GSTN India releases e-invoice format, seeks comment from stakeholders

Thursday 15 August 2019 09:22 CET | News

The Goods and Services Tax Network in India has released e-invoice format, which will be effective January 2020, and will be mandatory for all dealers.

The GST Council in its 35th meeting on June 21 had decided to introduce electronic invoicing system in a phased manner for B2B (Business-to-Business) transactions. Now experts feel that there are certain key issues that need to be resolved by GSTN before finalising the format.

The aim should now be to provide as much inputs as possible, so that the final invoice format suffices for all sectors. Whether invoice number, date, invoice type code would be auto-populated, what details need to be entered under ‘transaction mode’, how would one enters e-waybill details on the invoice as generally e-waybill is generated post issuance of invoice etc. are some of the open questions emanating from the draft format, said KPMG experts weighing in on the GST Council system.

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Keywords: The Goods and Services Tax Network, India, e-invoicing, e-invoicing network, mandatory e-invoicing, India, Asia, APAC, KPMG
Countries: World