GST Network CEO Manish Kumar Sinha said, the design framework for the implementation of GST e-invoicing for retailers is mostly complete and is currently undergoing review by industry specialists.
In the B2B sector e-invoicing is already present. Earlier this month GST Council in its meeting wished to extend e-invoice to the B2C sector on a pilot basis.
For the issuance of electronic invoices for every B2C transaction GST department is the decision at present. It is said by Sinha that we will do a pilot project.
The architectural design has almost finished, and it is been analyzed by certain people who have experience in the industry. Thereafter we will release a document on how to process it.
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An assessment is underway to establish the threshold at which businesses are required to issue e-invoices. Sinha added that we are obligated to give some time to the industry, particularly, small mom-and-pop stores. What we desire to get right is the technology.
Large organized retail, and e-commerce operators, big companies secure a good IT set-up with them, at least motivate them to start adopting it.
As of October 1, 2020, e-invoicing for business-to-business (B2B) transactions became compulsory under the Goods and Services Tax (GST) law for companies with a turnover exceeding Rs 500 crore. It gets extended to those with a turnover of more than Rs 5 crore.
