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What is turnover limit for e-invoicing?

Rs.50 crore
57 min read. The Central Board of Direct taxes and Customs (CBIC) has made the e-invoicing system mandatory for taxpayers with a turnover higher than Rs. 50 crore from 1st April 2021.

Is electronic invoice mandatory?

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. Banks, airlines, insurance companies, armed forces and telecom service providers are exempt from mandatory issuing of e-invoices.

What is the limit of turnover above which companies are mandated to submit e-invoicing?

The government has notified an e-invoicing system under the goods and services tax (GST) regime which makes it mandatory for large businesses with turnover of over Rs 500 crore to submit sales invoices electronically.

What is the rule for e-invoicing?

Later, the CBIC notified via Notification No. 5/2021 that e-invoicing will be applicable from 1st April 2021 for businesses with a turnover of more than 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 2019-20.

Is e-invoice mandatory for B2C?

E-invoicing and B2C transactions As of now, B2C invoices are exempt from e-invoicing. However, a taxpayer is required to generate a dynamic QR code for enabling digital payments on all B2C invoices as per Notification No. 14/2020-Central Tax, as amended by Notification No. 71/2020-Central Tax.

Is e-invoicing mandatory for B2C?

Is e-invoice required for bill of supply?

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. From 1st January 2021, e-invoicing became applicable to businesses exceeding the Rs.

What is GST e invoicing?

e-Invoice 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) to be managed by the GST Network (GSTN).

Who is eligible for e-invoicing in GST?

The e-invoicing system shall apply to the GST registered persons whose aggregate turnover in the financial year exceeds Rs. 50 crore.

When will e-invoicing become mandatory under GST?

E-invoicing under the goods and services tax (GST) regime will become mandatory for entities with a turnover of Rs 50 crore and more from April 1 for business to business transactions, the government said in a notification on Monday.

What are the GST rule changes applicable from 1st April 2021?

Here is a list of GST rule changes that will be applicable from 1st April 2021 1. E-invoicing Mandate for 50 Cr.+ Turnover Companies As per GST Notification 05/2021, e-invoicing is mandatory from 1st April 2021 for entities whose aggregate turnover exceeds Rs. 50 crore in any of the preceding financial years from 2017-18.

Is 8 digit HSN code mandatory for GST invoices?

Earlier, the 8 digit HSN code was mandatory to be included in GST Invoice only for taxpayers with turnover above RS. 5 crore. However, as per the above-mentioned notification, the 8 digit HSN code is mandatory for all tax invoices (specified products) irrespective of the turnover.

Is e-invoicing mandatory in India?

The CBIC announced on March 8, 2021 that e-Invoicing will be mandatory for businesses with a turnover of more than Rs.50 crores (in any fiscal year from FY 2017-18 onwards) from April 1, 2021. Taxpayers who use e-invoicing must generate invoices on their own internal systems (ERP/accounting/billing software) and then submit them to