12/20/2023 0 Comments Arbor gold custom invoicesHence, for such taxpayers, it is advised to create e invoice on or after the invoice date but before the filing of GSTR-1 returns. There is no defined time limit or period within which e invoice must be generated for the rest. From 1st May 2023 onwards*, taxpayers with AATO equal to or more than INR 100 crore must generate e-invoices for tax invoice and credit-debit notes within 7 days of invoice date, failing which the invoices/CDNs will be non-compliant. Until 30th April 2023, there was no time limit fixed by the GST systems to generate e-invoices. What is the rule for e-invoicing?ĬGST Rule 48 lays down the rules for the applicability and generation of e-invoices. In simpler words, it is an invoice generated using a standardised format, where the electronic data of the invoice can be shared with others, thus ensuring the interoperability of data. This article covers various FAQs on the e-invoicing system under GST.īasics of e-invoicing What is e-invoicing?Įlectronic invoicing or e-Invoicing is a system of raising invoices, under which invoices generated by one software can be read by any other software, eliminating the need for any fresh data entry or errors. If you've multiple GSTINs in hand, you can use the GST search tool to check and confirm the GSTIN for which you want to raise the e-invoice. Later, the system expanded to cover businesses with turnover over Rs.10 crore from 1st October 2022. Recently, CBIC extended the e-invoicing for businesses having more than Rs 5 crore turnover w.e.f 1st August 2023.Īggregate turnover for e-invoicing will include the turnover of all GSTINs under a single PAN across India. Thereafter, the government extended the e-invoicing applicability to businesses having more than Rs 20 crore turnover w.e.f 1st April 2022. On 8th March 2021, the CBIC also notified the applicability of the e-invoicing system from 1st April 2021 for businesses with total turnover ranging between Rs.50 crore to Rs.100 crore. E-invoicing was extended to businesses with an aggregate turnover exceeding Rs.100 crore from 1st January 2021. The e-Invoicing system under GST was implemented from 1st October 2020 for taxpayers with an aggregate turnover exceeding Rs.500 crore.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |