New Delhi: Finance Ministry may propose to set up a proposed system of creating e-invoices on a centralized government portal for purchase of company from company to companies with a turnover of Rs 50 crore or more. It is planned to take steps to curb the theft of GST.
Meeting to be held on this day
According to information obtained from the sources, an official said this. The proposal will be decided in consultation with the States in the next meeting of the Goods and Services Tax Council on 20 June. The analysis of the details submitted by the companies shows that in 2017-18, 68,041 companies showed a turnover of over Rs 50 crore. The contribution of these companies to GST was 66.6%. In total GST-paying units, the share of such companies is only 1.02 per cent, but their share in the case of B2B invoice is about 30 per cent.
The decision will be on several proposals
With this, another official said, "on the B2B of the GST Council, the turnover limit for units for generating e-invoices for sale can be fixed at Rs. 50 crore. With this limitation, large taxpayers who have a better technology to integrate their software will have to create e-invoices for B2B sales. "With the creation of e-invoice, two jobs for filing returns and uploading of invoices to units having turnover of more than Rs 50 crore Clip. The government will help curb the misuse of invoices and rein in tax evasion.