Date: 05/08/2022

E-invoicing must for businesses with over Rs 10 cr. turnover from Oct. 1
Following the recommendation by the GST Council, the Finance Ministry has issued a notification mandating E-invoicing for businesses with aggregate turnover exceeding Rs 10 crore from October 1, 2022. E-invoicing prescribes a standardised format of an invoice that a machine can read. It is a system in which B2B invoices are authenticated electronically by the Goods & Services Tax Network (GSTN) for further use on the common GST portal. Under the electronic invoicing system, an identification number will be issued against every invoice by the Invoice Registration Portal (IRP) to be managed by the GSTN, said a report.
Source: Exim News Service: New Delhi, Aug. 4