Mandatory e-invoicing in GST – ARE YOU IN?

Mandatory e-invoicing in GST – ARE YOU IN?

E-invoicing is the next ‘BIG THING’ in GST. Forget about your accounting software, billing modules, the Government is ‘one step’ ahead of you. The Government ask you to report your invoices with a portal, even before it is issued to the customer. Though it looks very simple, the facility comes with lot of restrictions on your business. Each of your transaction is going to be tracked by the Government, and you don’t even think about making even genuine mistakes. It may prove costly.

The Government is making it mandatory for entities registered under GST to follow e-invoicing system on a phased manner.

  • E-invoicing was mandatory w.e.f 1st October, 2020, for registered tax-payers / entities with turnover exceeding Rs. 500 Crores.
  • With effect from 1st January, 2021, e-invoicing was made mandatory for registered tax payers / entities with turnover exceeding Rs. 100 Crores.
  • Further, with effect from 1st April, 2021, e-invoicing is mandatory for all registered tax payers / entities with turnover exceeding Rs. 50 Crores.

Thus, if your entity has annual turnover exceeding Rs. 50 Crores, you need to adopt e-invoicing w.e.f 1st April, 2021.

For queries relating to GST contact us at [email protected]

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