An electronic invoice, also known as an electronic invoice, is a digital document used to record commercial transactions.
Invoices are sent and received electronically and eliminate the need for paper invoices. E-invoices are considered to be more efficient and secure than paper invoices, and can save businesses time and money.
The National Center for Informatics says: “E-invoice is a system in which B2B invoices are electronically authenticated by GSTN for further use on the common GST portal. In the e-invoice system, each invoice will be given an identification number by the Invoice Registration Portal (IRP) managed by the GST Network (GSTN).
Recently, the Department of Taxation of Goods and Services has mandated that businesses with a turnover of 5 billion VND or more will have to submit electronic invoices. This new regulation is effective from August 1, 2023.
The notice from the GST website states: “GSR….(E).- To exercise the powers conferred under sub-rule (4) of rule 48 of the Central Goods and Services Tax Rule 2017, the Government, as recommended of the Council, making the following amendment in the Government of India’s notice to the Ministry of Finance (Department of Revenue), No. 13/2020 – Central Tax, 21 March 2020, published in the Public Newspaper of India, Extraordinary, Part II, Section 3, Subsection (i) vide GSR 196(E), March 21, 2020, namely: – In the aforesaid notice, in the first paragraph, there is Effective from August 1, 2023, if the word “ten billion dong” is replaced by “five billion dong”.
The amount was previously set at 10 crore rupees and came into effect on October 1, 2022. The latest change was announced on July 29 when the Central Indirect Tax and Customs Department posted on Twitter about new changes.
Note GST Taxpayers whose Total Annual Revenue exceeds ₹5 Crore in any previous Fiscal Year, effective August 1, 2023, the creation of an E-Invoice will be required for all both the supply of B2B Goods or Services, or both, or for export. pic.twitter.com/VzTi6s4JrY
— CBIC (@cbic_india)
July 29, 2023
Which businesses are exempt from e-invoicing?
According to ClearTax, these categories are exempt from e-invoicing:
- “An insurance company or a banking company or a financial institution, including the NBFC
- Freight agent (GTA)
- Persons registered for passenger transport services
- Persons who have registered to provide services by participating in a movie exhibition in the multiplex service
- SEZ units (excluded under CBIC Notice No. 61/2020 – Central Tax)
- Government agencies and local governments (excluded under CBIC Notice No. 23/2021 – Central Tax)
- Those registered under Rule 14 of the CGST Rules (OIDAR)”
Categories: Optical Illusion
Source: pagasa.edu.vn