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Traders with an annual turnover above ₹5 crore must prepare e-invoices from August 1 this year for business-to-business transactions, the State Goods and Services Tax department said. The decision is applicable to traders who have reported annual turnover above ₹5 crore in any of the fiscals from 2017-18 onwards. They will have to prepare e-invoices for taxable goods and services and also for credit/debit notes issued by them. E-invoicing is currently applicable to trade transactions abov
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FAQ :
Traders with an annual turnover above ₹5 crore, reported in any fiscal from 2017-18 onwards, must issue e-invoices.
The new rule for traders with turnover above ₹5 crore comes into effect from August 1st.
E-invoices are required for business-to-business (B2B) transactions involving taxable goods and services, as well as for credit/debit notes issued by eligible traders.
If an eligible trader fails to prepare an e-invoice, the recipient will not be eligible to claim input tax credit.
Yes, e-invoicing is not applicable to traders dealing with non-taxable goods under the GST Act. Exempt entities include SEZ units, insurance, banking, NBFCs, goods transporting agencies, and passenger transport services.
Eligible traders can register on https://einvoice1.gst.gov.in and obtain their user credentials before August 1st.
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