An online session “E – Invoicing in GST: Procedure, Implications and Benefits” was conducted in association with the Indian Institute of Materials Management. Mr. Seshu Kumar Reddy Samkati, Senior Manager, Corporate Taxes, Infosys Ltd and Group was the Speaker. He explained the concept of E-invoice, its applicability, differences between current and new transaction flow, process of issuing, cancelling implications and benefits if e – invoice. E – invoice introduces a QR code that include information such as GSTIN of supplier and recipient, invoice no, document type, date, value, number of items, HSN Code etc.
Mr. Samkati also mentioned that certain sectors like SEZ units, insurance companies, Banking and NBFC, Goods transport agencies, passenger transportation and cinema exhibition have been relieved of E -invoice compliance. He also gave the details of penalties of noncompliance. E-Invoicing provides various advantages such as being tamper proof, B2B reliability, integration with E- way bill, auto draft of GSTR 1 and auto update to GSTR -2A.
The event was attended by professionals from finance, accounting and supply chain management. Mr. Jayaraman Subramanian, Chairman, IIMM Bangalore also spoke.