In this regard, Rule 48(5) of the CGST Rules, 2017 ( “CGST Rules”) states that if the invoice issued by a person to whom Rule 48(4) of the CGST Rules (i.e., e-invoice in Form GST INV-01 as prescribed) applies is not generated in accordance with the said sub- rule, the same will not be considered as a valid tax invoice. Registered Supplier having PAN basis aggregate turnover exceeding INR 100 croreĮ-invoicing applicable w.e.f. Registered Supplier having PAN basis aggregate turnover exceeding INR 500 croreĮ-invoicing applicable w.e.f. In nutshell, the cumulative effect of the above, as far as B2B supplies are concerned is as follows: 88/2020- Central Tax dated November 10, 2020, to make e-invoicing mandatory for B2B supplies of all taxpayers having aggregate turnover of more than INR 100 crore in any preceding financial year from 2017-18 onwards w.e.f. Now, the above notification is further amended vide Notification No.
October 1, 2020, with exceptions for certain taxpayers viz., SEZ units, an 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. 61/2020- Central Tax dated July 30, 2020) for B2B supplies of taxpayers having aggregate turnover of more than INR 500 crore in any preceding financial year from 2017-18 onwards w.e.f. 13/2020- Central Tax dated Ma(as amended vide Notification No. On the recommendations of the CGST Council, e-invoicing has been introduced vide Notification No.
#Whats an invoice in gta 5 registration#
‘E-invoicing’ essentially involves reporting details of specified GST documents to a Government-notified portal i.e., Invoice Registration Portal ( “IRP”) and obtaining a unique Invoice Reference Number ( “IRN”). GST e-invoicing system is a path-breaking initiative aimed to revolutionize the way businesses interact with each other.
In today’s world, with rapidly expanding technology, digital transformation is no longer just an option, but an eventuality.
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