Weekly Roundup – India GST News & Updates you need to know
- Mar 13, 2020 | Divita S Gupta
More time for B2B organizations to prepare as e-invoicing could be deferred to July 1 instead of April 1, 2020. More such updates on #GSTThisWeek
E-invoicing under GST may be deferred by three months
The Goods and Services Tax Network might consider deferring the implementation of e-invoicing under the goods and services tax by three months to July 1, 2020. E-invoicing was introduced on a trial basis in January 2020 but has seen a lukewarm response, with barely 1% of companies registered under GST signing up for this system. With barely any feedback to work on, tax authorities might consider rescheduling the date for making e-invoicing mandatory under GST.
Make the GSTN portal efficient for taxpayers: Finance ministry to Infosys
The finance ministry has asked the consultant, Infosys to deliver on making the goods and services tax network portal efficient for the benefit of taxpayers. Resolving taxpayer grievance is currently the number one priority for the Finance Ministry. Finance Minister Nirmala Sitharaman quoted, “Infosys has done so much for the country, and we expect it to do much more for the smooth operations of GSTN”.
Standard Operating Procedure to be framed to verify risky taxpayers physically
In their 3rd National Conference on March 6, 2020, authorities from the GST council decided on framing a Standard Operating Procedure (SOP) for physical spot verification of risky taxpayers and for blocking and unblocking of Input Tax Credit. Central and State GST officers also considered a proposal to curb availment of input tax credit (ITC) by new taxpayers and measures to check export valuation, including capping of value for calculating export incentives.
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