Information About Smart E-INVOICING
Businesses/Taxpayers with a turnover more than INR 50 crores in a financial year will have to implement the e-Invoicing process from 01st April 2021 mandatorily.
Introduction to E-invoicing
Businesses/Taxpayers with a turnover more than INR 50 crores in a financial year will have to implement the e-Invoicing process from 01st April 2021 mandatorily. Under this process, businesses have to submit documents like GST invoices, debit/credit notes, reverse change invoices, export invoices, etc. to a centralised Government portal called the Invoice Registration Portal (IRP). The IRP will validate the data in these invoices and generate an Invoice Reference Number and QR code for the same. It will digitally sign the invoice and send back an e-Invoice to the taxpayers electronically.
E-Invoicing Applicability
Has a turnover of INR 50 crores or more (based on PAN) in the previous financial year.
Issues B2B invoices.
Supplies goods or services or both to a registered person(recipient or transporter of supplies cannot generate e-Invoices)
Taxpayers undertaking Exports (with/without payment) and Deemed Exports are liable to generate e-Invoices.
Supplies to SEZs (with/without payment) are covered under e-Invoicing
SEZ Developers who have the specified turnover (while fulfilling the other conditions) are required to generate e-Invoices.
DTA units are required to issue e-Invoices if other guidelines are met.
| CBIC Notified Timelines | |
|---|---|
| Turnover in INR at PAN level | E-Invoicing Applicable from |
| More than INR 500 crores | 01st Oct, 2020 |
| More than INR 100 crores | 01st Jan, 2021 |
| More than INR 50 crores | 01st April, 2021 |
Taxapayers Exempted from E-Invoice
Insurance Company
Transport service provider, providing passenger transportation service
Special Economic Zone (SEZ) units
Free Trade & Warehousing Zones (FTWZ)
E-Invoicing is not applicable for import Bills of Entry
Invoices issued by Input Service Distributors (ISD) are not covered under E-Invoicing.
From an unregistered person (attracting reverse charge) or
Through the import of services, e-invoicing is not applicable
Taxpayer's Obligation
Report the invoice details to the IRP,
Obtain IRN and
Issue the final invoice with QR code
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