E-invoicing is a major GST reform for ease of doing business: Finance Secretary
Finance and Revenue Secretary Ajay Bhushan Pandey said the e-invoicing implementation B2B transactions from October 1 has been encouraging and is getting progressively robust.
“This is the beginning of a new chapter of the ease of doing business and paying taxes in India,” he said during a review meeting attended by officials from the Central Board of Indirect Taxes and Customs, GST Network and National Informatics Centre (NIC).
Pandey said the invoice reference number generation grew by 163 per cent in the first seven days and touched a count of 13.69 lakh.
“As e-invoicing is an exceedingly progressive system, we expect that it will also have other major advantages of improving payment cycle for the industry and give boost to invoice based lending to micro, small and medium enterprises,” he added.
E-invoicing is currently mandated for businesses having annual turnover more than Rs 500 crore. By January 1 next year, it will be available to taxpayers having a turnover more than Rs 100 crore a year. It will be finally made available to all taxpayers for B2B transactions from next financial year.