The CBIC vide Notification No. 05/2021-Central Tax dated 08/03/2021 has notified the reduction in the applicability of e-invoicing threshold limit from Rs.100 Crores to Rs.50 Crores with effect from 1st April, 2021.
An e-Invoice or electronic invoice is a B2B invoice that is made by the supplier in a standard format, validated & digitally signed by the government through an official portal. Accountants create e-Invoices in the ERPs/Billing systems in the SCHEMA format given by the Government, & validate the same through the official e-Invoicing Portal. Post Validation, the portal will generate a unique IRN & QR code for the e-Invoice.
The CBIC vide Notification No. 70/2020-Central Tax dated 30/09/2020 had notified the Goods and Service Tax(GST) e-invoicing is applicable if the turnover is more than 500 crores which was further reduced to Rs. 100 crores w.e.f. 01/01/2021 and which has been reduced to Rs. 50 crores w.e.f. 01/04/2021.
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