![]() ![]() ![]() An insurer or a banking company or a financial institution, including an NBFC.However, e-invoicing shall not be applicable to the following categories of registered persons, irrespective of the turnover, as notified in the CBIC Notification No.13/2020 – Central Tax: Very soon, the system shall expand to cover businesses with turnover over Rs.10 crore from 1st October 2022. The government recently extended the e-invoicing applicability to businesses having more than Rs 20 crore turnover w.e.f 1st April 2022. Likewise, it was extended to businesses with a total turnover of more than Rs.50 crore from 1st April 2021. From 1st January 2021, e-invoicing became applicable to businesses exceeding the Rs.100 crore turnover limit in any of the financial years between 2017-18 to 2019-20. Is e-invoicing mandatory? To whom will e-invoicing apply?Į-Invoicing is mandatory from 1st October 2020 to all businesses whose aggregate turnover has exceeded the Rs.500 crore limit in any of the previous financial years from 2017-18 to 2019-20. ![]() In simpler words, it is an invoice generated using a standardised format, where the electronic data of the invoice can be shared with others, thus ensuring the interoperability of data. Basics of e-invoicing What is e-invoicing?Įlectronic invoicing or e-Invoicing is a system of raising invoices, under which invoices generated by one software can be read by any other software, eliminating the need for any fresh data entry or errors. ![]()
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