News By/Courtesy: Nikhil Verma | 30 Apr 2019 6:38am IST

GST officials are engaged in developing a system where a business operation above a definite income threshold will have to produce “e-invoice” on government or GST access for every sale, thereby productively minimizing the space for tax evasion. To initiate with, business above a certain portal will just get a distinctive numerical for every electronic bill or e-statement produced.  This number can be matched with the bill described in the sales return and tariffs paid, as said by an official. Going further, business operations will need to produce complete electronic tax bill or e-invoice tracking the full worth of sales. The official stated that businesses above an income threshold would be supplied software which will be connected to GST or an administrative portal for producing e-bill. The portal can also be fixed through the worth of the invoice.

The necessity of e-invoice generation can be on the ground of income of the registered individual or worth of invoice. The general thinking is, preferably, it should be formed on income threshold so as to stop dividing of sales. Citing an example, the official said that if the lowest invoice worth is fixed at Rs. 1000, there is a probability of businesses of dividing the bills to escape the bill related threshold cap.

E-invoice creation approach will be same to the one being used for e-way bill on the link or deposit of payment of Goods and Services tax on the GSTN link. The prepared mechanism will take the place of necessity of creation of e-bill but rather will be created through the government portal. Rajat Mohan of AMRG and associates said that e-invoicing will reduce the replication and standard intervention in filing and analyzing of tax returns.

Section Editor: Shreyashi Tiwari | 30 Apr 2019 6:41am IST

Tags : #GST #Government #Launch #e_invoice #Business #Operations

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