E-Invoice Mandatory — 2024 Guide
E-invoicing is now mandatory for businesses with turnover above ₹5 crore. Here is everything you need to know.
E-Invoice Turnover Limits
| From Date | Turnover Limit |
|---|---|
| Oct 2020 | ₹500 Cr+ |
| Jan 2021 | ₹100 Cr+ |
| Apr 2021 | ₹50 Cr+ |
| Apr 2022 | ₹20 Cr+ |
| Oct 2022 | ₹10 Cr+ |
| Aug 2023 | ₹5 Cr+ |
What is E-Invoice?
E-invoice is a system where B2B invoices are registered with the government portal (IRP) and get a unique IRN (Invoice Reference Number) and QR code.
Who Needs E-Invoice?
- Businesses with aggregate turnover > ₹5 crore in any FY from 2017-18
- All B2B transactions
- Exports
- SEZ supplies
Exempt from E-Invoice
- Banks and financial institutions
- Insurance companies
- Transport (GTA)
- Passenger transport
- Cinema tickets
How to Generate E-Invoice
Step 1: Register on einvoice.gst.gov.in
Step 2: Enable e-invoice in TallyPrime
Step 3: Create invoice normally
Step 4: Push to e-invoice portal
Step 5: Get IRN and QR code
Penalties for Non-Compliance
| Violation | Penalty |
|---|---|
| Not generating e-invoice | 100% of tax due |
| Invalid e-invoice | Invoice void, ITC denied |
HCS E-Invoice Services
- E-invoice setup in Tally: ₹2,000
- Bulk e-invoice configuration: ₹5,000
- Annual e-invoice support: ₹6,000