The GSTN is charged with developing the electronic invoicing and e-way bill platforms.
To carry out this project, the government instituted the Goods and Services Tax Council (GSTC), responsible for making legislative decisions, and the Goods and Services Tax Network (GSTN), which provides the infrastructure and IT services to the central government and the 36 Indian states. Under the new GST fiscal model, India has gone from having a convoluted tax regime with numerous tax types (local, state, and central) to a homogenized system based on information technology. The objective is to integrate India into one common marketplace through the harmonization of the tax system. The GST project, whose motto is “One Nation, One Tax, One Market”, is an ambitious plan. It represents the most sweeping change made to the economy in the history of the Republic of India. The introduction of e-invoicing is yet another step toward completion of the GST System project initiated by the government in 2017. Exceptions include: Special Economic Zones (SEZ), insurance companies, banks, overland transport agencies, passenger transport companies, and cinemas. The first businesses required to adapt to the GST system are those with an annual turnover of rs500 crores or more.
Companies will be required to adopt the system gradually according to their annual turnover. In December 2019, the Indian tax authority, the Goods and Services Tax Council (GSTC), approved the phased implementation of B2B electronic invoicing through the Goods and Services Tax (GST) System.įollowing the voluntary adoption period, which began in January 2020, implementation of the mandatory use of electronic invoices will begin in October 2020.
0 kommentar(er)
