new Delhi. From April 1, a big rule is coming for companies with a turnover of more than 50 crores. E-invoicing of transactions between these companies will be made mandatory. For this, a notification was also issued by CBIC.
There was a change in these two rules also
Earlier, under the GST Act, the rule of withdrawing invoices for transactions of companies with a turnover of more than 500 crores was implemented from October 1, 2020. Apart from this, the rule for e-invoicing of transactions between companies with turnover of more than Rs 100 crore was implemented from January 1, 2021.
What is the process
– Under e-invoice taxpayers have to withdraw bills through internal system.
– The complete information has to be given to the online invoice registration portal ie IRP.
– Bills of the same format will be created in the invoice process in the e-invoice billing system.
– These bills will be created uniformly everywhere and will appear real time.
– Each head in the electronic invoice billing system will be written in standard format.
What will be the benefit
The biggest advantage of this rule is that there will be no filing in many places after the bill is made. Every month there is a separate invoice entry to fill the GST return. There is a separate entry to fill the annual return and a separate entry has to be made to create an e-way bill. You will no longer feel the need to file separately.