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GST E-Invoicing for all B2B transactions from 1st April 2021

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This is to informed that electronic invoicing (e-invoicing) for Goods and Services Tax (GST) will be made mandatory for all business-to-business transactions from 1st April 2021 as it looks to do away with physical invoices and e-way bills to streamline tax collections and plug revenue leaks.

 
Finance secretary, Ajay Bhushan Pandey said that the government will roll out the electronic invoicing (e-invoicing) system for all business-to-business (B2B) transactions under the Goods and Services Tax (GST) regime from 1st April 2021 that will replace physical invoices.


He further said that the government introduced the e-invoicing system on 1st October 2020, for businesses with an annual turnover over Rs 500 crore. By 1st January 2021, it will be available to taxpayers with an annual turnover over Rs 100 crore.


E-invoicing introduction plan :

Particulars

Effective date

B2B transactions for all businesses above INR 500 crores.

Effective from October 1, 2020.

B2B transactions for all businesses above INR 100 crores.

Effective from January 1, 2021.

B2B transactions for all other businesses registered in GST.

Effective from April 1, 2021.


SOURCE : CBIC NOTIFICATIONS

Disclaimer : TAXGyaAan is meant purely for the educational purpose of Tax Laws and Regulatory Updates. It will not be treated as professional advice. This Blog should not be substituted for professional advice. For specific Queries, please post in the comments section.

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