The government could soon permit e-commerce companies to upload GST e-invoices for vendors under the GST framework. A comprehensive list of clarifications in the form of FAQs has been issued as a part of the ongoing e-invoicing trials.
The clarification mentioned that an e-com operator could ask for an e-invoice on behalf of a supplier. The government has taken up the matter already and could allow e-commerce companies to upload e-invoices for vendors soon after the trial period is over.
Tax experts believe that permitting e-commerce companies to handle e-invoice compliance on behalf of their suppliers will be helpful to facilitate compliance for such kinds of suppliers. Starting 1 January, voluntary uploading of e-invoices has been initiated on the GSTN portal for businesses who have an annual turnover of more than Rs 500 crore. For businesses with more than Rs 100 crore (as their annual turnover), voluntary uploading of e-invoices will be initiated starting from 1 February.
Also Read: ITC without invoices allowed only to the extent of 10%
According to the FAQs issued by the GST network, only 10,000 line items will be allowed per e-invoice. Also, foreign service providers will need to constitute local entities in order to integrate with the Invoice Registration Portal (IRP).
Also, starting 1 April, a quick response (QR) code is going to be made mandatory for B2C invoicing which is issued by businesses whose annual turnover is more than Rs 500 crore. The e-invoice will help streamline the indirect tax system and also it will make sure there is better compliance by keeping a tab on tax evasion.
For any clarifications/feedback on the topic, please contact the writer at bhavana.pn@cleartax.in
Bhavana is a Senior Content Writer handling the GST vertical. She is committed, professional, and has a flair for writing. When away from work, she enjoys watching movies and playing with her son. One thing she can’t resist is SHOPPING! Her favourite quote is: “Luck is what happens when preparation meets opportunity”.
The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…
The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…
Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…
Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…
A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…
Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…