- The e-invoicing system under GST in India was implemented in October 2020 for taxpayers with a turnover exceeding Rs 500 crore.
- It was later extended to businesses with turnover exceeding Rs 100 crore from January 2021.
- Companies with B2B transactions of Rs 5 crore were also mandated to produce electronic invoices.
- From August 1, 2023, GST taxpayers with a turnover exceeding Rs 5 crore in any financial year will have to produce e-invoices.
- An advisory by GSTN has revised the time limits for reporting invoices on the e-invoice IRP portals.
- Companies with a PAN-based turnover of Rs 100 crore or more will not be allowed to generate IRN after 30 days from the date of the document.
- Taxpayers falling within this category must generate their e-invoices within the new time limit.
- The provisions may be extended to all taxpayers in the future and aim to address concerns raised by businesses and ensure timely tax payments.
Source: a2ztaxcorp.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.
