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Under the new e-invoicing system, all business to business (B2B) invoices will get electronically authenticated by GSTN. As done in the past, all businesses will continue to generate invoices on their respective ERP.
The ERP providers have to make changes to their schema to adapt to the new standardised format. This new schema will ensure the standardisation of invoices. This article takes you through the advantages and disadvantages of the newly introduced e-invoicing system.
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Latest Update
24th February 2022
The e-Invoicing system will get extended to those annual aggregate turnover of more than Rs.20 crore up to Rs.50 crore starting from 1st April 2022, vide notification no. 1/2022
30th June 2021
The CBIC has issued a notification seeking to waive the penalty imposed on non-compliance of dynamic QR code provisions for B2C invoices between 1st December 2020 and 30th September 2021.
1st June 2021
CBIC has notified vide Central Tax Notification no.23 dated 1st June 2021 that the e-invoicing system shall not apply to a government department and local authority.
30th March 2021
The CBIC has issued a notification seeking to waive the penalty imposed on non-compliance of dynamic QR code provisions for B2C invoices between 1st December 2020 and 30th June 2021, provided the said person complies with the provisions of the said notification from 1st July 2021.
The main purpose of the introduction of e-invoicing is the reduction of tax evasion. But, the new system only facilitates e-invoicing of B2B invoices and not B2C invoices. The maximum number of frauds happen in B2C invoices as no ITC is involved. Thus, such a system should come into force which allows customers to report non-compliant invoicing and thus help to curb tax evasion at its source.
Another disadvantage is that an archiving option is not available on IRP. It has no mandate to store invoices for more than 24 hours. To know more about the disadvantages of the e-invoicing system, please read our article – ‘Issues under the e-invoicing system’