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Govt mandates e-invoice for business with over Rs 50 crore turnover

Central government has now made it compulsory for businesses with over Rs 50 crore turnover to generate e-invoices for B2B transactions.

E-invoicing will be extended to companies with turnover over Rs 50 crore from April 1, the Central Board of Indirect Taxes and Customs (CBIC) said in a notification.

Under e-invoicing, taxpayers have to generate invoices on their internal systems (ERP/accounting/billing software) and then report them online to the Invoice Registration Portal (IRP).

 

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