As per the new update, from 1st August 2023, all the registered businesses whose Aggregate annual turnover (based on PAN) in any preceding fiscal year from 2017-18 onwards Exceed 5 crores, will have to generate e-invoice as a mandate. However, as of now this mandate is only limited to the businesses whose annual turnover exceeds 5 crores.
Electronic invoicing, popularly called as ‘e-invoice’ is a concept in which all B2B invoices are electronically uploaded by the supplier and authenticated by invoice registration portal (IRP) with an IRN and QR code. In turn, the IRN and QR code should be printed on the invoice by the supplier before issuing it to the buyer.
Aggregate turnover” includes the aggregate value of:
(i) all taxable supplies,
(ii) all exempt supplies,
(iii) exports of goods and/or service, and,
( iv) all inter-state supplies of a person having the same PAN.