New GST filing format, e-invoicing to help in reporting for taxes: GSTN CEO
There is a need for standard to ensure complete interoperability, he said
GST Network CEO Prakash Kumar on Friday said e-invoicing and the new format for filing GST will help improve the ease of doing business and reporting for the indirect taxes.
“E-invoicing is a step towards improving ease of doing business and reporting for GST. Manual data entry leads to transcription errors and wrong entries,” Kumar said while addressing an event on ‘E-invoicing and New GST Return Format’ organised by the PHD Chamber of Commerce and Industry.
There is a need for standard to ensure complete interoperability, he said.
“The economies in the high-income group OECD are at the forefront of invoice digitisation,” he said.
The GSTN CEO said that in India, the aim is to make digitisation part of business process of taxpayers and eliminate all manual reporting.ALSO READ: GST compensation to states delayed due to low realisation of cess: FM
N K Gupta, chairman (indirect taxes committee) of PHD Chamber, said e-invoicing is the new system through which business-to-business (B2B) transactions are authenticated electronically by GSTN.
This is a major step towards the push for a digital economy, he said and lauded that GSTN is improving every day and GST is digitised to a great extent.
Sanjay Aggarwal, senior vice-president of PHD Chamber, said e-invoice is the future means of electronic billing.
It has been adopted by many governments internationally. It has been implemented in a staggering manner over a period of time, initially launched for B2B and B2G (business-to-government), he added.
Source- Business Standard.
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