Proceeding to the digitalization of GST, Businesses have to generate e-invoices or electronic-tax invoices from September 2019 that records the entire value of sales. GST officers are planning on a system where businesses with more than a certain income edge have to generate ‘tax e-invoice’ or ‘e-invoice’ on Government portal to record every sale. This will enhance the GST system, thus reduces the chances for tax evasion effectively. The officers are also deciding to provide software to business after a definite turnover threshold that will be linked to a government portal or GST for generating e-invoice. The turnover threshold can also be fixed/analyzed based on the value of the invoice. Businesses above a certain threshold will receive a unique number for every tax e-invoice or e-invoice generated.
This number needs to be matched with reported invoices in the sales return and taxes. The necessity of e-invoice generation could be fixed either on the basis of the value of invoice or turnover of the registered person. E-invoice generation method will be identical to the one being followed for the 'ewaybill.nic.in' or e-way bill on portal or payment of GST on the Government portal. An officers committee, comprising state and central tax officials, and GST Network Chief Executive, has been fixed to look into the possibility of introducing e-invoice or electronic invoice system to simplified generation of invoices and simplification of compliance burden. The committee will finalize a provisional report by next month.
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