GST: E-invoicing for large businesses to kick in from October 1

GST: E-invoicing for large businesses to kick in from October 1 The government will implement e-invoicing from October 1 for taxpayers above Rs 500 crore turnover, and consider bringing in businesses with turnover of Rs 100 crore and above after the system stabilises, Yogendra Garg, principal commissioner GST Policy Wing said on Thursday. He was speaking at an e-conclave organised by industry body Assocham. The adoption of e-invoice system is aimed at facilitating convenience to the taxpayers by further simplifying the GST return system. Through e-invoicing the tax department would help businesses and taxpayers by pre-populating the returns. This would also result in reducing the reconciliation problems and compliance burden. “E-invoicing, once it is stabilised it should be a great help in further reducing the compliance burden. The GST Implementation Committee has recommended yesterday that we will go ahead with October 1 deadline but with reduced turnover, so to begin with we will not do for Rs 100 crore and above as we had notified, we will soon come out with a notification to make it Rs 500 crore from October 1 and as it stabilises then we will bring a date for Rs 100 crore and above,” Garg said. “Once e-invoice is reported, we are working to ensure the details would show in GSTR-1 return and in GSTR 2A in real time basis. So the seller can see in GSTR-1 and the buyer in 2A, and on the first day of next month we would say (to the taxpayer) that your B2B supply table is ready and you don’t need to upload it. That’s a big thing which will happen for sellers,” Prakash Kumar, chief executive officer of GST Network said at the same conclave
Answering a query, Garg said that despite Cabinet approval for setting up GST Appellate Tribunal (GSTAT) and a centralised Appellate Authority for Advance Ruling (AAAR), these bodies have not materialised on account of judicial imbalance because there are two administrative, one judicial and two technical members, a structure which was objected to by a High Court ruling. “But we have been proactive in clarifying on matters where there are conflicting rulings. So while the ruling is binding on that particular taxpayers, others don’t feel the heat of investigation undertaken based on the advance ruling decision. For tribunals, we are looking at a solution because this is a challenge for us as well,” Garg said. Source::: Financial Express, dated 24/07/2020.