India live e-invoice registration threshold of Rs 50 core
- Jun 11, 2019 | Richard Asquith
Ongoing discussions around the introduction later this year of live e-invoice reporting for GST are to turn to setting an annual sales registration threshold for participating taxpayers.
Indian announced last month plans to introduce the real-time electronic submission and approval regime by September 2019. This follows examples used in Brazil, Italy and South Korea. The aim is to require all vendors to transmit invoices to the GST Network system for digital certification before they are approved and passed onto customers.
The GST Council, which oversees the running of the country’s indirect tax system will meet later this month to decide on the threshold issue. It is likely to set the threshold at Rs50 Core, approximately €6.4million. This would bring over 68,000 companies into the obligation and would cover two-thirds of all GST paid.
The regime will apply to B2B invoices, although an extension to B2C invoices is still an option. Participating businesses would no longer be required to file periodic GST returns.