Govt to mandate e-invoice for B2C transactions in 2-3 years
e-invoice for B2C transactions in the next 2-3 years, an official said on Wednesday. Currently, businesses with a turnover of Rs 5 crore and above are required to generate e-invoice for their Business to Business (B2B) sales and purchases.
The government is planning to extend the e-invoice requirement to B2C transactions as well.
Central Board of Indirect Taxes & Customs (CBIC) member-GST Shashank Priya said GST systems have to be upscaled and the work is on to bring B2C (business to consumer) transactions under e-invoicing.
«We are looking at requirement of e-invoice for B2C. GSTN capacities need to be upscaled.
Systems will have to be put in place. We have to see which are the sectors we can start first. It is work in progress but we hope in years to come we will be able to take this forward,» he said at an Assocham event.
Priya further said businesses with turnover between Rs 5-10 crore are not fully issuing e-invoices and CBIC officers have been nudging non-compliant businesses.
«Its (business with Rs 5 crore turnover issuing e-invoice) implementation is still quite tardy. We have issued instructions.
We are trying to nudge taxpayers that it has certain advantages like ease of doing business. GSTR -1, e-way bills will get populated,» Priya said at the National Conference on GST.
The government has been making e-invoice mandatory for businesses in a staggered manner.
