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What is India e-invoicing?
Electronic invoicing or e-invoicing was introduced in India with a vision to bring transparency in invoicing and to curb the fake tax credit menace. E-Invoicing aims to transform the ways businesses interact with each other. When an e-invoice is generated, it can auto-fill a few tables of the GSTR-1 for the supplier.
What is e-invoicing?
An electronic invoice (e-invoice) is an invoice that is issued, transmitted, received, processed and stored electronically using specific document formats. E-invoices are digital throughout the entire document life cycle, from issuance to archiving.
Is e-invoice mandatory for B2G?
Scope. E-invoicing also will apply to business-to-government (B2G) supplies; clarification will be issued on which GST registration number should be used for supplies to government entities that are GST registered only for tax deducted at source (TDS) purposes.
What is the criteria for e-invoice in GST?
The GST e-invoicing will provide multiple categories under which the taxpayer will fill the e-invoice as per the turnover and other criteria. It is required for every taxpayer to have a turnover of more than 500 crores to fill GST e-invoicing through the government portal itself.
Who is responsible for e-invoice?
e-Invoicing is mandatory from 1st October 2020 to all businesses whose aggregate turnover has exceeded the Rs. 500 crore limit in any of the previous financial years from 2017-18 to 2019-20.
Is e-invoice mandatory in India?
Mandatory e-invoicing in India will start from 1 January 2021 for Indian businesses with an annual turnover exceeding Rs. 100 crore will be required to implement the e-invoicing mandate starting 1 January 2021. The mandate currently covers businesses in India with an annual turnover exceeding 500 crore.
How is e-invoice generated?
The e-invoice system will generate the IRN, and then digitally sign the e-invoice and the QR code (quick response code). The QR code will enable a quick view, and validation and access of the invoices from handheld devices. The QR code will consist of the following parameters: The GSTIN of supplier.
Is self billing allowed in India?
In India, under the Goods and Services Tax (GST) regime, you need to create a self-invoice for all the goods and services procured from an unregistered vendor. In India, under the Goods and Services Tax (GST) regime, you need to create a self-invoice for all the goods and services procured from an unregistered vendor.
What is B to G in GST?
B2B means business to business transaction. In B2B transaction, the customer is also a registered person and is eligible to take ITC. For B2B supplies, invoice wise details of both intra-state and inter-state supplies should be uploaded in GSTR-1 Return.
Who is not eligible for e-invoice?
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: An insurer or a banking company or a financial institution, including an NBFC. A Goods Transport Agency (GTA)
Who qualifies for E-invoice?
To whom will e-invoicing apply? e-Invoicing is mandatory from 1st October 2020 to all businesses whose aggregate turnover has exceeded the Rs. 500 crore limit in any of the previous financial years from 2017-18 to 2019-20.