New Delhi: The government has made it mandatory for businesses with more than Rs 50 crore turnover to generate e-invoices for B2B transactions.
The government has made it mandatory for businesses with more than Rs 50 crore turnover to generate e-invoices for B2B transactions. This new rule will be applicable from 1 April. Under the Goods and Services Tax (GST) Act, e-invoicing for business to business (B2B) transactions has been made mandatory for companies with a turnover of more than Rs 500 crore and Rs 100 crore from 1 October 2020 and 1 January 2021 respectively. went.
The Central Board of Indirect Tax and Customs (CBIC) said in a notification that companies with a turnover of more than Rs 50 crore will have to generate e-invoices from April 1.
Under this system, taxpayers have to generate an invoice on their internal system (ERP or accounting or any billing software) and then send it online to the NYS Registration Portal (IRP). The IRP validates the information provided in the invoice and digitally signs a specific invoice reference number (IRN) with the QR code and sends the invoice back to the taxpayer.
