Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Sat, 26 Feb 2022 06:12 PM IST
Summary
Under the GST law, e-invoicing was made mandatory for business to business transactions from 1 October 2020. On its implementation, only companies with a turnover of more than Rs 500 crore were to do so. Later it was increased to 100 and 50 crores and now according to a report, companies with a turnover of more than 20 crores will also have to generate electronic invoice (E-Invoice).
There is going to be a big change under the Goods and Services Tax (GST) Act from April 1. According to a report, now companies with a turnover of more than Rs 20 crore will also have to generate electronic invoice (E-Invoice) for B2B transactions. This information has been shared by the Central Board of Indirect Taxes and Customs (CBDT).
was made mandatory from 2020
It is noteworthy that under the GST law, e-invoicing was made mandatory for business to business (B2B) transactions with effect from 1 October 2020. On its implementation, only companies with a turnover of more than Rs 500 crore were to do so. But from January 1, 2021, it was also implemented for those companies whose turnover is more than Rs 100 crore. On the other hand, companies with turnover of more than Rs 50 crore also started generating B to B invoices from April 1, 2021 and now it is being implemented for companies with turnover of 20 crores as well.
This will be the benefit of e-invoicing
Under the e-invoice billing system, in a particular way, bills of uniform format will be generated everywhere in the invoice system, which will be visible in real time. In the electronic invoice billing system, each head will be written in a standard format. The advantage of this will be that after making the bill, filing will not have to be done at many places. Let us tell you that for filing GST return every month, for filing annual return and for generating e-way bill, separate entries have to be made, which will not have to be done.
Expansion
There is going to be a big change under the Goods and Services Tax (GST) Act from April 1. According to a report, now companies with a turnover of more than Rs 20 crore will also have to generate electronic invoice (E-Invoice) for B2B transactions. This information has been shared by the Central Board of Indirect Taxes and Customs (CBDT).
was made mandatory from 2020
It is noteworthy that under the GST law, e-invoicing was made mandatory for business to business (B2B) transactions with effect from 1 October 2020. On its implementation, only companies with a turnover of more than Rs 500 crore were to do so. But from January 1, 2021, it was also implemented for those companies whose turnover is more than Rs 100 crore. On the other hand, companies with turnover of more than Rs 50 crore also started generating B to B invoices from April 1, 2021 and now it is being implemented for companies with turnover of 20 crores as well.
This will be the benefit of e-invoicing
Under the e-invoice billing system, in a particular way, bills of uniform format will be generated everywhere in the invoice system, which will be visible in real time. In the electronic invoice billing system, each head will be written in a standard format. The advantage of this will be that after making the bill, filing will not have to be done at many places. Let us tell you that for filing GST return every month, for filing annual return and for generating e-way bill, separate entries have to be made, which will not have to be done.