Summary of Notifications issued on E-Invoicing

• Starting from April 1, 2020 a new invoicing system is to be introduced in the GST business process. A standardised protocol will be enabled to generate and read electronic invoices.

• An e-invoice raised by a trader can be read by computer systems using dynamic QR code up or down the supply chain. The consumer, too, can integrate the data on their systems.

• The GST Council has approved the introduction of e-invoicing in phases for reporting of business-to-business (B2B) invoices to the GST System. This will be introduced on a voluntary basis to begin with.

• Taxpayers with a turnover of over ₹500 crore can implement it on voluntary (trial) basis from January 1, 2020 while those with a turnover of over ₹100 crore can adopt it (on voluntary trial basis) from February,1 2020.

https://youtu.be/D-uJr3bC764

• It shall be made mandatory for all taxpayers with a turnover of over ₹100 crore from April 1, 2020.

• The e-invoice schema and template, as approved by the GST Council, are available in the GSTN website

•Following would be Common GST Electronic Portal to be used for the purpose of preparation of the E-invoice in terms of rule 48(4):

(i) www.einvoice1.gst.gov.in;
(ii) www.einvoice2.gst.gov.in;
(iii) www.einvoice3.gst.gov.in;
(iv) www.einvoice4.gst.gov.in;
(v) www.einvoice5.gst.gov.in;
(vi) www.einvoice6.gst.gov.in;
(vii) www.einvoice7.gst.gov.in;
(viii) www.einvoice8.gst.gov.in;
(ix) www.einvoice9.gst.gov.in;
(x) www.einvoice10.gst.gov.in.

Notifications issued on E-Invoicing are given below:

Tags : GST, GST Notifications, E-Invoice

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