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Who is required to generate E-invoice from 1st October 2022?

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The GST Council, in its 37th meeting held on 20.09.2019, has recommended introduction of electronic invoice ('e-invoice') in GST in a phased manner. E-invoicing was initially made applicable w.e.f 01.10.2020 for the registered person having aggregate turnover of Rs. 500 crore and above only.

Since then, aggregate turnover is being reduced in a phased manner so as to cover maximum taxpayers under the e-invoicing in following manner:

 

Phases

Applicable to taxpayers having an aggregate turnover of more than

From

1.

INR 500 Crore

01-Oct-2020

2.

INR i00 Crore

01-Jan-2021

3.

INR 50 Crore

01-Apr-2021

4.

INR 20 Crore

01-Apr-2022

5.

INR 10 Crore

01-Oct-2022

 

Comments:

  • E-invoicing provisions are applicable when the prescirbed aggregate turnover threshold limits crosses in any of previous financial year(s) starting from FY 2017-18. Thus, aggregate turnover limit of current financial year is not to be considered.
  • Certain Entity are not required to generate e-invoicing even though their annual aggregate turnover crosses specified limit viz. SEZ units (not developer), insurer or banking company or financial institution, GTA, passenger transport service provider and invoicing in case of services by way of admission to exhibition of cinematograph films in multiplex screens, a government department, a local authority.
  • Applicable only for B2B Taxable Supplies of Goods or Services or both, DN/ CN, Exports.
  • Not Applicable for B2C Supplies, Exempted Supplies (Bill of Supply), Receipt Voucher (on advance received for supply of services), Refund Voucher (Refund of advance money received), Payment Voucher & Self-Invoice (for RCM liability received from unregistered person), ISD Invoice.


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CA Anand Singh

CA Anand Singh

I am a practising Chartered Accountant with 6 years of experience in Direct and Indirect Taxation, FEMA, Corporate Law and Audit etc.