A2Z OF E – INVOICING UNDER GST
A. BASIC DETAILS :
| 1 | What is ‘e-invoicing’?A notified class of registered persons have to prepare invoice by uploading specified particulars of the invoice on the Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN)
The invoice copy containing inter alia, the IRN with QR Code issued by the notified supplier to the buyer is commonly referred to as ‘e-invoice’ in GST |
| 2 | What is an Invoice Registration Portal (IRP)?Invoice Registration Portal (IRP) is the website for uploading/reporting of invoices by the notified persons |
| 3 | Who are the notified persons?The notified classes of registered persons are those having an aggregate annual turnover of more than Rs 500 crores at PAN level. And notified for issuing e-invoice. |
| 4 | The aggregate financial year is to be considered for which previous financial year?In case a taxpayer had aggregate turnover for more than Rs 500 crores in any financial year since the introduction of GST, he is mandated to report e-invoice to IRP. |
| 5 | In case, aggregate turnover decreases for less than 500 crores in the subsequent year, whether the taxpayer will be exempted from generating e-invoicing?No, Once registered, the taxpayer has to generate e-invoice irrespective of turnover. |
| 6 | From which date, e-invoicing is mandatory for the notified classes of taxpayerE-invoicing will be mandatory w.e.f. 1st October 2020 |
B. APPLICABILITY :
Read more on: https://taxguru.in/goods-and-service-tax/e-invoicing-gst-detailed-analysis.html
© 2018 CA Chandan Agarwal. All rights reserved.