The plan to introduce the e-invoicing regime from October 1 will not be postponed. This was revealed by Goods and Service Tax Network (GSTN) CEO Prakash Kumar.
While large companies are ready for this change, small and medium enterprises are not. This had raised hope that the new regime would be postponed.
Kumar also said the GSTN, the IT backbone of the indirect tax system, will, from November, auto-populate the GSTR-3B returns of taxpayers. “The aim is, from November month returns filed in December, GSTR-3B will be auto-populated. First, we are doing this for monthly tax filers. The entire tax-paying community will be covered after that,” he explained.
Read Also: Pre-filed GSTR 3B Form soon : GSTN CEO
Over one crore assesses are eligible to file GSTR 3B returns every month, which shows how much tax has been paid actually after deducting the Input Tax Credit (ITC). GSTR-1 is a monthly return (it can also be filed quarterly) on the outward supply statement and shows the quantum of liability. It is alleged that some assesses over-report ITC, which in turn results in lower tax payment.
GSTN recently started to generate GSTR-3B based on the GSTR-1 filed, Kumar said, adding that for two months PDF documents would be given to taxpayers so that people can check and inform the authorities of any error in the process or computation of tax or the ITC.
Read Also: Key to Successful e-invoicing Implementation for Businesses
In India, however, e-Invoicing under GST shall implement for large scale businesses first, from October 1st, 2020. e-Invoicing is specifically applicable to all businesses having an annual aggregated turnover of Rs. 500 Crores.
Disclaimer:The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, www.babatax.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.
For Collaborating with us-
- Mail us at [email protected]
- Whatsapp us at +91-7024984925
