Advisory: Self Enablement For eInvoicing
Advisory: Self Enablement For e-Invoicing
If you are becoming subject to e-invoice applicability for the first time, meaning in the previous financial year you crossed a turnover of 5 crores, then you must enable Self Enablement for e-Invoicing. The GSTN portal has issued an advisory for this. Therefore, if you are eligible for e-invoicing, do not miss this compliance requirement. The threshold for e-invoice applicability has evolved over time and has been reduced to 5 crores currently. Thus, if in any financial year other than 2023-24 you crossed the 5 crore mark, it became applicable from 1st August 2023. However, if you only crossed this threshold in the last financial year, 2023-24, then it is applicable from 1st April 2024.
- If you make more than INR 5 crores in 2023-2024, you need to start using e-Invoices from April 1, 2024.
- If you haven't set up e-Invoicing yet, go to https://einvoice.gst.gov.in and pick any of the new options (IRP 3 to IRP 6) to get started.
- For using NIC IRP 1 & 2 options, visit https://einvoice1.gst.gov.in or https://einvoice2.gst.gov.in to enable yourself.
Summary about applicability of E-invoice
CBIC has made the e-invoicing system mandatory for all registered persons with a turnover of more than Rs.5 crore from 1st August ,2023. (Turnover exceeds in any FY from 2017-18 and onwards).
Once E-invoicing is implemented, it will be implemented for all subsequent financial years. As a result, once E-invoicing is implemented, tax payer can not exit even though turnover comes below the applicable limit in any of the succeeding financial year.
- If in any of the preceding year it exceeds 5 crores then it will be applicable from 01.08.2023.
- If turnover is exceeding 5 crores in F.Y 2023-24 then E-invoice will be applicable from 01.04.2024.
The threshold limit for e-invoicing has changed as per CBIC Notification No. 10/2023-Central Tax dated May 10, 2023.
