New Delhi -°C
Today in New Delhi, India

Feb 17, 2020-Monday
-°C

Humidity
-

Wind
-

Select city

Metro cities - Delhi, Mumbai, Chennai, Kolkata

Other cities - Noida, Gurgaon, Bengaluru, Hyderabad, Bhopal , Chandigarh , Dehradun, Indore, Jaipur, Lucknow, Patna, Ranchi

Home / Business News / New GST filing format, e-invoicing to help in ease of doing business: GSTN CEO

New GST filing format, e-invoicing to help in ease of doing business: GSTN CEO

The GSTN CEO said that in India, the aim is to make digitisation part of business process of taxpayers and eliminate all manual reporting.

business Updated: Feb 14, 2020 16:09 IST
Press Trust of India
Press Trust of India
New Delhi
An illuminated Parliament ahead of midinight launch of 'Goods and Services Tax (GST)' in New Delhi.
An illuminated Parliament ahead of midinight launch of 'Goods and Services Tax (GST)' in New Delhi.(PTI)

GST Network CEO Prakash Kumar on Friday said e-invoicing and the new format for filing GST will help improve the ease of doing business and reporting for the indirect taxes.

“E-invoicing is a step towards improving ease of doing business and reporting for GST. Manual data entry leads to transcription errors and wrong entries,” Kumar said while addressing an event on ‘E-invoicing and New GST Return Format’ organised by the PHD Chamber of Commerce and Industry.

There is a need for standard to ensure complete interoperability, he said.

“The economies in the high-income group OECD are at the forefront of invoice digitisation,” he said.

The GSTN CEO said that in India, the aim is to make digitisation part of business process of taxpayers and eliminate all manual reporting.

N K Gupta, chairman (indirect taxes committee) of PHD Chamber, said e-invoicing is the new system through which business-to-business (B2B) transactions are authenticated electronically by GSTN.

This is a major step towards the push for a digital economy, he said and lauded that GSTN is improving every day and GST is digitised to a great extent.

Sanjay Aggarwal, senior vice-president of PHD Chamber, said e-invoice is the future means of electronic billing.

It has been adopted by many governments internationally. It has been implemented in a staggering manner over a period of time, initially launched for B2B and B2G (business-to-government), he added.

tags