Industry bodies and MNCs seek deferment of mandatory e-invoicing till January 01, 2021

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Industry bodies and multinational companies have sought deferment of mandatory e-invoicing till January 01 next year, seeking more time to implement requisite technical capabilities as they approach the make-or-break festive season.

FICCI, CII, Assocham and the US-India Strategic Partnership Forum (USISPF), which represents several American multinational firms operating in India, are among several industry associations that have asked the Central Board of Indirect Taxes and Customs (CBIC) to allow industry to implement e-invoicing on a voluntary basis from October 01, 2020 but extend the deadline for mandatory implementation till December end.

As per a survey conducted by Assocham, over 90% of its members have sought for the extension.

“We have requested the government to introduce e-invoicing from October 01, 2020 on a voluntary basis and make it mandatory after three months,” Assocham secretary-general Deepak Sood told ET. “With the current situation and the fact that we are entering a festive season, though sentiments are muted, it is better to wait for such a major change,” he said.

The government announced the implementation of the new scheme from October 1, 2020, which is mandatory for business-to-business transactions for companies having turnover of more than Rs 500 crore.

Earlier this week, the Goods and Services Tax Network (GSTN), the digital back bone of GST, which is executing the scheme issued clarifications that the electronic invoicing standard will not be applicable for business-to-consumer supplies or import bills of entries, and special economic zone units, banking companies, insurers, goods transport agencies and passenger transport companies will be exempt from using it.

“Since updated scheme was released early August 2020 and the revised APIs were released only recently, our member taxpayers are finding it difficult to test and implement the system before the due date,” USISPF president Mukesh Aghi said, asking relief for industry already suffering from the impact of the Covid 19 pandemic.

Read More at: https://economictimes.indiatimes.com/news/economy/policy/industry-bodies-and-mncs-seek-deferment-of-mandatory-e-invoicing-till-january/articleshow/78170026.cms

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