With effect from October 1, 2022, the government has expanded the application of e-invoicing to businesses with a turnover of more than Rs 10 crore. E-invoicing becomes mandatory for businesses with a turnover of more than INR 100 crore in any of the financial years 2017-18 to 2019-20 from January 1, 2021.įrom October 1, 2021, it was also extended to businesses with a total turnover of more than INR 50 crore. Tax authorities are less likely to conduct audits or surveys since the information they seek is available at the transaction level.Īll businesses with an aggregated turnover of more than INR 500 crore in any of the previous financial years from 2017-18 to 2019-20 must use e-invoicing from October 1, 2020.The accurate input tax credit is becoming more readily available.Backward integration and automation of the tax return filing process – necessary invoice information would be auto-populated in different returns such as GSTR-1 and creating part-A of e-way bills.
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As a result, there is no need for manual data entry while filing GSTR-1 returns or generating Part-A of e-way bills because the information is sent straight from the IRP to the GST portal.
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The Invoice Registration Portal (IRP), which is operated by the NIC, will provide a unique identifying number (IRN) against each invoice under the electronic invoicing system.Īll invoice information is sent in real-time from to the GST and e-way bill portals. E-Invoice is a mechanism through which NIC authenticates B2B and export invoices electronically before allowing them to be used on the common GST portal.
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