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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.

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