E- invoicing will improve ease of doing business and reporting for GST
E- invoicing will further improve the ease of doing business and simplify reporting for GST says the industry body PHD Chamber of Commerce & Industry in a press statement issued here ystrday
Shri Prakash kumar, CEO, GSTN while speaking at PHD Chamber’s Conclave on E-invoicing & New GST Return Format mentioned that E- invoicing is a step towards improving ease of doing business and reporting for GST. He highlighted that manual data entry leads to transcription errors and wrong entries. There is a need for standard to ensure complete inter-operability. He accentuated that economies in the OECD high income group are at forefront of invoice digitization. He said the aim is to make it part of business process of taxpayers and eliminate all reporting.
Shri Sanjay Aggarwal, Senior Vice President, PHD Chamber in his remarks mentioned that e-invoice is the future means of electronic billing. It has been adopted by many governments internationally. It has been implemented in a staggering manner over a period of time, initially launched for B2B (Business to Business) and B2G (Business to Government). Issue of e-invoices by the taxpayers registered under GST having a turnover above Rs 500 crores has been notified on 13th Dec 2019. It is optional to issue from 1st Jan 2020 and mandatory from 1st April 2020. These notifications have been issued followed by the decision taken in the GST Council in its 37th GST Council Meeting.
Shri N K Gupta, Chairman, Indirect Taxes Committee, PHD Chamber in his theme presentation stated that E-invoicing is the new system through which business to business (B2B) transactions are authenticated electronically by GSTN for further use on the common GSTN portal. This is a major step in the push for a digital economy. He appreciated that GSTN is improving every day and GST is digitized to a great extent.
The other dignitaries who have attended the Conclave includes Shri Ravi Kiran Edara, VP (Services), GSTN, Shri Jagmal Singh, VP (Services), GSTN and Shri Kumar Vivek, AVP( Services), GSTN and Dr. Gaurav Gupta, Co-chairman, Indirect Taxes Committee, PHD Chamber.