In the upcoming GST Council Meeting ,the finance ministry might propose threshold limit of turnover Rs 50 crore for generating E-invoice on a centralized government portal for business-to-business (B2B) sales which might be beneficial for entities as well as for government as follows-
- Entities with turnover above Rs 50 crore would be saved from the twin activities of filing returns and uploading invoices.
- Probability of misuse in curbing invoice and evasion of tax would be controlled.
- There is a gap between the time of generating invoices and filing of sales returns. Many entities file GSTR-3B and pay GST which is higher than invoice-wise outward supply uploaded in GSTR-1. This gap could be either due to genuine difficulty in uploading invoices or with the intention of misusing Input Tax Credit (ITC).E- Invoice might reduce this problem.
- E-invoice would increase ease of doing business if it becomes part of using business process and there is no need for additional reporting.
Source- https://icmai.in/upload/Taxation/GST_CM_20062019.pdf
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