{"id":3153,"date":"2019-04-27T22:30:59","date_gmt":"2019-04-27T17:00:59","guid":{"rendered":"http:\/\/udaen.info\/?p=3153"},"modified":"2019-04-27T22:30:59","modified_gmt":"2019-04-27T17:00:59","slug":"e-invoicing-may-begin-under-gst-the-gst-council-has-taken-a-number-of-measures-such-as-the-introduction-of-electronic-way-e-way-bills-to-clamp-down-on-tax-evasion","status":"publish","type":"post","link":"https:\/\/udaen.info\/?p=3153","title":{"rendered":"E-invoicing may begin under GST The GST Council has taken a number of measures, such as the introduction of electronic way (e-way) bills, to clamp down on tax evasion."},"content":{"rendered":"<p>NEW DELHI: In what could radically transform the\u00a0<a class=\"semibold blue\" href=\"https:\/\/m.economictimes.com\/topic\/indirect-tax\" target=\"_blank\" rel=\"noopener\">indirect tax<\/a>\u00a0administration system and the way business is conducted, India is looking at the possibility of introducing\u00a0<a class=\"semibold blue\" href=\"https:\/\/m.economictimes.com\/topic\/electronic-invoicing\" target=\"_blank\" rel=\"noopener\">electronic invoicing<\/a>under goods and services tax.<\/p>\n<p>If the country adopts the system, businesses will likely have to issue invoices, or bills, directly via the\u00a0<a class=\"semibold blue\" href=\"https:\/\/m.economictimes.com\/topic\/GST-Network\" target=\"_blank\" rel=\"noopener\">GST Network<\/a>, and the data will be available to the authorities right away.<\/p>\n<p>The\u00a0<a class=\"semibold blue\" href=\"https:\/\/m.economictimes.com\/topic\/GST\" target=\"_blank\" rel=\"noopener\">GST<\/a>\u00a0Council has set up a committee to look into the feasibility of\u00a0<a class=\"semibold blue\" href=\"https:\/\/m.economictimes.com\/topic\/e-invoicing\" target=\"_blank\" rel=\"noopener\">e-invoicing<\/a>. It will also study the systems in place in other countries, such as South Korea and some from Latin America.<\/p>\n<p>The move comes as the new single tax regime, which took effect on July 1, 2017, has seen a rise in incidents of evasion. The GST Council has taken a number of measures, such as introduction of electronic way bills (e-way), to clamp down on tax evasion.<\/p>\n<p>Tax experts say e-invoicing can be effective in tackling evasion<\/p>\n<p>E-invoicing as a concept looks like a good mechanism to check tax evasion and also ease the compliance burden on businesses,\u201d said Pratik Jain, national leader, indirect taxes, PwC.<\/p>\n<p>Since the invoices will be issued via GSTN, there will not be a separate need to update information.<\/p>\n<p>Evasion, however, primarily takes place in the B2C segment and one will need to find ways to incentivise customers to insist on invoices, particularly in case of services where the possibility of tax evasion is more, Jain said.<\/p>\n<p>Technological and infrastructural aspects would become very important, Jain said, adding that the timing and phasing in of this initiative was extremely critical given that GST was now somewhat stabilising.<\/p>\n<p>The panel that will consider this filing includes GSTN chief executive Prakash Kumar, GST officials from state and central governments as members, and GST Council special secretary Rajeev Ranjan as the convenor.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW DELHI: In what could radically transform the\u00a0indirect tax\u00a0administration system and the way business is conducted, India is looking at the possibility of introducing\u00a0electronic invoicingunder goods and services tax. If the country adopts the system, businesses will likely have to issue invoices, or bills, directly via the\u00a0GST Network, and the data will be available to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[16],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts\/3153"}],"collection":[{"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3153"}],"version-history":[{"count":1,"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts\/3153\/revisions"}],"predecessor-version":[{"id":3154,"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts\/3153\/revisions\/3154"}],"wp:attachment":[{"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}