<center><b>GST e-Invoicing Process & Guidance towards Constructive Strategy and the Way Forward</b></center>
      <center><b> 29th June 2021 (11.30am to 1.00 Pm)</b></center>
      <p style='text-align:justify;'><b>Eminent Panelists:</b><p>
      <p style='text-align:justify;'><b>• Shri. D P Nagendra Kumar, IRS, Principal 
        Chief Commissioner of Central Tax, 
        Karnataka Zone </p>
        <p style='text-align:justify;'><b>• Shri. B V Murali Krishna, Additional 
        Commissioner, Commercial Tax 
        Department, (e-Governance), GOK </b></p>
        <p style='text-align:justify;'><b> • Shri. Ravi Raghavan, Senior Partner 
        (Moderator), assisted by Shri. Brijesh 
        Kothary, Joint Partner, Lakshmikumaran & 
        Sridharan Attorneys </b></p>
        <p style='text-align:justify;'><b>• Shri. Bhojaraj T Shetty, Chairman, 
        Bengaluru Branch, SIRC of ICAI 
        <p style='text-align:justify;'><b>• Shri. Manjesh Gargi, DGM SME, State Bank 
        of India </b></p>
        <p style='text-align:justify;'><b>• Shri. Aravind, Associate Vice President, 
        Tally Solutions </b></p>
        <p style='text-align:justify;'><b> • Shri. Sagar Agarwal, Co-Chairman, 
        Karnataka State Development Council 
        ASSOCHAM and SVP, Transystem Logistics 
        International Pvt. Ltd. (JV of Mitsui & Co., 
        Japan & TCI, India) </b></p>
        <p style='text-align:justify;'><b>  Opening Remarks: </b><p>
        <p style='text-align:justify;'><b> Uma S Nair, Regional Director - Southern 
        Region, ASSOCHAM </b></p>
        <p style='text-align:justify;'><b> Welcome remarks to Dignitaries, Panelists & 
        Partners</b></p>
        <p style='text-align:justify;'><b>Inaugural Address</b></p>
        <p style='text-align:justify;'><b>Shri. D P Nagendra Kumar, IRS, Principal Chief Commissioner of Central Tax, Karnataka Zone</b></p> 
        <p style='text-align:justify;'> When we look 4 years back, we are inching towards 4 years completion of GST is quite satisfactory. The 
        Consolidation of taxes into single tax which was may be too late so the center and State govt. as more or 
        less settle down in last 4 years. Towards improving GST Compliance which is quite essential for improving 
        revenue which is the major concerned, which we introduced 4 years back 
        States had lot of appreciations regard to revenue protection about the predicted revenue assurance is 
        from the central govt. Fortunately notwithstanding the pandemic the revenue has showing vibrancy from 
        last October 2021 and what we have logging successfully.</p>
        <p style='text-align:justify;'> 1 Lakh crore plus in last 8 months successfully. We are under continues stress an account of Pandemic 
        and lockdown across country. In GST Compliance stake holder consultation is one of the key factor in 
        driving this reform into the user friendly mode. GST is an electronically admistared Tax and every process 
        is automated to portal. The GST had faced initial glitches at the time of roll out, has more or less stabilized 
        in terms of ensuring that all the process are automated. </p>
        <p style='text-align:justify;'> Lot of changes has bought in 43 GST Council meetings which have positive changes to the basics control 
        of the process which they have also control successfully by adopting all those changes. <.p>
        <p style='text-align:justify;'>A dual Objective is improving the Compliance and Ease of Doing Business. With introduction of their e 
        Invoicing. 35th GST Council Meeting has introduced e invoicing in India as a Way Forward to improve the 
        Compliance to facilitate the automated process.</p>
        <p style='text-align:justify;'>E Governance of Karnataka Govt. should be complimented for providing some touchstones for them have 
        validated many of the processes to circulating and roll out of e invoicing in the country. </p>
        <p style='text-align:justify;'>Effective from April 2021, slashed 50 crore and above as we are seeing substantially the Tax Payer are 
        falling to the e Invoicing regime. E Invoicing has a great relief in terms of reducing the cost of the 
        Compliance to the Tax Payers.</p>
        <p style='text-align:justify;'> E Invoicing provides seamless interaction business ERP Solutions visibly the portal to either direct API or it 
        could be to the app name mode. E Invoicing benefits are already started flowing and the e invoicing will 
        basically provide data entry errors and it also minimize the mismatch errors and provide auto population 
