Highlight:
- Change in GST e-invoice limit
- Invoice is mandatory for those with a turnover of more than Rs 50 crore
- Earlier, the turnover limit was Rs 100 crore
New Delhi: E-invoicing is mandatory for companies with a turnover of over Rs 50 crore. The move comes on the recommendation of the GST Council. It will come into effect from April 1
From October 1, 2020, the GST e-invoicing system has been implemented for businesses with an annual turnover of Rs 500 crore or more. Later, from January 1, 2021, e-invoicing was made mandatory for businesses with a turnover of over Rs 100 crore.
Under the e-invoicing system, taxpayers have to generate invoices themselves and then report them online to the Invoice Reference Portal (IRP).
The information provided on the invoices will be verified by the IRP and the digitally signed e-invoices will be provided to the taxpayer along with the invoice reference number and a QR code.
The e-invoicing system will help the buyers and sellers to get quick information. What is e-invoicing? At the time of drafting the bill, the important information in it was given to the government’s GST. Going to the portal. The bill is mandatory for all transactions above Rs.
Areas such as cess units, insurance, non-bank financial institutions, banking sector, goods transporting agencies and passenger transport service are excluded from e-invoicing.
The government has intensified efforts to detect fake GST invoices and prevent scams in the sector. In the last few days, more than 350 people have been arrested in connection with the GST invoice scam. Counterfeit invoices are now being detected using data analytics and AI.
