E-invoicing Will Be Mandatory For Firms With A Turnover Of More Than Rs 10 Crore!

The government will provide this service through the e-invoice registration portal. Recently a new notification has been issued by the government.
E-invoicing Will Be Mandatory For Firms With A Turnover Of More Than Rs 10 Crore!
Now e-invoicing has been included again in the ever-changing rules in GST.

Jaipur. Kolkata. The government has taken important steps to promote the Digital India initiative. Now e-invoicing has been included again in the ever-changing rules in GST. The government will provide this service through the e-invoice registration portal. Recently a new notification has been issued by the government.

This rule, which came during inflation, has two months to come into force, but many questions have been raised among the traders falling under this purview in submitting e-invoices across the country.

This is the new rule

If the annual turnover of any business is more than 10 crores, then it is mandatory to make an e-invoice from October 1, 2022. Under this rule, it has been clarified that if the e-invoice is not generated, the customer will not be able to get the input tax credit.

How E-Invoice works

E-invoicing under Goods and Services Tax (GST) is a system in which a normal receipt for a supply is verified electronically through the GSTN network. Each such receipt is issued a unique number or identification number in the Invoice Registration Portal (IRP). This process is also known as e-Invoice GST. The receipts/bills are first generated by the accounting software.

From there these are uploaded to the invoice registration portal. From there the transfer is also done on the GST Portal and eWaybill Portal. The advantage of which is that for filing return GSTR-1, a separate entry does not have to be made. Similarly, Part-A of the e-way bill is also filled automatically.

Do not tolerate negligence in business

Based on the new notification, now there will be no negligence in the day-to-day work in the business. Daily bills will be generated daily through online and those bills will have to be submitted in GST on the same day. Sushil Jalan, CA, Faculty and Motivational Trainer, Jaipur.

What do experts say

According to Finance Adviser Sumit Sarda it is a system to rectify the extra cost and errors by the business as well as insufficient claim of input tax credit. It is mandatory to submit e-invoice for those who come under 10 crores due to this.

E-invoicing Will Be Mandatory For Firms With A Turnover Of More Than Rs 10 Crore!
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