- E-invoice details are mandatory for B2B and export transactions in India starting from March 1, 2024
- The initiative aims to combat Goods & Services Tax fraud
- The National Informatics Centre is leading this initiative
- Mandatory e-invoicing with live governmental reporting has been enforced since October 2020
- The reporting threshold has been gradually reduced to ₹5 annually since August 1, 2023
- E-way bills for goods movement now require critical details
- GST registered businesses transporting goods over Rs. 50,000 must generate an e-way bill through the government’s portal
- B2C-related goods movements are exempt from the e-invoice details requirement on the e-way bill
- The existing B2B e-invoicing system will be extended to include B2C transactions by 2026 or 2027
- Businesses with an annual turnover of ₹5 have been obligated to adopt the centralized e-invoicing regime since August 1, 2023.
Source: tpa-global.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
