E-Commerce Biz Likely to Get Grant to Upload GST E-invoice for Sellers

Priya Nawani (Ex-Employee)

4 years ago

E-commerce Upload GST e-invoice for Sellers

Businesses are preparing their systems for the commencement of petrol GST e-invoicing. Amidst the resonance of e-invoicing all over the nation, a specific relaxation to e-commerce companies could be seen. The giant e-commerce hubs such as Amazon and Flipkart might get the grant to upload e-invoices on behalf of their registered suppliers under Goods and Service Tax (GST) regime.

To sort out confusion regarding the new (trial) e-invoice mechanism the government has clarified each point of compliance in the form of frequently asked questions for e-commerce firms. It has been confirmed by the ruling that E-commerce operators can avail e-invoice on behalf of their registered suppliers.

The allotment of invoicing on the supplier’s behalf to e-Commerce firms is a plus point for both the parties i.e the Principal (e-commerce) and the suppliers. The genuine supplier on an e-commerce website has to face no hassles with e-invoice generation separately and also the principal will have complete records of transactions from their side helping them to detect and curb miscellaneous frauds if commencing on their online platform.

The petrol GST e-invoicing has already been executed and applied to businesses with an annual turnover of Rs. 500 Crore. On the other hand, businesses with an annual turnover of Rs. 100 Crore and more will face the dawn of the process (GST e-invoicing) Know the step by step guide related to generating e-invoice under GST along with benefits. On 37th GST Council Meeting, FM has approved the E-invoice system for traders from 1st February 2020. The FAQ answered that the number of line items per invoice would be 10,000 and also the foreign companies dealing in India have to set up subsidiaries to integrate with the invoice registration portal IRP and also align with the protocols of tax authorities.

The answers to all e-invoicing compliances in the form of FAQs will support businesses incorporating the new GST invoice registration system Get to know about the new E-invoice generation system on government GST portal with applicability. The system mandates to generate e-invoice for every sale by a registered business. The enforcement of API related to tax compliances in various company software clearly shows the government’s near future intention to make new e-invoicing mechanisms legitimate all over the nation. FAQs (issued by the government) clarified points like there is no need for a separate invoice registration portal to verify the challans and supply bills, 10,000 in-line items can be accommodated in a single e-invoice, there will be alterations in GST schedules complimenting the new e-invoice mechanism.

After scanning the outcomes of the new mechanism, the system of uploading e-invoices on the government portal will become mandatory compliance for business with a turnover of Rs. 100 Crore or more from 1 April 2020 respectively.

As per the rules applicable to business with a turnover of Rs. 500 Crore or more, all the B2C (Business to Consumer) transaction invoices issued by the firm will have the special electronically scannable (QR) code compulsorily from 1st April 2020.