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India makes GST e-invoicing mandatory from October 2020

Monday 28 September 2020 14:09 CET | News

The India-based government has announced plans to make GST e-invoicing mandatory for companies starting 1 October 2020.

The companies with annual turnover of over INR 500 crore for their business-to-business transactions will be affected. Industry representatives, however, have urged the government to not make it mandatory and rather allow voluntary compliance. Smaller businesses initially had a threshold for mandatory e-invoicing of INR 100 crore. Now that is to be raised to INR 500 crore on the recommendations of an empowered panel of the Goods and Services Tax (GST) Council.

E-invoicing has many advantages for businesses such as standardisation, interoperability, auto-population of invoice details into GST return and other forms (like e-way bill), reduction in processing costs, reduction in disputes, improvement in payment cycles, and thereby improving overall business efficiency, according to newstoday.net.

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Keywords: India, GST, e-invoicing, mandatory, small businesses, Goods and Servies Tax Council, standardisation, interoperability, auto-population, invoice details, GST return, e-way bill
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: India
This article is part of category

Banking & Fintech