NEW DELHI: Finance and income secretary Ajay Bhushan Pandey stated the e-invoicing implementation B2B transactions from October 1 has been encouraging and is getting progressively strong.
“That is the start of a brand new chapter of the convenience of doing enterprise and paying taxes in India,” he stated throughout a overview assembly attended by officers from the Central Board of Oblique Taxes and Customs, GST Network and Nationwide Informatics Centre (NIC).
Pandey stated the bill reference quantity era grew by 163 per cent within the first seven days and touched a rely of 13.69 lakh.
“As e-invoicing is an exceedingly progressive system, we count on that it’s going to additionally produce other main benefits of enhancing fee cycle for the business and provides enhance to bill based mostly lending to micro, small and medium enterprises,” he added.
E-invoicing is at the moment mandated for companies having annual turnover greater than Rs 500 crore. By January 1 subsequent 12 months, it is going to be accessible to taxpayers having a turnover greater than Rs 100 crore a 12 months. Will probably be lastly made accessible to all taxpayers for B2B transactions from subsequent monetary 12 months.

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