be captured by a centralised portal.

"Once rolled out, the e-invoice project will allow businesses to simultaneously generate e-way bill if needed," the official added. E-way bill is required for moving goods exceeding Rs 50,000.

Depending on the success of the project in the B2B segment, the revenue department would be looking at extending it to business-to-consumer (B2C) sales, especially in sectors where the probability of tax evasion is high.

To read the full article PLEASE CLICK HERE. 

 
Thanking you,
With regards, 
 
For Silvassa Industries & Manufacturers Association    
 
Narendra Trivedi 
Secretary 

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