Coming Soon: Gst E-invoicing From April 1, 2020
Feb 18, 2020 By Admin
Government of India is all set to rollout a GST System wherein e-invoices will be generated and new GST Return Format will be introduced from 1 April, 2020. The move aims to make the existing GST Network more transparent and further digitised with e-invoicing will be mandatory for Businesses above certain Turnover.
The move will further tighten the reporting mechanism of the indirect taxes in the existing system and bringing B2B Transactions in the book. This is a major push towards digital economy.
Checkout the GST Trial system at: https://einvoice1-trial.nic.in/Home/UserRegistration
In existing GST Network, a transaction between the supplier and recipient is done directly without the government having any knowledge or proof of the exchange/transaction. With e invoicing, the moment an invoice is made, it will be uploaded to GSTN portal where pre-validation will be done and a unique number called IRN (Invoice Reference Number) will be issued.
The first phase will be rolled out for B2B Transactions wherein all the Business-to-Business transactions will be digitized with IRN Tracking Number. The new system will be faster and efficient in multiple ways.
Published by : RAKESH KANWAR & CO.
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