FAQs on newly notified threshold of Rs 50 Cr of GST E-Invoice

FAQs on newly notified threshold of Rs 50 Cr of GST E-Invoice

As per Notification number 05/2021, E-Invoicing is mandatory for Turnover above Rs. 50 Cr. In this article, I have compiled some of the commonly asked FAQs on the Subject Matter.

Also, I firmly believe that this Turnover of Rs. 50 Cr will be further slashed by the government so Taxpayers should be ready for the mechanism in Advance. Hope this article will help you with the same.

1. What is E-Invoicing in GST?

E-Invoicing means “Exchange of invoice document between buyer and seller through integrated electronic format“.

2. What would be the Turnover for Applicability of E-Invoicing?

RP whose Aggregate Turnover exceeds Rs. 50 Crs in any of the preceding FY from FY 2017-18 shall come in the purview of E-Invoice for B2B supplies and Exports.

3. Is E-Invoicing applicable on both B2B and B2C supplies?

For Turnover Limit of Rs. 50 Cr.: As of now, E-Invoicing is applicable for B2B supplies and Exports.

For Turnover Limit of Rs. 500 Cr.: E-Invoicing is applicable for B2B and B2C supplies and Exports. [Notification Number 14/2020]

4. Is there any Exemption from E-Invoicing?

Yes, RP Exempt from E-Invoicing are:

• Insurance Company
• Banking Company
• Financial Institutions
• NBFC
• GTA, Supplier of Passenger Transport services
• Service provider of exhibition of Cinematographic Firms in Multiplex Screens
• Special Economic Zones

5. Can you give some brief on the process of generating E-Invoice if there is no Embedded System in ERP?

For generating the IRN:

• Visit https://einvoice1.gst.gov.in/
• Create your Login on the Website.
• From here you can download the NIC-GePP (GST E-Invoice Preparing and Printing Tool) used for generating E-Invoice.
• Please note that if you are generating E-Invoice in Bulk, then it is better to take ASP/ GSP services and have the Facility embedded in your system.

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