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TMI BlogE-Invoice [ Rule 48 of CGST Rules ]X X X X Extracts X X X X X X X X Extracts X X X X ..... * Under e-invoicing, business has to report the B2B invoice data only once in the e-invoice form and the same is reported in multiple forms (GSTR-1, e-way bill etc.). * E-way bill can be auto-generated using e-invoice data. GSTR-1 can also be auto-populated with the e-invoice data. * It will become part of the business process of the taxpayer. * there will be a substantial reduction in transcription errors as same data will get reported to tax department as well as to the buyer to prepare his inward supplies (purchase) register. On receipt of information through GST System, buyer can do reconciliation with his Purchase Order. * A complete trail of B2B invoices is available with the Department, it will enable the system-level m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e treated as an invoice. * The provisions of rules 48 (1) and (2), shall not apply to an e-invoice prepared in the manner specified in rule 48(4). Person liable for issue of e-invoice * Every person, whose aggregate turnover in any preceding financial year from 2017-18 onwards the specified amount , shall prepare e-invoice in term of rule 48(4) - * in respect of supply of goods or services or both to a registered person, or * for export. * "specified amount" - Principal notification Notification No. 13/2020-Central Tax (as amended time to time). * More than INR 5 Crores for the period from 01.08.2023 to still continue. * More than INR 10 crores for the period from 01.10.2022 to 31.07.2023 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue of e-invoice even if their aggregate turnover exceeds the specified amount - * A government department and a local authority, [Notification No. 23/2021 - CT dated 01.06.2021] * An insurer or a banking company or financial institution, including a non banking financial company, * Goods transport agency, * Person supplying passengers transportation services , * Person supply services by way of admission to exhibition of cinematograph films in multiplex screens , * Special economic zone unit. [ CGST Rules Notification No. 61/2021 - CT dated 30.07.2020 ] * Exemption from mandatory generation of e-invoices in terms of Notification No. 13/2020-Central Tax, dated 21st March, 2020, as amende ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce will be the unique identity for each invoice for the entire financial year in the entire GST System for a taxpayer. * IRN is different from invoice number. * Invoice no. (e.g. ABC/1/2019-20) is assigned by supplier and is internal to business. Its format can differ from business to business and also governed by relevant GST rules. * IRN is a unique reference number (hash) generated and returned by IRP, on successful registration of e-invoice. * Upon successful registration of invoice on IRP, it will return a signed e-invoice to the supplier with IRN and QR Code. IRN is embedded in the QR Code which shall be extracted and printed on the invoice. * The QR code enables quick view, validation and access of the invoices from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion is required to be done within 24 hours from the time of generation. * Amendment in IRN :- If there is a mistake, incorrect or wrong entry in the e-invoice, then it cannot be edited or corrected. Only option is to cancel that invoice/IRN and report a new document (with new number) and generate a fresh IRN. * Once the e-invoice system has validated and registered an IRN, it will be made available to the taxpayer for reference on e-invoice system for only 24 hours. * The e-invoice mechanism enables invoices to be cancelled. This will have to be triggered through the IRP within 24 hours. Important Notification & Clarification * Clarification on whether carrying physical copy of invoice is compulsory during movement of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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