1. E-Invoice Registration: Every supplier who meets the turnover limit has to compulsorily take Registration for E-invoicing
2. Three most important and unique features of E-invoicing: Invoice Reference number (IRN), QR Code, and the presence of Digital Signature in place of Physical signature.
3. E-Invoicing is mandatory for supply of all the taxable goods and Services and also for supplies made under RCM. E-Invoicing is applicable for all Taxable supply and it’s Invoices, Debit Notes and Credit Notes.
4. It is not applicable to Exempt, Nil rated and Non Taxable supplies and SEZ supplies but turnover of such supplies shall be considered for determination of E-invoicing applicability.
5. B2C Transactions: The Suppliers are not mandatorily required to generate E-invoices for all their B2C transactions.
6. Taxable Value, Tax Rate, HSN Code should be entered properly while uploading E-Invoicing.
7. Generation of E-Invoice: E-invoices can be generated directly through accounting software or through utility.
8. Cancellation of E-Invoice: A E-Invoice can be cancelled only within 24 Hours. If the taxpayer needs to cancelled the invoice after 24 Hours then the same can be done only through issuing credit note.
9. Uploading of E-Invoices: There is no such defined time limit for generation of E-invoices but taxpayers with annual Aggregate turnover of More than 100 crore must generate E-invoice within 7 days of Invoice date.
10. Penalty: If the Invoice is not issued then the penalty will be Rs. 10,000 or 100% of Tax whichever is higher. But if E-Invoice is not generated but Invoice is provided then there is no such specific penalty, but general penalty will be Rs. 25,000/-.
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