Current Affairs - National - Discussion

The government of India has formed a 13-member committee having representatives from GST Network (GSTN), central and state governments to examine the electronic tax invoice system of various countries like South Korea, Latin America and suggest a model for India. The introduction of electronic invoices (e-invoices) through the Goods and Services Tax (GST) portal which will help the indirect tax system and keep a check on tax evasion. For the e-invoices system, the committee will examine and suggest the target taxpayers and the threshold limit. The committee will look at a centralized system of e-invoices, which will give automatic access to authorities to invoices. It will also discuss whether a system of e-invoices would help in dispensing the requirement of e-way bill or modification of the e-way bill or even combine both the options of e-invoice and e-way bill. The e-invoice system will replace the requirement of the generation of e-way bill for movement of goods. At present, the e-way bill is required for moving goods exceeding Rs. 50,000.