New GST e-invoicing scheme for businesses with Rs 500 cr turnover from Oct 1: CBIC

New Delhi (NVI): To further streamline the GST filing process, the Government has decided to implement a new GST e-invoice scheme under which businesses with a turnover of Rs 500 crore and above will generate all invoices on a centralised portal from October 1, a CBIC official said today.

The decision was announced by CBIC Principal Commissioner (GST) Yogendra Garg in an ‘ASSOCHAM e-Conclave on 3 years of GST – Further streamline needed?’

“The QR codes are definitely not happening on October 1 but the e-invoice schema and 500 crore turnover related notification should be out by next week and the industry can start working on as everything is ready, the FAQs, the circular etc will be issued at the earliest,” said Garg.

He further stated that CBIC would improve the existing GST return filing system instead of rolling out a new model.

Sharing his views on the industry’s suggestion about the need for training the officers, Garg stated, “We are constantly endeavoring to gain from strengths of both central and state officers and those getting transferred, so there is a plan going forward in the new year to ensure that there is more interaction to gain from each other’s strengths and make it a better experience for taxpayers.”

Noting that the government’s endeavour is to make the life simpler for the taxpayer and has been reactive and sensitive to trade requirements, he added, “There are challenges ahead but rest-assured, the whole idea is to keep it as simple as possible and focus is on improving compliance mechanism, making it further simple and bring the costs down.”

Garg however lamented about lack of communication with industry and urged to keep communication channels open so that the policy wing keeps getting to know as to what is required and expected.

Pratik Jain, Chairman, ASSOCHAM National Council on Indirect Taxes suggested to hold discussions every month to highlight industrial issues and also suggested creating a forum for regular interaction between the Government and Trade.

In addition to this, while addressing the ASSOCHAM e-conclave, Chief Executive Officer, GSTN (Goods and Services Tax Network), Prakash Kumar said, “We are happy that in the last three years we have been able to have a system where more than 47 crore returns have been filed, more than Rs 25 lakh crore worth payments have been made in 14.23 crore transactions, and more than 128 crore e-way bills have been generated.”