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The GST Council has confirmed the introduction of E-invoicing for reporting the business to business (B2B) invoice to the GST System. E-invoicing is proposed to come in effect from 1st January 2020 and shall be implemented in a phased manner by GST Network. The GST Council promulgated the standard of e-invoice in its 37th meeting held on 20th September 2019. The government has been actively working on this project and conducting workshops throughout the country to provide information about the framework. The primary aim of introducing e-invoicing is to simplify the process of GST filing for the taxpayers.
The responsibility of designing the standard of an e-invoice
has been given to Goods and Service Tax Network, which will act as custodian of
Under the e-invoicing system, an identification number will
be issued against every invoice by the Invoice Registration Portal (IRP) which
further will be managed by the GST Network (GSTN)
Table of Contents
The following is the process of generating an e-invoice:
With the introduction of e-invoicing, the income tax department will be able to simplify the process of filing GST returns. The basic aim of the introduction of e-invoicing is to create ease of doing business. Moreover, this system will also help the tax authorities to curb tax evasion.
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