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Who is covered under e-invoicing from 01 Oct 2022?

All about e-invoice applicability from 01.10.2022.

Click here for e-invoice applicability calculator

Q) What is e-invoicing?

As per Rule 48(4) of CGST Rules, notified class of registered persons have to prepare invoice by uploading specified particulars of invoice on Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN).

After following above ‘e-invoicing’ process, the invoice copy containing the IRN (with QR Code) issued by the notified supplier to buyer is commonly referred to as ‘e-invoice’ in GST.

Q) Who is liable for e-invoicing?

Only whose taxpayers whose aggregate turnover exceeds the threshold limit are liable to generate e-invoice.

Q) What is the threshold limit for e-invoicing?

As per Notification No.13/2020 - CT, current threshold limit for e-invoice applicability is Rs. 20 Crores. However this limit has been reduced to Rs. 10 Crores w.e.f. 01st Oct 2022 vide Notification No.17/2022 - CT.

Q) Which year's turnover is to be checked for e-invoice applicability?

The threshold limit is to be checked for all preceding financial years starting from FY 2017-18. That means, if threshold limit exceeds in any of the Financial Year starting from FY 2017-18, then e-invoice will become applicable. 

Please note that law states preceding financial year, that means current financial year turnover is not to be considered. 

Q) Can an e-invoice be cancelled or modified?

An e-invoice cannot be modified directly. However it can be cancelled within 24 hours of the generation of the IRN.

Post completion of 24 hours, the supplier can issue either a debit note or credit note or edit Form GSTR-1 modifying the respective invoice details.

Cancellation of IRN is not possible in case the e-way bill is already generated / active for the respective IRN.

Once the e-invoice (IRN) is cancelled, the same invoice number cannot be re-used to generate another IRN.

Partial cancellation of e-invoice (i.e., IRN) is not possible. Full e-invoice has to be cancelled.

Q) Whether all entities are required to generate e-invoicing?

As per Notification No.13/2020 - CT, below entities are not required to generate e-invoicing even though their turnover crosses the specified limit. 1) A Government department, 2).......
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Author:

TaxReply


Sep 30, 2022

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Great every knowledge available instant ly
By: Nilesh Sutar
Aug 18, 2022


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