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Quick Summary
The e-invoicing was introduced on 1st October 2020, for tax payers with an aggregate turnover exceeding Rs. 500 crore. This was also extended on businesses from 1st January 2021 whose aggregate turnover is exceeding Rs. 100 crore. The CBIC also informed that e-invoicing will also applicable for busi
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FAQ :
E-invoicing is a system where invoices are generated in a standardised, machine-readable format, allowing them to be read by different systems. This reduces the need for manual data entry and minimises errors.
E-invoicing was initially introduced for taxpayers with an aggregate turnover exceeding Rs. 500 crore in any financial year from 2017-2018 to 2018-2019.
Businesses with an aggregate turnover exceeding Rs. 500 crore, Rs. 100 crore, or Rs. 50 crore (depending on the financial year and specific dates) are required to generate e-invoices, with some exceptions.
Yes, insurers, banking companies, financial institutions (including NBFCs), Goods Transport Agencies, passenger transportation services, multiplex cinemas, government departments, and local authorities are exempt, regardless of their turnover.
E-invoicing currently applies to supplies made to registered persons, supplies made to Special Economic Zones, export supplies, and deemed export supplies.
No, e-invoicing is not applicable to nil-rated or wholly exempt supplies because a bill of supply is issued instead of an invoice in these cases.
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