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Short Summary Related to E-Invoice under GST

"E-invoice full form is electronic invoice. E-invoice is a digital document, endless trail of paperwork, exchanged between a buyer and suppliers. It's valida"<br>TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Lawu00a0, Goods and Service Tax etc.<br>To know more visit https://taxguru.in/goods-and-service-tax/short-summary-related-e-invoice-gst.html

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Short Summary Related to E-Invoice under GST

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  1. SHORT SUMMARY RELATED TO E-INVOICE UNDER GST AUTHOR :SANJU SHARMA https://taxguru.in/goods-and-service-tax/short-summary-related-e-invoice-gst.html E-invoice full form is electronic invoice. E-invoice is a digital document, endless trail of paperwork, exchanged between a buyer and suppliers. It’s validated by the Govt. tax portal. E-invoice related to only registered parties’ business to business (B2B), not (Business to Consumers Small) B2CS. Analysis Of E-Invoice 1. E-invoice generated by registered tax payer in Goods and Service Tax (GST). 2. E-invoice generated by the suppliers needs to be prepared and reported two different systems first is GST portal and second is E-Way bill. Amounts limit changes steps in E-invoice Business turnover higher than Rs.100 crore in a year.(Notification 13/2020 on 1s March 2020) The turnover limit was raised from Rs.100 crore to Rs.500 crore to limit its applicability.(Notification 61/2020 on 30th Jul 2020) The turnover limit was raised from Rs.100 crore to Rs.500 crore to limit its applicability.(Notification 05/2021 on 8th March 2021) Change in original notification 13/2020 to further reduce the turnover limit to Rs.20 crore from Rs.50 crore to extend the applicability to more taxpayers.(Notification 01/2022 on 24th Feb 2022) Rs.5 crore in process but not final. E-Invoicing not be applicable The following categories of registered persons for now (CBIC Notification No.13/2020 – Central Tax 1. Goods Transport Agency (GTA) 2. Banking company or a financial institution, including an NBFC 3. Government department and Local authority 4. Registered person supplying passenger transportation services 5. An SEZ unit (excluded via CBIC Notification No. 61/2020 – Central Tax) E-Invoice currently covered Exports (With payment of tax/Without payment of tax)/ Deemed exports Business to business Supplies (B2B) SEZs Supplies (With payment of tax/Without payment of tax) E-Invoice is not applicable to wholly exempt supplies or nil rated

  2. E-Invoice to be Cancelled /Amended A. Cancelled E-invoice only cancelled to be fully not partially. Cancellation done after 24 hours. B. Amended All amendments to an e-invoice can be made only on the GST portal in the GSTR-1 return.

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