Q1:- Who all are applicable for e-Invoicing?
A: This system shall be applied to the GST registered persons whose average turnover in the financial year not more than Rs.50 crore as of now, But exceptions include financial institutions, NBFCs, GTA, passenger transportation service Special Economic Zones (SEZ) units, insurance, banking and sale of movie tickets.
A: An e-Invoice cannot be cancelled partially but the cancellation is possible wholly. On cancellation, it must be reported into the IRN within 24 hours. Any attempt of cancellation thereafter, is not possible on IRN and needs to be cancelled manually on the GST portal formerly the returns are filed.
A: No at all, invoices should be uploaded one at a time into the IRP. The ERP of a company is designed in such a way that it can place the request for the uploading of individual invoices.
A: No, invoices will continue to generate on the individual ERP based software that are at present in use by businesses.
The invoice should adhere to the e-Invoicing format and containall the mandatory parameters. The direct generation of invoices on the common portal is not yet planned.
A: The documents that are to be covered under e-Invoicing system are mentioned below-
Any other document as notified under GST law to be reported as e-invoice by the maker of the document.
6.How can e-Invoicing curb tax evasion?
A:- It helps in curbing tax evasion in the mentioned ways:
7. What if you do not follow the rules?
A:-There will be non-issuance of e-Invoice
An invoice which is issued by supplier without a corresponding IRN is now said to be invalid in all GST-related matters. This might incur a penalty equal to 100% of the due tax or INR 10,000, whatever is higher.
8. Generation of incorrect e-Invoice
A:- If there are incorrect or fraudulent details entered during the invoicing, then there is a penalty of INR 25,000 will be imposed on the taxpayer.
9. E-way Bill
A:- If goods transported without a valid e-Invoice and the corresponding E-way bill supplier tries to transport goods, the chances of seizure of goods and the levying of hefty fines upsurges multiple folds because non-compliance.
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