An Insight into E-Invoice System. (Updated up to 23.05.2023)
A) Background:- 1) The GST Council, at its 37th meeting held at Goa on 20th September, 2019 approved the introduction of E Invoicing System. Accordingly the government has issued Notification No 68/2019 – CT to 72/2019 – CT to make applicable all the provisions relating to E Invoicing w.e.f. 1st April, 2020. (Now it extended till 1st Oct, 2020 in 39th Meeting held on 14th March, 2020) 2) E-invoicing in India will be a big move, due to the volume of business transactions undertaken every day, as well as non-standardized formats used in invoice generation. The main objective is to enable an E-invoice generated by one software should be capable of being read by any other software. Basically, through machine readability, an invoice can be uniformly-interpreted. 3) In addition to the above, this new system of e-invoicing aims to make invoice reporting an integral part of a business process and remove the tedious task of invoice-compilation at the end of a return p