Implementation of e-invoicing for companies over Rs 500 crore revenue will begin from October 1, the Group of Ministers on information technology for goods and services tax (GST), headed by Bihar deputy chief minister Sushil Modi, were informed by officials during a meeting on Friday.
Simplified filing of returns to ease taxpayers’ difficulties under the Returns Enhancement and Advancement Project’ (REAP) was also discussed.
“They’re ready to roll it out from October 1, 2020… Registration and testing has been going on since January 7, 2020,” Modi told ET, after the meeting took place.
About 48,000 GSTINs are above Rs 500 crore, which contribute to over 45% of the tax revenue. Identified taxpayers are being sent emails to apprise them regarding the preparation of the system, which involves more than 125 accounting and billing softwares on e-invoice.
The GOM was also apprised of load handling capacity enhancement of the GST Network, the IT backbone of GST portal, from 1.5 lakh to 3 lakh concurrent users. ET had reported the development on Friday.
Under the REAP program, enhancement of GSTR 2A – purchase related tax return usually auto populated when taxpayer files GSTR 1 for outward supplies – and linking of GSTR 1 to GSTR 3B, which is summary return for sales and input tax credit, to create a new form GSTR 2B has been envisaged.
The program was proposed by Infosys non-executive chairman Nandan Nilekani at the GST Council meeting in March. The program began in April with the aim to reduce tax evasion, frauds, provide ease in determining input tax credit and ease compliance burden. “The new system will be helpful for taxpayers,” Modi said.
Simplified filing of returns to ease taxpayers’ difficulties under the Returns Enhancement and Advancement Project’ (REAP) was also discussed.
“They’re ready to roll it out from October 1, 2020… Registration and testing has been going on since January 7, 2020,” Modi told ET, after the meeting took place.
About 48,000 GSTINs are above Rs 500 crore, which contribute to over 45% of the tax revenue. Identified taxpayers are being sent emails to apprise them regarding the preparation of the system, which involves more than 125 accounting and billing softwares on e-invoice.
The GOM was also apprised of load handling capacity enhancement of the GST Network, the IT backbone of GST portal, from 1.5 lakh to 3 lakh concurrent users. ET had reported the development on Friday.
Under the REAP program, enhancement of GSTR 2A – purchase related tax return usually auto populated when taxpayer files GSTR 1 for outward supplies – and linking of GSTR 1 to GSTR 3B, which is summary return for sales and input tax credit, to create a new form GSTR 2B has been envisaged.
The program was proposed by Infosys non-executive chairman Nandan Nilekani at the GST Council meeting in March. The program began in April with the aim to reduce tax evasion, frauds, provide ease in determining input tax credit and ease compliance burden. “The new system will be helpful for taxpayers,” Modi said.
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