{"id":776,"date":"2021-03-11T06:18:02","date_gmt":"2021-03-11T06:18:02","guid":{"rendered":"https:\/\/www.gstrobo.com\/blog\/?p=776"},"modified":"2023-07-26T17:35:57","modified_gmt":"2023-07-26T17:35:57","slug":"e-invoicing-3rd-phase-inr-50-crores-turnover-taxpayers-covered","status":"publish","type":"post","link":"https:\/\/gstrobo.com\/blog\/e-invoicing-3rd-phase-inr-50-crores-turnover-taxpayers-covered\/","title":{"rendered":"E-Invoicing 3rd Phase: INR 50 Crores Turnover Taxpayers Covered"},"content":{"rendered":"\n

As per the recent notification<\/a> issued by the CBIC, 3rd phase of e-invoicing will now cover all those taxpayers whose aggregate turnover exceeds INR 50 Crores during any previous financial year 2017-18, 2018-19, and 2019-20. <\/p>\n\n\n\n

\"e-Invoicing-mandatory-for-inr-50cr-<\/figure><\/div>\n\n\n\n

E-Invoicing Phases <\/h2>\n\n\n\n

Government of India implemented e-invoicing in three different phases. <\/p>\n\n\n\n

1st Phase of e-invoicing<\/a> covered all the taxpayers whose aggregate turnover exceeded INR 500 Crores during any previous FY. They needed to comply with the e-invoicing provision from 1st October 2020. <\/p>\n\n\n\n

2nd Phase of e-invoicing covered all the taxpayers whose aggregate turnover exceeded INR 100 Crores during any previous FY. They needed to comply with the e-invoicing <\/a>provision from 1st January 2021. <\/p>\n\n\n\n

3rd Phase of e-invoicing covered all the taxpayers whose aggregate turnover exceeded INR 50 Crores during any previous FY. They needed to comply with the e-invoicing provision from 1st April 2021.<\/p>\n\n\n\n

Note: As per the latest notification issued by the CBIC, e-invoicing will be implemented to all those taxpayers whose aggregate turnover during any previous FY exceeds INR 20+ Crores from 1st April 2022. Read more about its impact on small businesses here<\/a>.<\/p>\n\n\n\n

Criteria of E-Invoicing Implementation <\/h2>\n\n\n\n

Here are the criteria of e-invoicing implementation<\/a>: <\/p>\n\n\n\n

  1. Turnover must exceed the threshold limit of INR 50 crores in any financial year 2017-18, 2018-19, and 2019-20. <\/li>
  2. Deals in B2B and Export Supplies (including deemed export supplies) <\/li><\/ol>\n\n\n\n

    Date of Phase 3 E-Invoicing Implementation <\/h2>\n\n\n\n

    All those taxpayers who are covered in this mandate need to comply with the e-invoicing provision from 1st April 2021. <\/p>\n\n\n\n

    Penalty for Non-Generation of E-Invoices <\/h2>\n\n\n\n

    Under the new e-invoicing system, e-invoice non-generation will be treated as a non-issuance of e-invoice. Hence, the non-generation of e-invoices<\/a> will attract penalties. Here is the list of penalties<\/a> applicable for non-generation of e-invoices: <\/p>\n\n\n\n

    S.No<\/strong>.<\/strong> <\/td>Scenarios<\/strong> <\/td>Penalty<\/strong> <\/td><\/tr>
    1. <\/td>Non-issuance of the invoice or Non-generation of invoice
    Failure to generate IRN 
    Failure to upload invoices on IRP <\/td>    		100% of the invoice value or INR10,000 (Whichever is higher) <\/td><\/tr>
    2. <\/td>Incorrect Invoicing <\/td>INR 25,000 <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    Consequences for Non-Generation of E-Invoices <\/h2>\n\n\n\n

    There will be several consequences for not complying with 3rd phase of e-invoicing, apart from the above penalties. <\/p>\n\n\n\n

    1. Filing of GST Return<\/a> and e-way bill generation will be hampered as the data of e-invoices get auto-populated in GSTR and Part-A of e-way<\/a> bill <\/li>
    2. Vehicle may get detained or confiscated by the tax officers without a proper e-invoice <\/li>
    3. The recipient will not make the payment without a valid e-invoice as his\/her eligibility to claim ITC<\/a> will get hampered <\/li><\/ol>\n\n\n\n

      Benefits of E-Invoicing <\/h2>\n\n\n\n

      The taxpayer can enjoy the below benefits under e-invoicing: <\/p>\n\n\n\n

      1. The e-invoice data generated gets auto-populates in GST returns and e-way bills <\/li>
      2. The supplier can track the status of an e-invoice on a real-time basis <\/li>
      3. The tax authorities will be able to track the fake e-invoice<\/a> as they can easily authenticate it using the signed QR code<\/a> and IRN<\/a> <\/li>
      4. The taxpayer can generate \u201cn\u201d number of e-invoice copies <\/li><\/ol>\n\n\n\n

        How Can\u202fGSTrobo\u00ae Help You? <\/h2>\n\n\n\n

        GSTrobo\u00ae a division of\u202fBinary Semantics<\/a>\u202fLtd is one of the leading ASP- GSP who provides industry-leading GST compliance software such as\u202fGST<\/a>,\u202fe-way bill<\/a>, and\u202fe-invoicing<\/a>\u202fsoftware. These solutions not only\u202fautomate\u202fmost of your GST compliance but also helps you to generate error-free e-invoices. <\/p>\n","protected":false},"excerpt":{"rendered":"

        As per the recent notification issued by the CBIC, 3rd phase of e-invoicing will now cover all those taxpayers whose aggregate turnover exceeds INR 50 Crores during any previous financial year 2017-18, 2018-19, and 2019-20.  E-Invoicing Phases  Government of India implemented e-invoicing in three different phases.  1st Phase of e-invoicing covered all the taxpayers whose … <\/p>\n","protected":false},"author":1,"featured_media":1042,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"ub_ctt_via":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[68],"tags":[51,58,261],"class_list":["post-776","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gst","tag-e-invoice","tag-e-invoicing","tag-e-invoicing-3rd-phase"],"aioseo_notices":[],"featured_image_src":"https:\/\/gstrobo.com\/blog\/wp-content\/uploads\/2021\/06\/e-Invoicing-mandatory-for-inr-50cr-turnover-taxpayers.png","author_info":{"display_name":"GSTrobo","author_link":"https:\/\/gstrobo.com\/blog\/author\/gstblog\/"},"_links":{"self":[{"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/posts\/776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/comments?post=776"}],"version-history":[{"count":8,"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/posts\/776\/revisions"}],"predecessor-version":[{"id":2395,"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/posts\/776\/revisions\/2395"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/media\/1042"}],"wp:attachment":[{"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/media?parent=776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/categories?post=776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gstrobo.com\/blog\/wp-json\/wp\/v2\/tags?post=776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}