GST Council to consider e-invoicing for firms with over Rs 500-cr turnover

Its introduction, on a voluntary basis for large firms, to be discussed at GST Council meet on June 20

The Goods and Services Tax (GST) Council in its first meeting under the new chairman, Union Finance Minister Nirmala Sitharaman, on June 20 will consider the introduction of an electronic invoicing mechanism for large companies on a voluntary basis, with an aim to capture transactions on a real-time basis.

According to the interim report filed by a high-level panel on ‘Generation for E-invoice through GST network portal’, the system will be first brought in for the firms with a turnover of over Rs 500 crore for easier compliance. The companies will be given an option to opt for this initially.

“The new