In a bid to promote digitalization and to bring more transparency in the economical activities, the Central Board of Indirect Taxes and Customs (CBIC) has released a notification saying, it is now mandatory for companies having turnover of Rs. 50 crore to generate E-Invoices for each B2B transaction. B2B transactions means Business to Business transactions.
Starting April 1, 2021, this new criteria is going to be applied.
Under the Goods and Services Tax law, Starting January this year, the Indian Government ordered all the companies having turnover of Rs. 100 crore to submit E-Invoices for each B2B transaction. Now, the Government has asked the same to the companies having turnover of Rs. 50 crore.
The Government has asked the companies to generate the E-Invoices on their own. Maybe through a billing software or an ERP software and so on. However, the E-Invoices generated by the company must be submitted to the Invoice Registration Portal.
Once the company submits the E-Invoices, the Invoice Registration Portal provides them a unique Invoice Reference Number (IRN) along with a QR Code that might be used to get some rebate while filing the tax.
Via: The Mint