{"id":25375,"date":"2021-02-02T15:08:15","date_gmt":"2021-02-02T09:38:15","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=25375"},"modified":"2021-02-02T17:11:32","modified_gmt":"2021-02-02T11:41:32","slug":"overall-concept-of-gst-e-invoice-compliance-threshold-limit","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/overall-concept-of-gst-e-invoice-compliance-threshold-limit\/","title":{"rendered":"Overall Concept of GST E-Invoice Compliance Threshold Limit"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The concept of e-invoicing is a major trick for India due to the several business transactions performed daily, with various non-standardized formats used in invoice generating. This concept may be new in the Indian market among Indian taxpayers but almost in 70 countries since last few decades, it has been accepted and adopted successfully. The new GST e-invoice system is designed to draft invoice receipts, which is an integral part of any business process, It is to inject input towards the removal of the tedious task of compiling invoices at the end of the return period, making the task for filing returns in a simple manner<\/p>\n\n\n\n<p>Electronic invoicing can be considered as a good step in light of \u2018Digital\nIndia Initiative. It is expected that GST e-invoice will curb tax evasion\nthrough fake invoices and also help in better tax compliance.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/overall-concept-of-gst-e-invoice-compliance-threshold-limit\/#Implementation_of_GST_E-Invoicing\" >Implementation\nof GST E-Invoicing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/overall-concept-of-gst-e-invoice-compliance-threshold-limit\/#Who_is_required_to_Generate_GST_E-Invoice\" >Who is required\nto Generate GST E-Invoice?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/overall-concept-of-gst-e-invoice-compliance-threshold-limit\/#Who_are_not_required_to_Generate_GST_E-Invoice\" >Who are not required\nto Generate GST E-Invoice?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/overall-concept-of-gst-e-invoice-compliance-threshold-limit\/#What_are_the_Modes_for_Generating_GST_E-invoice\" >What are the Modes\nfor Generating GST E-invoice?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/overall-concept-of-gst-e-invoice-compliance-threshold-limit\/#What_are_the_Important_Elements_of_GST_E-Invoicing\" >What are the\nImportant Elements of GST E-Invoicing?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/corpbiz.io\/learning\/overall-concept-of-gst-e-invoice-compliance-threshold-limit\/#Stipulated_Time_Limit_for_the_Generation_of_E-Invoice\" >Stipulated Time Limit for the Generation of E-Invoice<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/corpbiz.io\/learning\/overall-concept-of-gst-e-invoice-compliance-threshold-limit\/#Concluding_Remark\" >Concluding\nRemark<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Implementation_of_GST_E-Invoicing\"><\/span>Implementation\nof GST E-Invoicing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The implementation of GST e- invoicing bills under the <a href=\"https:\/\/corpbiz.io\/gst-registration\"><strong>Goods and services tax<\/strong><\/a> Scheme was concluded by the 39th GST council meeting. The members of the meeting came up with a decision to start the usage of QR codes from 1<sup>st<\/sup> of October 2020 due to the outbreak of the novel covid-19 virus. However, in a recent press release issued by CBIC on dated 30 September 2020, CBIC has granted exemption to businesses by waiving the Penalty Due&nbsp; u\/s 122 of the CGST Act, 2017 on e-invoices during October, if the companies issuing them receive the IRN within 30 days from the invoice date.<\/p>\n\n\n\n<p>The integrated electronic format invoice is a type of documents, exchanged accordingly the goods and services in between the supplier and the buyer. It is a form of system where all the invoices (B2b) are decrypted electronically and certified by the concerned designated portal.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/e-invoicing-under-gst\/\">A Coast-to-Coast Coverage of E-Invoicing in GST<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_is_required_to_Generate_GST_E-Invoice\"><\/span>Who is required\nto Generate GST E-Invoice?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>GST electronic invoicing will provide several categories under which\ntaxpayers will fill electronic invoice in accordance with the turnover and\nother criteria. CBIC had notified <strong>notification\nnumber 61\/2020<\/strong> CT; E-invoicing for businesses with turnover exceeding Rs. 500\ncrore, increase in mandatory electronic invoice issuance limit from the earlier\nlimit of Rs 100 crore. Once registered, the taxpayer should generate an\ne-invoice even if the business is less than 500 crores in the subsequent year.<\/p>\n\n\n\n<p>E-invoice can only be generated by suppliers. Transporters &amp;\nrecipients are not able to produce e-invoice. E-commerce operators are able to produce\ne-invoices on behalf of vendors on their platforms under Rule 48 (4) of the\nCGST Rules.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_are_not_required_to_Generate_GST_E-Invoice\"><\/span>Who are not required\nto Generate GST E-Invoice?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Listed below persons are excluded from issuing e-invoice vide <strong>notification No. 13\/2020-CT <\/strong>on dated\n21st March 2020, which are as follows:-<\/p>\n\n\n\n<ul><li>Insurance company<\/li><li>NBFCs<\/li><li>Financial Institution<\/li><li>Banking company<\/li><li>Supplier of passenger transportation services<\/li><\/ul>\n\n\n\n<p>This can be done with the aim of giving exemption to suppliers of\ncategories where the volume of transactions is huge or unorganized sector,\nwhich can cause practical difficulty in issuing e-invoices.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Modes_for_Generating_GST_E-invoice\"><\/span>What are the Modes\nfor Generating GST E-invoice?