E-Invoice under GST

E-Invoice under GST

E-Invoice under GST is mandatory for businesses with a turnover of more than Rs. 500 crore.Under the e-invoicing system, businesses are required to generate invoices in a specific format and then submit them to the GST Network (GSTN) for validation. Once the invoice is validated, a unique invoice reference number (IRN) is generated and sent back to the business. This IRN must be included on the invoice when it is sent to the customer.


What is e-Invoice?

E-invoice full form is electronic invoice. E-invoice is a digital document, endless trail of paperwork, exchanged between a buyer and suppliers. It’s validated by the Government tax portal. E-invoice related to only registered parties’ business to business (B2B), not (Business to Consumers Small) B2CS.

Analysis Of E-Invoice

1. E-invoice generated by registered tax payer in Goods and Service Tax (GST).

2. E-invoice generated by the suppliers needs to be prepared and reported two different systems first is GST portal and second is E-Way bill.

Amounts limit changes steps in E-invoice

  • Business turnover higher than Rs.100 crore in a year.(Notification 13/2020 on 1s March 2020)
  • The turnover limit was raised from Rs.100 crore to Rs.500 crore to limit its applicability.(Notification 61/2020 on 30th Jul 2020)
  • The turnover limit was raised from Rs.100 crore to Rs.500 crore to limit its applicability.(Notification 05/2021 on 8th March 2021)
  • Change in original notification 13/2020 to further reduce the turnover limit to Rs.20 crore from Rs.50 crore to extend the applicability to more taxpayers.(Notification 01/2022 on 24th Feb 2022)
  • Rs.5 crore in process but not final.

Cases where E-Invoicing not be applicable:

The following categories of registered persons for now (CBIC Notification No.13/2020 – Central Tax

  1. Goods Transport Agency (GTA)
  2. Banking company or a financial institution, including an NBFC
  3. Government department and Local authority
  4. Registered person supplying passenger transportation services
  5. An SEZ unit (excluded via CBIC Notification No. 61/2020 – Central Tax)

E-Invoice currently covered

  • Exports (With payment of tax/Without payment of tax)/ Deemed exports
  • Business to business Supplies (B2B) SEZs
  • Supplies (With payment of tax/Without payment of tax)

E-Invoice to be Cancelled /Amended

A. Cancelled E-invoice only cancelled to be fully not partially. Cancellation done after 24 hours.

B. Amended All amendments to an e-invoice can be made only on the GST portal in the GSTR-1 return.

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