CBIC Introduces new e-Invoicing Turnover limit of Rs. 5 Crore from August 01, 2023

The Central Board of Indirect Taxes (CBIC) announced Notification No. 10/2023–Central Tax dated May 10, 2023, as an amendment to Notification No. 13/2020 – Central Tax, dated March 21, 2020, to reduce the e-invoicing turnover limit to Rs 5 Crore, to be implemented wef August 1, 2023. This means that e-Invoice generation will be Mandatory for every taxpayer with an annual aggregate turnover exceeding Rs 5 Crore in any year from 2017-18 onwards to generate e-invoices for B2B supplies w.e.f. August 1, 2023.

Timeline: e-Invoicing Turnover Limit in India

Does the new e-Invoicing Turnover Limit apply to you?

If you are a taxpayer with an annual turnover exceeding Rs. 5 Crore, these are the compliance requirements that are needed to be kept in mind while generating e-invoices:

Generating e-Invoice:

As per the government guidelines for e-Invoicing, the e-invoices shall be generated for B2B invoices, using compliant accounting or billing software that supports generating e-invoices in the format prescribed by the government with all the mandatory fields.

Webtel is a leading ASP/GSP listed on GEM to ensure 100% compliance in the e-Invoice generation process for all major ERP lines, such as SAP, Oracle, Navision, etc., and accounting software like Tally, Busy, etc.

Invoice Registration Number (IRN):

IRN or Invoice Reference Number is a unique number that follows a standard hash-generation algorithm. The JSON file, along with IRN is uploaded on the Invoice Registration Portal (IRP), which is hence validated based on the central GST registry.

The e-Invoicing Solution by Webtel supports the bulk upload and bulk generation of IRN for seamless e-Invoice generation and validation.

QR Code:

After the verification process, the e-Invoice is updated with the digital signatures of the IRP along with a QR code. The uploaded data is then auto-populated into GSTR-1 and shared with the e-way bill and GST system.

Post completion of the given steps, the JSON file is sent back to the seller. To make the procedure smooth and error-free, Webtel’s e-Invoicing solution makes use of multiple auto validations.

Moreover, to make your compliance journey easy, our support team offers dedicated assistance for the implementation of e-Invoicing into your organization and helps you with any technical issues in the process.

If you are falling under the new e-Invoicing limit of Rs. 5 Crore, take your first step towards e-Invoice implementation now with Webtel!
Get in touch with us at +91 7303393220, or visit: Webtel’s e-Invoicing Solution

To know more about e-Invoicing in India, Read: E-Invoicing: A Complete Guide