Mandatory E-Invoicing for businesses having a Turnover of 10 crores or more from 1st October 2022.
E-invoicing under GST is made mandatory for taxpayer having a turnover of more than 500 cr in the preceding Financial year with effect from 1st October 2020, and later the taxpayer with a turnover of 10 cr need to generate mandatory e-invoicing from 1st April 2021 onwards. Now with effect from 1st October 2022, e-invoicing is mandatory for businesses having a turnover of 10 crores or more than 10 crores in any financial year from 2017-18 onwards.
For Example:
| Financial Year | Turnover in Case-1 | Turnover in Case-2 | Turnover in Case-3 |
| 2017-18 | 15 Cr. | 5 Cr. | 5 Cr. |
| 2018-19 | 6 Cr. | 6 Cr. | 6 Cr. |
| 2019-20 | 9 Cr. | 9 Cr. | 9 Cr. |
| 2020-21 | 8 Cr. | 11 Cr. | 8 Cr. |
| 2021-22 | 5 Cr. | 5 Cr. | 5 Cr. |
| 2022-23 | 2 Cr. | 2 Cr. | 12 Cr. |
| Applicability | Applicable | Applicable | Not Applicable |
Electronic invoicing (e-invoicing) is a newly introduced system under GST wherein all B2B invoices are authenticated electronically by the Goods and Service Tax Network (“GSTN”). E-invoicing is not about the generation of invoices on the GST portal. This is a myth. Every dealer is required to generate invoices in his regular accounting software.
Rather, e-invoicing is a process of uploading details of an already generated invoice on the GST portal and generating an Invoice Reference Number (“IRN”) for the such invoice. The idea behind e-invoicing is the one-time registration of invoices on the GST portal so that it can be used for multiple purposes.