As per report from april 1, 2020 or by the beginning of next fiscal, e-invoicing will be mandatory for all companies with turnover of Rs 100 crore and above. Meanwhile according to Prakash Kumar, chief executive officer, GSTN, e-invoicing will result in significant cost and time savings. It will also reduce incidence of errors in the filings.

 

He said “A study done in france found that e-invoicing improves efficiencies compared to paper filing. The cost came down in france from seven Euros per invoicing to 0.3 Euro, which is around 90 per cent reduction in cost. Further, a person who has been handling 6,000 invoices per month could now handle 90,000 invoices after it was done electronically". Reportedly E-invoicing also reduces errors. Further according to him, error is one of the main reasons why refunds get delayed as someone has to check the data and get them corrected and the new system will make refund procedure faster.   

 

Moreover the Goods and services Tax Network (GSTN) is implementing a standard-  Pan european Public Procurement Online (PEPPOL), which is interoperable across all the IT applications. Several countries have adopted the standard, latest being Singapore.

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