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GST Council sets up 2 sub-groups
The GST Council has set up two sub-groups to look into the policy and technical aspects
New Delhi: The GST Council has set up two sub-groups to look into the policy and technical aspects, such as turnover threshold and mode of generation, for e-invoice generation by businesses.
While one sub-group will examine the business process, policy and legal aspects for generation of e-invoice, the other will recommend technical aspects for its roll-out.
The sub-group on policy issues would also suggest some "immediate steps" to check fake invoices in case of business-to-business (B2B) supplies with a high threshold turnover and also recommend a carve-out for sectors like banking and telecom.
Electronic invoice, or e-invoice, has been envisaged by the revenue department to mainly curb goods and services tax (GST) evasion.
The sub-group on policy issues for e-invoice would recommend legal aspects including invoice format, threshold turnover for invoice generation from the portal and immediate steps for 'B2B' supplies with a high threshold turnover.
It would also suggest optional treatment for some sectors such as banking, telecom, tentative timeline for execution and phase-wise implementation.
The sub-group on technical issues would suggest mode of generation, like app-based or mobile or SMS or offline and online, data security and system integration.