India delays 42nd GST Council meeting to October 5th. What does that mean for the October 1st Indian mandate?
Last Saturday all eyes were on India’s 42nd GST Council. With less than 2 weeks to go to the implementation of India’s mandatory invoice reporting to the Invoice Registration Portal, it was general belief that the Council would provide final clarity if the mandate will indeed be implemented on `October 1, 2020.
However, the GST Council has been delayed until 5th October. Main agenda points are rationalisation of (GST) rates and the pressing issue of compensation Cess to individual States to make up for the very significant shortfall in GST collection. The Council was also going discuss the ’e-invoicing’ mandate.
The delay of the council does not necessarily mean that the mandate will also be delayed. On the contrary, one could argue that given the GST collection shortfall, India must press on with the implementation of the mandate. Also, as there now is no official meeting before October 1st, the mandate is almost certain to happen.
Delay or not: Tungsten Network is ready for the mandate. Contact us if you are subject to the mandate and you haven’t yet arranged to comply with the obligations. Hoping for further delay is not a good strategy.