Breaking: E-invoicing likely to be mandatory for GST Businessmen with annual turnover above Rs.1.5 crore from next year

Important news for GST Traders, the Government has notified that E-invoicing likely to be mandatory for GST Businessmen with annual turnover above Rs.1.5 crore from next year.

The implementation of E-Invoicing may be considered at the next GST Council meeting on 11th July, according to sources. The government has declared that E-Invoicing would be implemented beginning August 1 for businesses with a turnover of more than Rs.5 crores.

The government plans to implement E-Invoicing from 1st January next year. For annual turnover of more than Rs.5 crore, e-invoicing will be applicable from August 1 this year. Currently, 6 portals (IRP) are functional for Invoice Registration.

In the upcoming GST Council meeting, 4 additional IRP portals can be approved. On average, 60 lakh e-invoices are issued everyday from the current IRPs. Pre-filled GST returns will be easier to execute with 100% e-invoicing.

What is E-invoicing?

E-invoice is a new system introduced as part of the GST system. The invoice (bill) is uploaded online, and a number is assigned to the uploaded invoice.

An identification number will be issued against every invoice by the Invoice Registration Portal (IRP) to be managed by the GST Network (GSTN).

Using this number, you may simply retrieve all invoice-related information. Aside from that, it is also simple to generate e-way bills and filing returns.

Disclaimer: This communication is based on a news update published by CNBC. No Official communication has been issued by Central Board of Indirect Taxes and Customs (CBIC) yet.