Banks, airlines, insurance companies, armed forces and telecommunications service providers were exempt from compulsory issuance of e-invoices under the Goods and Services Tax (GST).
Banks, airlines, telcos and other companies with large direct customer contacts may be exempt from filing their e-invoices under the GST.
Another person said the government should specify exemptions by notification in the rules. Experts said that such a move would be beneficial to companies in the sector that would issue multiple invoices directly to customers or in the case of banks with direct debit and credit facilities. Banks and insurance companies are now allowed to consolidate invoices.
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Unless the exemption is approved, these companies will have to pay higher compliance costs, ”said Bibin Sabra, partner of EY. Since April 1, companies with revenue of Rs 100 crore or more have been forced to issue e-wallets, as the government seeks to digitally file invoices under the Goods and Services Tax (GST) regime amid efforts to curb tax evasion and fraud. Claims of GST receipts as tax collection increases.
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