Mysore/Mysuru: The Central Board of Indirect Taxes and Customs, in its Notification dated 1st August, 2022, has made it compulsory to issue e-Invoice with effect from 1.10.2022, by those whose turnover exceeds Rs.10 crore. To understand the system, following tips are provided to the GST registrants:
1. Who are covered?
a. Taxpayers whose aggregate turnover is over Rs. 10 crore; b. In ANY of the Financial year from 2017-18 to 2021-22.
2. What constitutes Rs. 10 crore turnover limit?
a. All Taxable Supplies + Exempt Supplies + Export of Goods or Services + Deemed supplies with distinct persons under same PAN; For example, a School / Hospital providing exempt services of Rs. 9.50 crore and also earns taxable rental income of Rs. 60 lakh need to do e-invoice for this supply.
3. Transactions where e-Invoice is Not covered.
a. Supply to an unregistered, that is, B2C; b. Exempt supplies whether made to B2B / B2C; c. Advance Receipts + Advance Adjustments; d. Movement of Goods under Delivery Challan.
4. Transactions covered under e-Invoice.
a. Tax Invoice + CRN + DBN issued to; b. B2B / B2G / Exports / Supply to SEZ / Deemed Exports.
5. Businesses excluded from e-Invoice compliance.
a. Insurance Co. + Banking Co./Financial Inst/NBFC; b. GTA + Passenger Transportation service provider; c. Admission to films in Multiplex screens; d. Supply by SEZ unit (not SEZ Developer); e. Government dept./Local Authority
1. E-way Bill can be generated automatically along with e-Invoice. 2. It is mandatory to generate e-Way Bill wherever applicable as per the provision of law; 3. Part A will get generated automatically with e-invoice, at the time of movement you can opt for Part B; 4. e-Invoice data will be auto populated in GSTR 1 till R1 is filed, modification permitted to auto populated data before filing of GSTR 1.
Process & Terminologies
1. IRN Invoice Reference Number – 64 Digit unique number to be obtained from IRP, else it will not be e-Invoice; 2. IRP Invoice Registration Portal from e-Invoice can be generated. https://einvoice1.gst.gov.in/; 3. e-Invoice to contain QR code Digitally signed and issued by NIC; it contains high level parameters of an Invoice; 4. Login: If you have e-Waybill Login, same will work in e-invoice; else create one login. Once e-invoice is generated, you cannot modify; Cancellation permitted within 24 hrs; once cancelled invoice number cannot be reused; If unable to cancel within 24 hrs, issue credit note or manually remove from GSTR 1. For more info, visit: https://einvoice1.gst.gov.in/ — N.D. Shreenivaas, Bhavani Associates, Mysuru.