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News GST

  • Nov 29, 2019
  • GST e-invoicing to help MSMEs secure loans faster

    The proposed e-invoicing system under the goods and services tax (GST) would help small businesses secure instant loans without furnishing a plethora of documents as banks can rate them on the basis of these invoices, said officials working on the system. Further, they added that the compliance burden, which is often most arduous for MSMEs, will reduce as the GST system would pre-populate the returns on the basis of information received from e-invoices. Under the system, the GST taxpayers would report their invoices to Invoice Registration Portal (IRP). This portal will generate a unique Invoice Reference Number (IRN) and digitally sign the e-invoice while generating QR code. The IRP will also send the signed e-invoice to the recipient of the document on the email provided in the e-invoice.