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‘E-Invoicing’ or ‘electronic invoicing’ is a system in which B2B invoices are authenticated electronically by 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 GST Network(GSTN). All invoice information will be transferred from this portal to both the GST portal and e-way bill portal in real-time. As per a recent update, a meeting between a high-level group of ministers will be organized where they will discuss GST E-invoicing for gold jewelers having a turnover below INR 500 crores. The main aim of this discussion will be to rein fake invoicing and revenue loss. E-invoicing enables a company to automate their invoice processing. ... In addition to cost savings, the ability to automate the invoicing process and integrate with other business systems provides business efficiency and revenue generating opportunities. E- invoicing is mandatory from 1st october 2020 to all business, whose aggregate turnover has exceeded the Rs.500 crore limit in any of the previous financial years from 2017-18 to 2019-20. Likewise, it was extended to businesses with a total turnover of more than Rs. 50 crore from 1st April 2021. Non- issuance of e -invoice is an offence under GST and thus attracts penal provisions. Penalty for non - issuance of invoice ; 100%of the tax due or Rs. 10000, whichever is higher.
How will e-Invoicing curb tax evasion? It will help in curbing tax evasion in the following ways:
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