The government will notify a new GST e-invoice scheme under which businesses with turnover of ₹500 crores and above will generate all invoices on a centralised government portal starting October 1.
Earlier, the turnover threshold for businesses was set at ₹100 crores.
E Invoicing:
‘E-invoicing’ or ‘electronic invoicing’ is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal.
Under the proposed electronic invoicing system, an identification number will be issued against every invoice by the Invoice Registration Portal (IRP) to be managed by the GST Network (GSTN).
Currently, businesses generate invoices through various softwares, and the details of these invoices are manually uploaded in the GSTR-1 return.