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GST

GST e-Invoice mandatory from 1-1-2021 for turnover more than Rs 100 Cr

Goods and Services Tax (GST) e-invoicing is the most discussed topic for businesses today.

E-invoicing is a system wherein invoices are registered electronically by the Invoice Registration Portal (IRP) for use on the common GST portal. As per the latest notifications, suppliers having an annual turnover above Rs 500 crore have been mandated to generate their e-invoices w.e.f. 1 October 2020 and suppliers with turnover more than Rs 100 crore to generate their e-invoices for B2B supplies w.e.f. 1 January 2021.

To generate an e-invoice, the supplier will have to prepare invoice by uploading specified particulars of invoice (in FORM GST INV-01) on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN).

Please note that ‘e-invoice’ in ‘e-invoicing’ does not mean generation of invoice by a Government portal.  Suppliers will continue to create their GST invoices on their own Accounting/ Billing/ ERP Systems. These invoices will now be reported to ‘Invoice Registration Portal (IRP)’. On reporting, IRP will return the e-invoice with a unique ‘Invoice Reference Number (IRN)’ after digitally signing the e-invoice and adding a QR Code. Then, the invoice can be issued to the receiver (along with QR Code). A GST invoice will be valid only with a valid IRN.

Resources on this topic viz. FAQs, Videos, User Manual, Tools, etc. are available at the Help Section of GST E-Invoice System Portal

The latest FAQs (Version 1.3 Dt. 11-11-2020) can be downloaded here – GST e-invoice System – FAQs

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