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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. SHORTSUMMARYRELATEDTOE-INVOICEUNDERGST AUTHOR:SANJUSHARMA 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’ businessto business (B2B),not (Business to ConsumersSmall) B2CS. AnalysisOfE-Invoice E-invoicegeneratedbyregisteredtaxpayerinGoodsandServiceTax(GST). E-invoicegeneratedbythesuppliersneedstobepreparedandreportedtwodifferentsystemsfirstis GSTportal and second is E-Waybill. AmountslimitchangesstepsinE-invoice BusinessturnoverhigherthanRs.100croreinayear.(Notification13/2020on1sMarch2020) TheturnoverlimitwasraisedfromRs.100croretoRs.500croretolimititsapplicability.(Notification 61/2020on 30th Jul 2020) TheturnoverlimitwasraisedfromRs.100croretoRs.500croretolimititsapplicability.(Notification 05/2021on8thMarch2021) Changeinoriginalnotification13/2020tofurtherreducetheturnoverlimittoRs.20crorefromRs.50 croretoextend theapplicability tomore taxpayers.(Notification01/2022 on24th Feb2022) Rs.5croreinprocessbutnotfinal. E-Invoicingnotbeapplicable Thefollowingcategoriesofregisteredpersonsfornow(CBICNotificationNo.13/2020–CentralTax GoodsTransportAgency(GTA) Bankingcompanyorafinancialinstitution,includinganNBFC GovernmentdepartmentandLocalauthority Registeredpersonsupplyingpassengertransportationservices AnSEZunit(excludedviaCBICNotificationNo.61/2020–CentralTax) E-Invoicecurrentlycovered Exports(Withpaymentoftax/Withoutpaymentoftax)/Deemedexports Businessto business Supplies(B2B) SEZsSupplies(Withpaymentoftax/Withoutpaymentoftax) E-Invoiceisnotapplicabletowhollyexemptsuppliesornilrated

  2. E-InvoicetobeCancelled/Amended CancelledE-invoiceonlycancelledtobefullynotpartially.Cancellationdoneafter24hours. AmendedAllamendmentstoane-invoicecanbemadeonlyontheGSTportalintheGSTR-1return.

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