The GST Council has approved the implementation of ‘e-Invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of Business to Business (B2B) invoices to GST System, starting from 1st January 2020 on voluntary basis
- E-Invoicing is mandatory for all businesses with an annual aggregate turnover of Rs.500 crores or more. .
- The E-Invoicing becomes mandatory from 1st October 2020.
Frequently Asked Questions
Presently, IRN can be generated only by the tax payers who have been notified. That is, tax payers whose turnover is more than Rs. 500 Crores.
The e-invoice will be digitally signed by the IRP after it has been validated. The signed e-invoice along with QR code will be shared with creator of document as well as the recipient.Once it is registered, it will not be required to be signed by anyone else.
E-Invoicing is not just another compliance burden. It can potentially help businesses reduce money, time, and effort in complying with GST requirements.
IRP will validate for GSTIN correctness and whether the invoice already exists in the system
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