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>The following are the modes for generating GST e-invoice, which are as follows:-<\/em><\/strong><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/02\/What-are-the-Modes-for-Generating-GST-E-invoice.png\" alt=\"What are the Modes for Generating GST E-invoice\" class=\"wp-image-25424\" width=\"499\" height=\"300\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/02\/What-are-the-Modes-for-Generating-GST-E-invoice.png 985w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/02\/What-are-the-Modes-for-Generating-GST-E-invoice-300x181.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/02\/What-are-the-Modes-for-Generating-GST-E-invoice-768x463.png 768w\" sizes=\"(max-width: 499px) 100vw, 499px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Web-based <\/h3>\n\n\n\n<p>Logging into the electronic invoice portal and manually entering the\ninvoice data to generate the electronic invoice.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">GSP \/API\nbased<\/h3>\n\n\n\n<p>&nbsp;Third-party software {Secure\nFolder, Excel Connector, Direct Database Access, Interface to access ERPs\n(Pull) and Click Button in ERP (Push)}<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mobile App-Based\n<\/h3>\n\n\n\n<p>Generating e-voice by using the mobile app.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Offline Tool\nBased <\/h3>\n\n\n\n<p>Generating e-invoice offline by using excel tool and&nbsp;data can be\neasily uploaded and exported to the IRP, so as to generate the IRN.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Important_Elements_of_GST_E-Invoicing\"><\/span>What are the\nImportant Elements of GST E-Invoicing?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Electronic invoice scheme includes both mandatory and optional fields.\nMandatory fields are those which must be mandatory for an invoice under the\ne-invoice standard. Optional areas are those which can be included as per\nbusiness requirements.<\/p>\n\n\n\n<p>The maximum number of items per line of e-invoice is 100. All mandatory\nfields have to be filled in for filing e-invoice on IRP. A mandatory field\nwithout value can be reported as NIL.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Basic Details<\/h3>\n\n\n\n<ul><li>Supplier\u2019s information<\/li><li>Recipient\u2019s information<\/li><li>Invoice item details<\/li><li>Total documents<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Stipulated_Time_Limit_for_the_Generation_of_E-Invoice\"><\/span>Stipulated Time Limit for the Generation of E-Invoice<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The law does not specifically provided for any stipulated time frame&nbsp;&nbsp; &nbsp;within which it is necessary to generate an\ne-invoice.<\/p>\n\n\n\n<p>Specified persons will have to generate electronic invoice before transportation\nof goods i.e. any invoice without IRN generation will have an invalid document\nin terms of Rule 48 (5) of the movement of goods.<\/p>\n\n\n\n<p>In many countries, around 3 years of time was usually provided for the\nimplementation of e-invoicing, after the final format or plan was made\navailable in the public domain. However, in India, the final plan was provided\nonly on dated 30 July 2020 and so taxpayers were given only 2 months in the\nbetween of an pandemic crisis for preparation and implementation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concluding_Remark\"><\/span>Concluding\nRemark<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>This fact alone raises a big question on the readiness of taxpayers. It\nis initially expected to create an additional charge on taxpayers, but the real\nchallenges will only come up at the execution on a real-time basis. Although,\nexisting&nbsp;some of the&nbsp;clarifications from the end of government on the\nprocess and legal verification of e-invoice. <\/p>\n\n\n\n<p>Electronic invoicing can ultimately help improve GST compliance and curb <strong><em>tax<\/em><\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Tax\"><strong><em>[1]<\/em><\/strong><\/a><\/sup> evasion in the long run. The GST e-invoice system will help curb the actions of unscrupulous taxpayers and reduce the number of fraud cases as the tax authorities will have access to the data in real time. Kindly associate with the <a href=\"https:\/\/corpbiz.io\/\"><strong>Corpbiz<\/strong><\/a> expert to know more about the GST e-invoicing compliance threshold limit increased from 1st October. Kindly associate with the Corpbiz expert to know more about the concept of GST e-invoice compliance threshold limit.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/cbic-orders-implementation-of-gst-e-invoicing-from-january-1-2021\/\">CBIC orders Implementation of GST E-invoicing from January 1, 2021: Process &amp; it\u2019s Benefits <\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The concept of e-invoicing is a major trick for India due to the several business transactions performed daily, with various non-standardized formats used in invoice generating. This concept may be new in the Indian market among Indian taxpayers but almost in 70 countries since last few decades, it has been accepted and adopted successfully. The [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":25423,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[16],"tags":[1493],"acf":{"service_id":"96"},"authorName":"Komal Singh","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/12\/processed.jpeg","authorDescription":"Komal Singh is a Legal scholar, having diverse experience in scripting research papers, articles &amp; dissertations, which serves her main interest &amp; competent in drafting legal documents. She has polished her skills in dealing with the matter related to consumer affairs and now building intelligible Legal Content for Corpbiz.","postViews":6057,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/25375"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=25375"}],"version-history":[{"count":11,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/25375\/revisions"}],"predecessor-version":[{"id":25429,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/25375\/revisions\/25429"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/25423"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=25375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=25375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=25375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}