        of the outward supply details into the GST TR 1.</p>
        <p style='text-align:justify;'> A caution in the auto populated attend will have to be verified with regards correctness of the Credit 
        away with regards to the various restrictions provide under the Act of GST. </p>
        <p style='text-align:justify;'> The auto population comes quite handy in terms of ensuring that the Tax Payer is aware about its 
        vendors behavior in terms of Compliance and also calibrate the requirements entitles allowed in GST Act.</p>
        <p style='text-align:justify;'> Moving forward the we are looking at the GST e Invoicing to be taken to the universal population that 
        would be the ultimate goal but to cover the B2B transaction itself when we are touching that MSME 
        sector effective from 1st April 21 carefully watch the adoption is happening in the larger Tax payer 
        population. </p>
        <p style='text-align:justify;'>The experience what we are gaining here will go long way to ensure the 2 phase of the e invoicing 
        whether we introduce to the B2C transaction as well and B2C transaction exclusion is very minimalistic 
        and QR Code the dynamic report which is made mandatory in the B2C transaction which ia already 
        embedded into e Invoicing and B2B is also a solution in terms of ensuring the process integrity. </p>
        <p style='text-align:justify;'> The Business will find the benefit of e invoicing meeting the compliance and also payments and inventory 
        managements. </p>
        <p style='text-align:justify;'> Govt. angle we look support from the active Tax payers encouraging the e invoicing systems which would 
        be win - win solutions for all of us.</p>
        <p style='text-align:justify;'>Thank you.</p>
        <p style='text-align:justify;'> <b>Theme Address</b></p>
        <p style='text-align:justify;'><b> Shri. B V Murali Krishna, Additional Commissioner, Commercial Tax Department, (e-Governance), GOK </b></p>
        <p style='text-align:justify;'>E invoice is a game changer, form the e invoice implementation in 1st October 2020, but in Karnataka we 
        actually started introducing the digitization information from 2010 onwards itself but the kind of aspect 
        of uploading a purchase and Sale statements which we were able to achieve the compliance which led 
        modeling the GST 1 and GST 2 outwards and for reasons it took the back seat.</p>
        <p style='text-align:justify;'>Whereas it take care of the e invoicing concept even for the B2C transaction it is not a 36o degree profile 
        as it will take time
        Already captured 55 crore invoice and 1/3 of the tax payers are receiving the Invoices. </p>
        <p style='text-align:justify;'>Once the invoice generated electronically for the common portal is authenticated with the QR Code and 
        the item number which is already embedded indicated the document of the statement to the Govt. and 
        the compliant will be reduced.</p>
        <p style='text-align:justify;'>We have travelled from uploading the GST 1 from 2017 and 2018 we migrated to e way bill data and 
        digitization started for the particular consignment shipments and as of now 180 crore e way bill has 
        generated in e way portal.</p>   
        <p style='text-align:justify;'>32 % of the population are generating the e way bill though it is not mandatory, Once make the 
        mandatory invoicing to all Tax Payers are immediate obligated, to make the portal enable for the tax 
        payers to come and generate and most of the tax payers well come it.</p>
        <p style='text-align:justify;'> Web based login should be implemented so the tax payers directly login the data and generate e invoice.</p>
        <p style='text-align:justify;'>If we look at the past and todays regime the compliance has reduced day by day in e way bill or e 
        invoicing portals.</p>
        <p style='text-align:justify;'> E Invoicing has bought the compliance, if we look at in April we could reach on lakh fourty five thousand 
        collections there is leap jump before or after of e way bill or e invoicing.</p>
        <p style='text-align:justify;'>E way bill have integrated the app RFID a week back on the Fat Track Toll plazas. </p>
        <p style='text-align:justify;'> Technology is helping to pinned down the Fraudsters and Fraudsters Measures.</p>
        <p style='text-align:justify;'> E governance is stabilized so much by bringing transparency and need of the hour is to adopt technology 
        which will the Audit trial where everyone can be tracked seamlessly.</p>
