Now, the Government has further extended the E-Invoicing provisions to businesses exceeding Rs.50 crore turnover limit with effect from 1st April 2021. Vide Notification no. 05/2021 dated 8th March 2021.
E-Invoicing provisions were made effective in the following phases.
- from October 1, 2020, issuing E-invoice was made mandatory for businesses with a turnover of Rs 500 crore. Vide notification no. 13/2020 dated 21st March 2020.
- Further, from 1st January 2021, e-Invoicing provisions have been made applicable to businesses exceeding Rs.100 crore turnover limit in any of the financial years between FY 2017-18 to FY 2019-20, for business to business (B2B) transactions. Vide notification no. 88/2020 dated 10th November 2020.
E-invoicing shall not be applicable to persons registered under the following category:
- SEZ Unit
- Multiplexes
- Passenger Transportation
- Goods Transport Agency (GTA)
- Insurance, Banking and Financial Institution
The process to Generate an E-invoice under GST
Step 1– Invoice will be generated by the supplier in his own accounting or billing system
Step 2-JSON file will be generated by the supplier to upload on the IRP.
Step 3 (Optional)- Unique Invoice Reference Number (‘IRN’) can be generated by the supplier on the basis of 4 parameters like Supplier GSTIN, invoice number, financial year, and document type.
Step 4– Supplier will upload the JSON file of the e-invoice along with IRN already generated directly on the IRP or through GSPs.
Step 5 – IRP will generate IRN and validate IRN of JSON if already uploaded by the supplier. IRP will add its signature on the invoice data as well as a QR code to the JSON.
Step 6 – Supplier will download digitally signed JSON with IRN along with a QR code. IRP will share back digitally signed e-invoice to seller and recipient if email id’s are mentioned on the e-invoice
You can refer above latest notification by clicking the following link
Post your query on rajnikant@rmpsco.com.
Published on: March 12, 2021