Indian government to introduce electronic invoice system under GST

Tuesday 28 May 2019 11:21 CET | News

The Indian Government has announced it is looking to introduce an electronic invoice mechanism under the Goods and Service Tax.

The system could be restricted to large companies in the initial phase, said a government official privy to the deliberations on the matter.

A committee appointed by the GST Council has constituted a sub-group that will examine issues connected to e-invoicing, including optional treatment of sectors such as banking and telecom as also tentative timeline for execution.

This sub-group will examine and recommend the business process, policy, and legal aspects for generation of e-invoice. It will also consider matters such as format for invoice, modification or cancellation of invoice, turnover threshold for invoice generation from the portal, immediate steps for B2B supplies with a high threshold turnover and the format for exceptional circumstances.

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Keywords: India, government, Goods and Service Tax, GST, mandatory e-invoicing, B2B payments, Asia, APAC, GST Council, electronic invoice system
Countries: World