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The Finance Ministry has come up with ‘Frequently Asked Questions (FAQs) on ‘e-invoicing’ under the GST system, reaffirming the government’s intent to implement ‘e-invoicing’ for GST.
This also reaffirms the fact that the government is ready from a technology stand point to introduce e-invoicing as planned, said GST experts.
The introduction of e-invoicing — for B2B businesses — is also expected to curb evasion as the government will get real-time online information once the e-invoicing system is implemented. Under the e-invoicing system, the electronic invoices have to be generated by businesses out of the GSTN portal.
Abhishek Jain, Tax Partner, EY said: “With specifications for E-Invoice API being released to various companies, the government’s intent to soon implement E-Invoicing in India is reinforced. The FAQs released further provides clarification on various ambiguities like no requirement of invoice registration portal (IRP) validation for delivery challans and bill of supply, 10,000 line items being allowed per e-invoice, amendments in the GST law on invoicing to align with e-invoices, etc and its timely release should help businesses gear up better for this new system.”
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