Question : From which date e-invoice has been made mandatory for B2B transactions for companies with a turnover of more than Rs 50 crore under GST law?
(a) April 1, 2021
(b) July 1, 2021
(c) October 1, 2021
(d) January 1, 2022
Ans.(a)
Related facts
- CBIC has recently(March 2021) issued a notification related to GST invoicing.
- According to this e-invoice has been made mandatory for B2B transactions for companies with a turnover of more than Rs 50 crore from April 1.
- E-invoice for B2B transactions was made mandatory from October 1, 2020 for companies with a turnover of more than Rs 500 crore under the GST Act.
- Whereas it has been implemented from January 1, 2021 for units with a turnover of more than Rs 100 crore.
- Under the e-invoice, the taxpayers have to collect the bill through their internal system and inform it to the online invoice registration portal (IRP).
By — Pankaj Pandey.