        <p style='text-align:justify;'> E Invoice is ultimate once it comes in place for all transaction as right now it is only B2B and B2G with 
        some exemptions has to be taken off by giving a easy mode of uploading and for B2C transactions the 
        web based process which will help ease of doing business and this is how the e invoicing is a Game 
        changer.</p>
        <p style='text-align:justify;'>Thank you.</p>
        <p style='text-align:justify;'><b>Panel Speaker</b><p> 
        <p style='text-align:justify;'><b>Shri. Ravi Raghavan, Senior Partner (Moderator), assisted by Shri. Brijesh Kothary, Joint Partner, 
        Lakshmikumaran & Sridharan Attorneys </b></b>
        <p style='text-align:justify;'><b>Q: Shri. Sagar Agarwal </b></p>
        <p style='text-align:justify;'>What is the facility to choose the route by the e way bill generator on depending upon the vehicle using 
        and lead time fixed for the e way bill?</b\p>
        <p style='text-align:justify;'><b>A: Shri Nagendra Kumar, IRS </b></p>
        <p style='text-align:justify;'>A; NIC over a period of time, the distance travelled measures for e way bill alive and also facility for 
        extension for primarily keeping in mind about the deviation and malpractices that is the approach we are 
        looking at. The over time keeping these issue we cannot customize the individual because of the large 
        population but certainly we have recommendation to this.</p>
        <p style='text-align:justify;'><b> A: Shri. Murali Krishna, Additional Commissioner </b></p>
        <p style='text-align:justify;'>Certainly they can raise submit their grievance we can see to that and set it right. </p>
        <p style='text-align:justify;'><b> Q: Will RIFD solve this issue considering with the responsibility of the Logistics to give the route if the 
        options are given to select and takes the longer route because of various conveniences? </b></p>
        <p style='text-align:justify;'><b> A: RIFD is already integrated and hope it will take over pin to pin </b></p>
        <p style='text-align:justify;'> Objective is to ensure that movement of goods under e way bill is to ensure that there is movement 
        tracking available and RIFS provides the technology with the visibility of the Vehicle and that option could 
        be thought off and policy makers will take up and option should be available for you enable in the portal 
        in a generic manner and suggested to raise this issue and recommendation to NIC.</p>
        <p style='text-align:justify;'><b>Q : On penalty and Tax on the E way bill is 68% at the time no production still tax has to paid and no 
        solution to go for appeal and no Tribunal Appellate is constituted in Karnataka and request to give some 
        token penalty but not to the extent of 68% so? </b></p>
        <p style='text-align:justify;'>A: We are al aware that we are in system driven mode and to take the decision making. The reason why 
        the officer dose the assessment is with regard to correctness of the document and advised to have in GPS 
        tracking manner or computer online or Mobile app.</p>
        <p style='text-align:justify;'>As we move forward we need to work towards the system where it non discretion. So request to raise the 
        recommendation and submit certainly we will take it forward.</p> 
        <p style='text-align:justify;'>To train the Tax payers at large by generating the e way bill properly and any minor omission such as 
        truck drivers to educate the person carrying the documents in any such errors instead of convey to you 
        after 2 or 3 days instead that to flag immediately.</p>
        <p style='text-align:justify;'><b> Panel </b></p>
        <p style='text-align:justify;'><b> Shri. Ravi Raghavan, Senior Partner (Moderator), assisted by Shri. Brijesh Kothary, Joint Partner, 
        Lakshmikumaran & Sridharan Attorneys </b></p>
        <p style='text-align:justify;'><b>e Invoicing is a system wherein the tax payer uploads his invoice details and registers his transaction on 
        Invoice registration portal ( IRP). </b></p>
        <p style='text-align:justify;'><b>IRP helps tax payer to get the Invoice reference number (IRN) generated by IRP this will prevent the evading 
        happening on large scale. </b></p>
        <p style='text-align:justify;'>• Advantages of e Invoice. </p>
        <p style='text-align:justify;'> • Creation of Standard </p>
        <p style='text-align:justify;'>• Ability to prepopulate returns</p> 
        <p style='text-align:justify;'>• Better tax payer services. </p>
