The Central Board of Indirect Taxes and Customs (CBIC) under the finance ministry through a notification last week had notified the reduction in the turnover threshold for e-invoicing or electronic invoicing. According to the notification, enterprises with a turnover of more than Rs 5 crore, from earlier Rs 10 crore, in any financial year will have to generate e-invoice for business-to-business (B2B) transactions including supply of goods and services and exports with effect from August 1, 2023.
Through the e-invoice system, Goods and Services Tax Network (GSTN) electronically authenticates B2B invoices uploaded by suppliers and an identification number is issued for every invoice by the Invoice Registration Portal (IRP). The invoice data authenticated is transferred from the IRP to the GST portal in real-time, eliminating the need to manually enter data at the time of filing GSTR-1 return.
GST E-invoice, Steps to generate E-invoice under GST: The Central Board of Indirect Taxes and Customs (CBIC) under the finance ministry through a notification last week had notified the reduction in the turnover threshold for e-invoicing or electronic invoicing. According to the notification, enterprises with a turnover of more than Rs 5 crore, from earlier Rs 10 crore, in any financial year will have to generate e-invoice for business-to-business (B2B) transactions including supply of goods and services and exports with effect from August 1, 2023.
GST E-invoice, Steps to generate E-invoice under GST: The Central Board of Indirect Taxes and Customs (CBIC) under the finance ministry through a notification last week had notified the reduction in the turnover threshold for e-invoicing or electronic invoicing. According to the notification, enterprises with a turnover of more than Rs 5 crore, from earlier Rs 10 crore, in any financial year will have to generate e-invoice for business-to-business (B2B) transactions including supply of goods and services and exports with effect from August 1, 2023.
Through the e-invoice system, Goods and Services Tax Network (GSTN) electronically authenticates B2B invoices uploaded by suppliers and an identification number is issued for every invoice by the Invoice Registration Portal (IRP). The invoice data authenticated is transferred from the IRP to the GST portal in real-time, eliminating the need to manually enter data at the time of filing GSTR-1 return.
Read more at: FINANCIAL EXPRESS
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