e-invoicing is a process of uploading details of an already generated invoice on the GST portal and generating an Invoice Reference Number (“IRN”) for such invoice. Idea behind e-invoicing is one time registration of invoices on GST portal so that it can be used for multiple purposes.
Department received various representations from the trade as well as the field formations seeking clarification on the applicability of demand and penalty provisions on transactions involving fake invoices. Understanding the severity of this issue, the Department issued the following clarification that how demand and penalty provisions on such transactions will apply to vide Circular No. 171/03/2022-GST dated 6th July 2017.
From 1st April 2021, 4 digit HSN code are mandatory to disclose on tax invoices for business having turnover upto 5 crore and 8 Digit HSN Code are mandatory to disclose on tax invoices for business having turnover more than 5 crore
IFF facility is provided which allows dealers, who have opted for quarterly filing of return under QRMP scheme, to file their B2B transactions on a monthly basis.
Tax invoice is issued by the registered person while making a taxable supply and it contains all details related to supply such as Details of supplier, buyer, details of products, GST Charged, transporters details. Hence, unregistered persons cannot issue a tax invoice under GST.
Electronic Invoice or E-invoicing under Goods and Service Tax (“GST”) is in discussion since long time and GST Council has decided to implement e-invoicing system in a phased manner with effect from 1st January, 2020 on Voluntary Basis. However e-invoicing under GST is made mandatory for tax payer having turnover of more than 500 cr in preceding Financial year with effect from 1st October 2020 and later the tax payer with turnover 50 cr need to generate mandatory einvoicing from 1st April 2021 onwards.
Department has instructed vide circular 90/09/2019-GST dated 18th February, 2019 that all registered taxpayers are required to mention place of supply and name of state on tax invoice while making inter-state supply. Contravention will lead to invocation of penalty proceedings against taxpayer under section 122 or 125 of CGST Act.
Formats of Invoices under GST View Video on “Various Invoices under GST” for details about each invoices type.
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