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.
Read Also: GST E-invoicing Limit for Taxpayer T.O. Exceeding 5 CR
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.
GST Refunds for Foreign Tourists via B2C e-Invoices
The GST Council has taken the first step in providing a GST refund for foreign tourists who purchase goods in India and take them back home. This facility is already available in multiple countries. This change aims to make it easier to track the goods purchased by foreign tourists, making it simpler for them to claim GST refunds when they leave the country. It will also help prevent tax evasion.
The plan to start using GST e-invoices for B2C transactions, which is currently optional, will make things easier, according to Revenue Secretary Sanjay Malhotra.
