Turnover over ₹100 crore ?? E-invoicing will be available from Jan 2021

Ad Blocker Detected

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker.

E-invoicing has seen immense progress as on the very first day of e-invoicing system, there has been more than 8.40 lakh IRNs were generated by 8,453 users while on 7th October and about 13.69 lakh IRNs were generated by 14,100 users. More than 69.5 lakh IRNs were generated by some 71,000 users. It is a great step forward as e-invoicing has many advantages both for the business and the tax administration. Buyers and sellers will be able to have real time information of the invoices.

The electronic invoicing system for business to business transactions was implemented on a mandatory basis for companies with turnover above ₹500 crore kicked into effect from 1st October 2020. However By 1st January 2021, e-invoicing will be available to taxpayers having a turnover more than ₹100 crore a year. It will be finally made available to all taxpayers for B2B transactions from 1st April 2021. 

E-invoicing replaces the physical invoice and will soon replace the existing e-way bill system and taxpayers will not have to generate separate e-way bills. Furthermore, the e-invoicing system can also eventually dispense with the present system of filing GST returns for smaller businesses and MSMEs because e-invoice will pre- populate their returns and they have to simply pay the taxes. The returns will be automatically generated for all supplies for which e-invoice have been issued.

 

Leave a Reply

Job Alerts  1Jobs Alerts 2