E invoicing for 20 Crore Turnover l What is e-invoicing system? E Invoicing Eligibility | GST change
What is e-invoicing under GST?
‘e-Invoicing’ or ‘electronic invoicing’ is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal. Under the electronic invoicing system, an identification number will be issued against every invoice by the Invoice Registration Portal (IRP), managed by the GST Network (GSTN). The National Informatics Centre launched the first IRP at einvoice1.gst.gov.in.
All invoice information will be transferred from this portal to both the GST portal and e-way bill portal in real-time. Therefore, it will eliminate the need for manual data entry while filing GSTR-1 returns and generation of part-A of the e-way bills, as the information is passed directly by the IRP to the GST portal.
To whom is e-invoicing applicable?
The first phase of e-invoicing was implemented from 1st October 2020 for taxpayers with an aggregate turnover exceeding Rs.500 crore per Notification No 61/2020-Central Tax and 71/2020-Central Tax. In the next phase, the e-invoicing was extended to businesses with an aggregated turnover exceeding Rs.100 crore from 1st January 2021 as per Notification No. 88/2020.
Later, the CBIC notified via Notification No. 5/2021 to implement e-invoicing from 1st April 2021 for businesses with a turnover of more than Rs.50 crore.
The CBIC notified vide Notification No. 1/2022 on 24th February 2022 to implement the e-invoicing system for such businesses having annual turnover ranging between Rs.20 crore and Rs.50 crore.
The taxpayers must comply with e-invoicing if the turnover exceeds the specified limit in any financial year from 2017-18 to 2021-22. Also, the aggregate turnover will include the turnover of all GSTINs under a single PAN across India.
However, irrespective of the turnover, e-Invoicing shall not be applicable to the following categories of registered persons for now, as notified in CBIC Notification No.13/2020 – Central Tax:
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