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Indian government releases e-invoicing system

Friday 11 October 2019 13:10 CET | News

The GST Council has approved the introduction of electronic invoicing in a phased manner for reporting of B2B invoices to GST System, starting from 1 January 2020.

 

Since there was no standard for e-invoice existing in the country, the standard for the same has been finalized after consultation with trade/industry bodies as well as ICAI after keeping the draft in public place.

Having a standard is a must to ensure complete interoperability of e-invoices across the entire GST eco-system so that e-invoices generated by one software can be read by any other software, thereby eliminating the need of fresh data entry – which is a norm and standard expectation today. The machine readability and uniform interpretation is the key objective.

This is also important for reporting the details to the GST System as part of Return. Apart from the GST System, adoption of a standard will also ensure that an e-invoice shared by a seller with his buyer or bank or agent or any other player in the whole business eco-system can be read by machines and obviate and hence eliminate data entry errors.


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Keywords: GST Council, India, government, national e-invoicing system, electronic invoicing, Goods and Services Tax Council, e-billing, B2B payments, GST system
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