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TMI BlogWho are liable to generate e-invoice w.e.f October 1, 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... Who are liable to generate e-invoice w.e.f October 1, 2022 - By: - CA Bimal Jain - Goods and Services Tax - GST - Dated:- 9-8-2022 - - The GST Council, in its 37 th meeting held on 20.09.2019 , has recommended introduction of electronic invoice ( e-invoice ) in GST in a phased manner. E-invoicing was initially made applicable w.e.f 01.10.2020 for the registered person having aggregate turnov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of Rs. 500 crore and above only. Since then, aggregate turnover is being reduced in a phased manner so as to cover maximum taxpayers under the e-invoicing in following manner: Phases Applicable to taxpayers having aggregate turnover of more than W.e.f. Notification No. 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... INR 500 crore 01.10.2020 Notification No. 61/2020- Central Tax dated 30.07.2020 2. INR 100 crore 01.01.2021 Notification No. 88/2020 Central Tax dated 10.11.2020 3. INR 50 crore 01.04.2021 Notificat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion No. 05/2021 Central Tax dated 08.03.2021 4. INR 20 crore 01.04.2022 Notification No. 01/2022- Central Tax dated 24.02.2022 5. INR 10 crore 01.10.2022 Notification No. 17/2022 Central Tax dated 01.08.2022 Notes: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... E-invoicing provisions are applicable when the stated aggregate turnover threshold limits crosses in any of previous financial year(s) starting from FY 2017-18. Thus, aggregate turnover limit of current financial year is not to be considered. Certain Entity are not required to generate e-invoicing even though their annual aggregate turnover crosses specified limit viz. SEZ units (n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot developer), insurer or banking company or financial institution, GTA, passenger transport service provider and invoicing in case of services by way of admission to exhibition of cinematograph films in multiplex screens, a government department, a local authority. Applicable only for B2B Taxable Supplies of Goods or Services or both, DN/ CN, Exports. Not Applicable for B2C Supplies, Ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... empted Supplies (Bill of Supply), Receipt Voucher (on advance received for supply of services), Refund Voucher (Refund of advance money received), Payment Voucher Self-Invoice (for RCM liability received from unregistered person), ISD Invoice. Compliance: The registered person to whom e-invoicing is applicable have to generate tax invoice with specified particulars as per e-schema IN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... V-01 from taxpayer s own account and billing software, then convert the same into JSON file, and transmit such file on dedicated Invoice Registration Portal ( IRP ) launched by the Government. Subsequently, IRP will generate unique e-invoice reference number with Quick Reference ( QR ) Code and digitally signed JSON file and send it to the concerned supplier and will also push the data to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GST Portal for auto population of date in GSTR-1 (outward supply statement) and E-waybill portal for generation of e-way bill. (Author can be reached at [email protected] ) - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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