GST e-Invoicing if Turnover is more than Rs. 500 Crore

e-Invoicing
Know everything about e-Invoice:

The CBIC (Central Board of Indirect Taxes and Customs) has issued a notification that e-Invoicing is to be mandatorily accepted by all companies or suppliers with a turnover exceeding Rs 500 crore. Before the limit for preparing e-Invoice was 100 Crores. This new change in a system or law is the gateway for the digitization of business processes in India. The provisions will come into effect from 1st October 2020.

The CBIC has modified the e-Invoice format by adding in 20 new fields and removing 13 pre-existing ones. Also, few alterations have been made to the character length in certain fields.

What is e-Invoicing or Electronic-invoicing?

Electronic invoicing (e-Invoicing) is the exchange of the electronically generated bills document between a supplier and a buyer and validated by the government tax portal.

An e-Invoicing is the transaction processing system where B2B invoices are digitally prepared in an e-Invoicing format and authenticated by the GSTN. This system ensures that a common format is followed by all businesses before reporting invoices to the GST portal.

What are the documents covered for e-Invoicing?
The taxpayers need to be reported the following documents to the government under e-Invoicing regulation:
  • Invoice by Supplier
  • Credit Note by Supplier
  • Debit Note by Supplier
  • Any other document as required by law to be reported
Can an e-Invoice be cancelled?

An e-Invoice cannot be cancelled partially, it has to be cancelled fully. If cancelled once, need to be reported to the IRN within 24 hours. If the cancellation has been done after 24 hours, the taxpayers can manually cancel the same on the GST portal before the returns are filed.

How can an e-Invoice be amended?

All amendments to an e-Invoice can be made only on the GST Portal.

How will e-Invoicing benefit businesses?
  1. It resolves and plugs a major gap in data reconciliation under GST to reduce mismatch errors.
  2. Provides interoperability. An e-Invoices created on one software can be read by another.
  3. Real-time tracking of invoices
  4. Automation of the tax return filing process – the relevant details of the invoices would be auto-populated in the various returns, especially for generating the part-A of e-way bills. Faster availability of genuine input tax credit.
  5. Lesser possibility of audits or surveys by the tax authorities since the required information is available at a transaction level.
The timeline for e-Invoicing implementation in India?

The e-Invoicing was to be mandatorily implemented from 1st April 2020 but has been pushed to 1st October 2020 for taxpayers with turnover over Rs. 500 Crore.

What happens if e-Invoice is missed or delayed?

CBIC said it has been reported that even after more than nine months of the first notification in this regard, some of these taxpayers having an aggregate turnover of Rs. 500 crore and above are still not ready.

Accordingly, as the last chance, in the initial phase of implementation of e-Invoice, it has been decided that the invoices issued by such taxpayers during October 2020 without following the prescribed rule shall stand waived if the Invoice Reference Number (IRN) for such invoices is obtained from the Invoice Reference Portal (IRP) within 30 days of the date of invoice.

CBIC said that no such relaxation will be available for the invoices issued from 1st November 2020.

Process of the generation of e-Invoice

Nway ERP fully supports e-Invoicing for an automated digital solution without any hassle and offer different ways to connect to source ERP for invoice extraction. With Nway ERP you will get a fully integrated accounting system from Accounting to Billing to Inventory to GST, manage all your business data seamlessly.

An e-Invoice format has been notified by CBIC is as follow (Example Invoice)

Let’s make running your construction business a little less crazy.
Subscribe for weekly insights.

Recent Blogs
Construction Procurement Management in 2025: Centralize, Automate, Optimize with ERP
Construction Procurement Management in 2025: Centralize, Automate, Optimize with...
Construction Estimating Software: What It Is and Why Your Business Needs It in 2025
Construction Estimating Software: What It Is and Why Your Business Needs It in 2...
How Construction Supply Chain ERP Software Eliminates Disruptions
How Construction Supply Chain ERP Software Eliminates Disruptions...
The Future of Construction: Leveraging ERP Software for Long-Term Success
The Future of Construction: Leveraging ERP Software for Long-Term Success...
Why Ongoing ERP Support is Crucial for Seamless Operations?
Why Ongoing ERP Support is Crucial for Seamless Operations?...
How Clear Communication Drives Efficiency in Construction?
How Clear Communication Drives Efficiency in Construction?...
Impact of ERP Software on the Construction Industry
Impact of ERP Software on the Construction Industry...
7 Key ERP Implementation Challenges and Risks
7 Key ERP Implementation Challenges and Risks...
Maximizing Savings: How Construction Engineering Software Can Cut Your Costs by 20%
Maximizing Savings: How Construction Engineering Software Can Cut Your Costs by ...
Challenges in Implementing Construction ERP System
Challenges in Implementing Construction ERP System...
How Does Construction ERP Software Help in Resource Management?
How Does Construction ERP Software Help in Resource Management?...
Mastering Inventory Management with Construction ERP Software for Maximum Efficiency
Mastering Inventory Management with Construction ERP Software for Maximum Effici...
10 Benefits of Construction ERP Software Mobile Application
10 Benefits of Construction ERP Software Mobile Application...
Revolutionize Your Construction Business’s Financial Operations with NWAY ERP
Revolutionize Your Construction Business’s Financial Operations with NWAY ERP...
The Complete ERP Solution for Construction: Discover NWAYERP's Key Features
The Complete ERP Solution for Construction: Discover NWAYERP's Key Features...
Overcoming Construction Industry Challenges with NWAY ERP Software
Overcoming Construction Industry Challenges with NWAY ERP Software...
Choosing the Best Construction ERP Software: A Complete Guide
Choosing the Best Construction ERP Software: A Complete Guide...
ERP for Construction: Simplify Your Project Management and Boost ROI
ERP for Construction: Simplify Your Project Management and Boost ROI...
All-in-One Construction Software: The Ultimate Solution for Modern Builders
All-in-One Construction Software: The Ultimate Solution for Modern Builders...
Meet NWAY ERP at bauma CONEXPO INDIA 2024: Your Partner in Construction Excellence
Meet NWAY ERP at bauma CONEXPO INDIA 2024: Your Partner in Construction Excellen...
Why Construction ERP Software is a Game-Changer for Your Projects
Why Construction ERP Software is a Game-Changer for Your Projects...
Top 10 Features of the Best Construction ERP Software for 2025
Top 10 Features of the Best Construction ERP Software for 2025...
How Construction ERP Software in India is Revolutionizing Project Management?
How Construction ERP Software in India is Revolutionizing Project Management?...
How Road Construction Software Resolves Major Construction Challenges?
How Road Construction Software Resolves Major Construction Challenges?...
Top 10 Construction ERP Software in 2024
Top 10 Construction ERP Software in 2024...