        <p style='text-align:justify;'> • Reduction of Tax evasion </p>
        <p style='text-align:justify;'>• Efficiency in tax administration.</p> 
        <p style='text-align:justify;'><b> Categories excluded below are added in future?</b></p> 
        <p style='text-align:justify;'>• B2C Supplies SEZ Developers included</p>
        <p style='text-align:justify;'>• Banking and other Financial Companies</p>
        <p style='text-align:justify;'>• Agents</p>
        <p style='text-align:justify;'> • Admission of exhibition pf Cinematograph films in multiplex screens</p>
        <p style='text-align:justify;'>• GTA service providers</p>
        <p style='text-align:justify;'><b>A: Addition Commissioner ,/b></p>
        The policy has to take a call on particular and it&apos;s a high time all these categories should fall under e 
        Invoice.</p>
        <p style='text-align:justify;'>Consequences for Non-Compliance are </p>  
        <p style='text-align:justify;'>Penalty as per section 122(1) of the CGST Act Rs. 10,000 where he Inter alia
        Eligibility of ITC Non position of the Tax Invoice is one of the condition for denial of ITC.</p>
        <p style='text-align:justify;'>  If e invoice is not issued that the recipient may not eligible for ITC</p>
        New features in the newly introduced manner for e way bill and vehicle tracking whereas gives 
        transparency which prevent fraudsters in feature.</p>
        <p style='text-align:justify;'><b>Recommendation related Annual Returns FY 2022-21 </b></p>
        <p style='text-align:justify;'><b>A: Shri. Bhojaraj T Shetty, Chairman, Bengaluru Branch, SIRC of ICAI </b></p>
        <p style='text-align:justify;'>• Over the years professional were struck in this issues and never added value to the business 
        people. </p>
        <p style='text-align:justify;'> • Things are happening automation in India </p>
        <p style='text-align:justify;'> • Govt. makes system not system driven Tax collection and intention is for Ease of Doing Business 
        and add value across chain.</p>
        <p style='text-align:justify;'>• Dealers and Tax payers enjoy by making honest business and professionals are trained to do 
        beyond compliance. </p>
        <p style='text-align:justify;'>• In the current years turnover is to certified, and 2022-23 total expenditure needs to be certified 
        and whole reconsolation has to be come out from the Charted Accountants.</p>
        <p style='text-align:justify;'>• Professional need to focus to value addition to a business people by helping their business grow. </p>
        <p style='text-align:justify;'>• Going forward visiless growth definitely help across the Board with many other Audit will remain 
        same along with System Audit. </p>
        <p style='text-align:justify;'> • RBI and SEBI made it mandatory.</p>
        <p style='text-align:justify;'>• ICAI a decade back started training on Certification course Diploma in Information Audit.</p>
        <p style='text-align:justify;'><b> Q: What do mean by Audit Trial </b></p>
        <p style='text-align:justify;'><b>A: Shri. Aravind, Associate Vice President, Tally Solutions </p>
        <p style='text-align:justify;'>At this part of time it is not anybody&apos;s Importance but it will create lot of confusion in business sectors. </p>
        <p style='text-align:justify;'><b> Challenges are: </b></p>
        <p style='text-align:justify;'>• Extremely short notice to implement Audit Trial. </p>
        <p style='text-align:justify;'> • Although audit trial has been there since decades sudden enforcement will trigger panic, 
        Mistrust, and resistance from the business and community. </p>
        <p style='text-align:justify;'> • While audit trials aims to track, penalize and discourage fraudulent changes in accounting entries 
        one should remember that there is an aspect of &quot;Human Error&quot; also involved in this subject. </p>
        <p style='text-align:justify;'>• Within the interest of Stakeholders Business men, Accountants, auditors, govt., etc. which 
        definitely not possible in 6 days.</p> 
        <p style='text-align:justify;'>• Even if the Software claims it is audit compliant, and even assuming that it is there is no way to 
        completely ensure that the business will remain complaint since the application can be tampered 
        by Internal/External persons.</p> 
        <p style='text-align:justify;'> • Certainly needs detailed deliberation if it is not dwelt properly certainly will hit SME very badly. </p>
       
        <p style='text-align:center;'><b> END......   </b></p>