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GST E-Invoice mandate on business cross ?10 crore turnover.

December 23rd, 2023

Finance & Investment,Law
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This is important for GST-registered businesses. Recently, the government announced an update to the E-Invoice rules. This update will be a significant one under the GST regime. It will also cover more businesses. Let’s learn more about the GST E-Invoice mandate for businesses with a turnover exceeding Rs 10 crore.
What is an E-Invoice? E-Invoice, also known as Electronic Invoice, is a system that’s used for B2B purposes under the GST Regime. It’s used to authenticate invoices via digital mode on the official GST Portal.

After the E-Invoices have been authenticated online, an unique Invoice Reference number (IRN), is generated by IRP for each invoice.

Every E-Invoice has a QR code and is digitally signed. E-Invoicing allows for the transfer of information directly to the e-way bill portal. You can find out more about E-Invoice under the GST Regime.

Last Update: GST E Invoice Mandate for Businesses with a Revenue Above Rs 10 Crore According to the notification E-invoicing will become mandatory for all companies with a turnover greater than 10 million rupees. Companies with a turnover exceeding 20 million are required to use electronic invoices.

It clearly states that “In exercise of sub-rule 4 of rule 48 of Central Goods and Service Tax Rules, 2017, The Government, upon the recommendations of Council, hereby makes this further amendment to the notification of Government of India in Ministry of Finance (Department of Revenue), Nr. 13/2020-Central Tax, published in Gazette of India Extraordinary, Part II Section 3, Sub-section i, vide number G.S.R. 196(E), dated 21 March 2020. Specifically:- The said notification states that the “twenty million rupees” words shall be replaced by the “ten crore rupees” words in the first paragraph. This is effective as of the 1st day October 2022.

If your company has more than 10 crore rupees in annual turnover, you will need to generate E-Invoices beginning 1 October 2022. You will not be eligible for Input Tax Credit if you do not.

How can electronic invoicing prevent tax fraud? E-invoicing offers many benefits, including the ability to prevent tax evasion. An electronic invoice can be amended only if it is not modified after a transaction has been completed. An electronic invoice also gives authorities instant access to all transactions. E-invoicing reduces fraudulent GST invoices by automating and ensuring that the input tax credit is claimed on real GST invoices. GSTN is able to easily track down anyone who attempts to claim bogus tax credits.

How do I easily generate E-Invoices? Instabill is the best way to generate E-Invoices. Instabill offers the best e-invoicing solutions for businesses.

Additionally, the Instabill Mobile App uses an automated format that conforms to the GST-Invoicing format. All you need to do is enter the information as per the sale. You can also modify the invoice format to suit your needs.

Contact our GST experts at 888-169-069. If you have further questions about Instabill or E-invoicing, please call 888-69-069.

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