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E-invoice mandate has been extended to companies with a turnover exceeding Rs. 5 crores from August 1, 2023. E-invoicing under GST is crucial for organizations now more than ever and the consequences of non-compliance with e-invoicing could lead to heavy penalties.
Changes in the E-invoicing Mandate over the years:
The e-invoice mandate began a phased implementation in October 2020, starting with companies earning over Rs. 500 crores. It was then extended in January 2021 to businesses turning over Rs. 100 crores. Eventually, organizations with an aggregate turnover of over Rs. 50 crores were also required to follow the mandate from April 2021. In a year’s time, in April 2022, it was extended for organizations earning over Rs. 20 crores. The latest change in the e-invoice mandate now requires companies with a revenue of over Rs. 10 crores to comply with the mandate.
GST Notifications & Applicable Dates for E-invoicing Mandates
| Turnover | GST Notification No. | Date Effective From |
| INR 500 Crores | 61/2020 | 01/10/2020 |
| INR 100 Crores | 88/2020 | 01/01/2021 |
| INR 50 Crores | 05/2021 | 01/04/2021 |
| INR 20 Crores | 01/2022 | 01/04/2022 |
| INR 10 Crores | 17/2022 | 01/10/2022 |
| INR 5 Crores | 10/2023 | 01/08/2023 |
What if the Turnover Limit in the E-Invoice Mandate is Crossed?
To help streamline the invoicing process of small and medium businesses, the latest extension of the e-invoice mandate included organizations with revenues over Rs. 10 crores.
If your business is crossing the e-invoicing turnover limit, then you must ensure that your systems and the accounts team is prepared. An e-invoice solutions provider is recommended to ease up your execution.
Read the detailed article to understand better: Crossed the e-invoicing turnover limit? Here are 5 things to do next!
What transactions are covered under E-invoicing?
- B2B (Business to Business)
- B2G (Business to Government)
- SEZ developer transactions
- Export transactions – Sales or services to customers outside India.
- Deemed Supply (say to a Distinct person)
- Deemed Exports
- Credit notes
- Debit notes
Note: B2C transactions, Import and Job work transactions are NOT covered under the current e-invoice mandate.
Are There Any Exemptions from E-invoice Mandate?
According to Rule 48(4), the following classes of people are exempt from the e-invoice mandate and need not generate an e-invoice under GST.
- Banks, Insurance Companies, and Financial Institutions including but not limited to NBFCs.
- Goods Transport Agency
- Passenger Transport Services
- Supplier of Services by way of admission to the exhibition of films.
- Special Economic Zones (SEZ) Units. (Note: E-invoicing is applicable to Economic Zone Developers)
How Does E-Invoice Under GST Help a Business?
The e-invoice mandate is meant to ease up the legal and financial aspects of a business. Its core benefits are:
- Reduced gap in GST Reconciliation and mismatch errors
- Reduced data-entry error, since e-invoices can be read on several platforms
- Real-time invoice tracking is possible
- Faster Input Tax Credits (ITC) verification
- Reduced fraudulent activities
How is an E-Invoice Under GST Generated?
The taxpayer's system itself generates an invoice, and the invoice data is subsequently sent to an Invoice Registration Portal like IRIS IRP for authorization. Once authorized, the invoice data is updated with an official digital signature and a QR Code along with Invoice Registration Number (IRN). We refer to this as an E-Invoice.
You can use IRIS IRP to generate e-invoices for your business.
With IRIS IRP, you can prepare a single e-invoice via our tool or bulk generate IRN through the excel utility, pull IRN in your ERP via API Integration or custom print invoices using an awesome cloud platform!
If you are a small business owner (MSME/SME): IRIS IRP helps you to jumpstart your e-invoicing using the offline excel utility tool i.e. MS Excel interface. You can send Invoice Data to IRP in bulk and generate e-invoices real-time! Also, get to generate e-invoices and e-way bills on a single platform.
If you are a large business owner: IRIS GST E-invoicing is the best option for you - It is the fastest and easiest way to generate e-invoice. There are multiple options to generate IRN via IRIS E-invoicing. You can use APIs, and get a bulk upload facility or you can even go with SFTP or manual upload of invoices.
If you are a solution provider yourself: IRIS IRP calls all ERP providers and system integrators to design a seamless user journey for your customers using IRIS IRP to build a robust and error-proof e-invoice compliance. We offer Core and Enhanced APIs for e-invoice generation.
What are the documents that are to be reported for E-invoicing?
The taxpayers need to report the following documents to the e-invoice system.
- Invoice by Supplier
- Credit Note by Supplier
- Debit Note by Supplier
Thus, Bill of Supply and Delivery Challan/Job Work Challan need not be reported under E-Invoicing.
E-invoice Printing
Under the e-invoice mandate, taxpayers will continue to generate their specific GST invoices (covered under the mandate) on their own with the help of their Accounting/Billing/ERP Systems. Once generated, the invoice data will now have to be sent to Invoice Registration Portal (IRP).
Note: Once the IRN and QR code is received from IRP, the same needs to be printed on the Invoice. And only then your invoice will be treated as valid and it can be shared with the recipient/purchaser.
Read more about the mandatory fields, optional fields and template of an e-invoice here: E-invoice Printing.
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