GST E-Invoicing Limit, Rules, Starting Date
E-Invoice Under GST Act, Limits, Rules, Starting Date
The submission of e-Way Bills on the common GST portal facilitates the transportation of goods from one place to another. Additionally, at its 35th meeting, the GST Council had resolved to implement an e-Invoicing system to apply to certain categories of persons. GST portal invoices do not have to be generated through e-invoice. No such thing exists. Rather than using a traditional paper invoice, an electronic invoice is submitted electronically using a common e-invoice portal.
E-Invoice Under GST Act
Businesses can now create digital invoices for the company’s goods and services by introducing GST e-invoices generated from the government’s GST portal. The concept of generating GST invoices electronically has been considered for reducing GST evasion.
To comply with the GST law, the officers provided every business with a system in which they will be required to generate an ‘e-invoice’ for every sale on the government’s GST portal. There will be a threshold set by the government that applies to those whose turnover threshold exceeds the limit. Every time an e-invoice is generated by a business falling under a certain threshold, they will be assigned a unique number. Businesses can check this number with the invoices included in the sales returns and tax payments to verify this.
E-Invoice Limits
Authentication of E-Invoices is not time-limited. A person is not entitled to issue any invoices other than an e-invoice if they fall under the provisions of the e-invoicing regime. As a result, to qualify for an input tax credit, the recipient must present a valid invoice [as per Sec 16(2)(a)], i.e., an e-invoice. To avoid fraud, the e-invoice must be generated by the specified individual before being made available to the recipients. Additionally, if the supply involves the movement of goods without an accompanying invoice, the goods will be confiscated.
E-Invoice Rules
GSTR-2A reflects the invoice information filed by the respective suppliers on the GSTR-1 for viewing only the recipients. The GSTR-1 return is currently filled out by manually uploading invoice details from different software applications. Alternatively, consignors or carriers must manually import invoices into e-way bills in excel.
In addition to preparing GSTR-1s, the data will also generate e-way bills. A key tool for enabling this will be the e-invoicing system. GST Suvidha Providers (GSP) or using Excel or JSON, either directly or via API integration, will import the data. When the e-invoicing system is implemented (1st October 2020), the process of creating and uploading invoice details will remain unchanged.
Created & Posted By Ravi Kumar
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