e-Invoice under GST is now mandatory
Latest update regarding e-invoice under gst.
e-Invoice is now mandatory for businesses having Annual aggregate turnover above Rs.20 Crore* for B2B supplies in any preceding financial year from 2017-18 onwards.
This e-invoicing rules will be applicable from 1st April 2022.
Latest Changes to the scope & applicability of GST e-invoicing
The Ministry of Finance Vide Notification No. 17/2022–Central Tax dated 1st August 2022, has further reduced the aggregate turnover limit from INR 20 Crore to INR 10 Crore for applicability of mandatory GST e-invoicing.
Therefore, W.e.f. October 1, 2022, GST e-invoicing is mandatory for businesses having an aggregate turnover of more than 10 crores.
What is e-Invoice under GST?
e-Invoice is a System developed for GST registered person for generating and uploading all the B2B invoices to the Invoice Registration Portal (IRP).
IRP generates digitally signed e-invoice and QR code, with a unique Invoice Reference Number (IRN) to the user.
Statistics on e-Invoice as on Date
Total number of e-Invoices generated in the month of July 2022 – 13.21 Crores
Total number of e-Invoice generated till date from the date implementation (22 months): 200 Crores