Boost for Startups! Top 5 benefits for small businesses from this GST Council decision
The Goods and Services Tax (GST) Council proposes to introduce e-Invoicing for B2B (business to business transactions) from January 1, 2020.
The Goods and Services Tax (GST) Council proposes to introduce e-Invoicing for B2B (business to business transactions) from January 1, 2020. With its user-friendly mechanisms, e-Invoicing is expected to make GST compliance, return filing and reconciliation simpler and hassle-free. From now onwards, e-Invoice need not be generated on the government’s tax portal. Taxpayers can continue using their own accounting system / ERP. Once the tax invoice is generated from the taxpayer’s accounting / ERP, the same has to be transmitted to the e-invoicing server.
Speaking on the decision taken by GST Council on e-invoicing Vinod Subramanian, CEO at Logo Infosoft said, "This is good news, for all the taxpayers especially for generation of e-waybill and filing of GST Returns. Applicable for those also who want to come under the GST fold, but are hesitating because of the perceived difficulties and hassles involved. For starters, the entire process of e-Invoicing is simple and straightforward, with multi-layered support from GSTN to business."
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Subramanian went on to add that it would help small and medium-sized taxpayers adopt to GST compliance and e-Invoicing, the Goods and Service Tax Network (GSTN) has empaneled a few leading accounting and billing software products, such as Logo Vyapari, which offers the basic accounting and billing systems free of cost to GST registered taxpayers whose turnover is less than Rs 1.50 Crs.
Asked about the top 5 benefits that this GST Council's decision to introduce e-invoicing from 1st January 2020 Subramanian listed out the following e-invoice advantages for Small Businesses:
1] Seamless filing of returns by avoiding duplication of data entry and reconciliation;
2] Auto-generation of Part – 1 e-Way bills using e-invoice data;
3] Expediting invoice delivery time;
4] Doing away with shipping / couriering of the invoice to the buyer, saving cost and time; and
5] Complying with GST requirements and getting the benefits thereof in a trouble-free manner.