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May 30, 2024 · From 1st August 2023, the e-invoicing is mandatory for businesses with annual aggregate turnover of over Rs.5 crore in any previous financial year from 2017-18. Earlier, phase I applied to the e invoice turnover limit of more than Rs.500 crore from 1st October 2020.
Jul 27, 2023 · E invoice is applicable if aggregate turnover exceeds Rs 5 crore. Aggregate turnover includes Exempt supplies. So in your case e invoicing is applicable But you have to generate e invoice for only taxable supplies and not exempt supplies.
Mar 22, 2024 · From 1st May 2023* onwards, taxpayers with Annual Aggregate Turnover (AATO) equal to or more than INR 100 crore must generate e-invoices for tax invoices and credit-debit notes within 7 days of invoice date, failing which such invoices and CDNs will be considered non-compliant.
Mar 22, 2021 · Additionally, e-invoicing doesn’t apply to any person having an aggregate turnover of less than INR 100 Crores (INR 50 Crores from 1 st April 2021) in a financial year. Further, e-invoicing doesn’t apply in B2C transactions (i.e. supply of goods or services or both to an unregistered person). Tags: CA Bimal Jain. Goods And Services Tax.
Feb 14, 2024 · From 1st October 2022, the government made e invoicing mandatory for businesses with a total annual turnover of more than Rs.10 crore in any previous financial year from 2017-18 to 2021-22. Previously, the first phase applied to the e invoice turnover limit of more than Rs.500 crore beginning from 1st October 2020.
Jun 22, 2023 · E-invoice mandate has been extended to companies with a turnover exceeding Rs. 5 crores from August 1, 2023. E-invoicing under GST is crucial for organizations now more than ever and the consequences of non-compliance with e-invoicing could lead to heavy penalties.
Latest e-invoice schema is notified on 30th July 2020 vide Notification No. 60/2020 – Central Tax. The e-invoice schema contains both mandatory and optional fields. The mandatory fields are those that must be compulsorily there for an invoice to be valid under the e-invoice standard.
May 27, 2024 · As per the latest amendment in August 2023, all the businesses registered under the GST Act, with a total turnover exceeding Rs.5 crores, are required to generate an e-invoice. Earlier, this threshold was Rs.10 crores. However, in line with the government’s initiative to promote digital India, the government brought about this amendment.
Taxpayers with Aggregate Turnover of < Rs. 500 Crores. Through E-Way Bill APIs – If the taxpayer already has direct access to E-Way Bill APIs, then they can use the same Client Id, Client Secret, username and password to get access to e-Invoice system.
Dec 9, 2022 · The government has further reduced the e-invoicing turnover limit covering companies with Annual Aggregate Turnover of Rs. 10 Cr. and above. As per the GST notification 17/2022, from October 1, 2022 companies having AATO of Rs 10 Cr and above need to register their B2B invoices and other specific documents on IRP and get Invoice Registration ...
