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TMI BlogE-Invoice [ Rule 48 of CGST Rules ]X X X X Extracts X X X X X X X X Extracts X X X X ..... voicing, business has to report the B2B invoice data only once in the e-invoice form and the same is reported in multiple forms (GSTR-1, e-way bill etc.). E-way bill can be auto-generated using e-invoice data. GSTR-1 can also be auto-populated with the e-invoice data. It will become part of the business p ro c e s s of the taxpayer. there will be a substantial reduction in transcription errors as same data will get reported to tax department as well as to the buyer to prepare his inward supplies (purchase) register. On receipt of information through GST System, buyer can do reconciliation with his Purchase Order. A complete trail of B2B invoices is available with the Department, it will enable the system-level matching of input tax credit a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... les 48 , shall not apply to an e-invoice prepared in the manner specified in rule 48(4). Person liable for issue of e-invoice Every person, whose aggregate turnover in any preceding financial year from 2017-18 onwards the specified amount , shall prepare e-invoice in term of rule 48(4) - in respect of supply of goods or services or both to a registered person, or for export. specified amount - Principal notification Notification No. 13/2020 Central Tax (as amended time to time) . More than INR 500 Crores for the period from 01.10.2020 to 31.12.2020. More than INR 100 Crores for the period from 01.01.2021 to 31.03.2021. More than INR 50 Crores for the period from 01.04.2021 to 31.03.2022. More than INR 20 crores for the period from 01.10.202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in multiplex screens , Special economic zone unit. [ CGST Rules Notification No. 61/2021 - CT dated 30.07.2020 ] Exemption from mandatory generation of e-invoices in terms of Notification No. 13/2020-Central Tax , dated 21st March, 2020 , as amended, the said exemption from generation of e-invoices is f or the entity as a whole and is not restricted by the nature of supply being made by the said entity. [ Issue no. 3 Circular No. 186/18/2022-GST Dated 27.12.2022 ] Example A Banking Company providing banking services, may also be involved in making supply of some goods, including bullion. The said banking company is exempted from mandatory issuance of e-invoice in terms of Notification No. 13/2020-Central Tax , dated 21st March, 2020 , as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st April 2025 , taxpayers with an AATO of 10 crores and above would not be allowed to report e-Invoices older than 30 days from the date of reporting on IRP portals and Lowering of Threshold to AATO 10 Crores and Above ( Refer ) From 1st November 2023 , taxpayers with an AATO of 100 crores and above would not be allowed to report e-Invoices older than 30 days from the date of reporting on IRP portals. ( Refer ) From 1st May 2023 , taxpayers with an AATO of 100 crores and above would not be allowed to report e-Invoices older than 7 days from the date of reporting on IRP portals. ( Refer ) Amendment or cancellation of E-Invoice/IRN Cancellation or deletion:- E-Invoice/IRN can t be partially cancelled. It has to be fully cancelled. once genera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ), if if aggregate turnover of any preceding financial year from 2017-18 upto 500 crore - no need to generate Quick Response (QR) code if aggregate turnover of any preceding financial year from 2017-18 more than 500 crore - need to generate Quick Response(QR) code as per notification number 14/2020 where such registered person makes a Dynamic Quick Response (QR) code available to the recipient through a digital display, such B2C invoice issued by such registered person containing cross-reference of the payment using a Dynamic Quick Response (QR) code, shall be deemed to be having Quick Response (QR) code. Exemption to supplier from generation of Quick Response Code :- Circular No. 146 / 02 / 2021 -GST has clarified for The exemption Non app ..... X X X X Extracts X X X X X X X X Extracts X X X X
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