E-invoice system under GST

GST GST Invoice
1

Hey @TeamQuicko

If an entity’s turnover crosses the threshold limit for e-invoicing eligibility in March 2021 (i.e. FY 2020-21). From when should it start generating e-invoices?

2

Hey @HarshitShah

In order to calculate e-invoicing eligibility, the preceding year’s turnover, beginning from FY 2017-18, must be considered. Hence, if the turnover of the business’ exceeds the prescribed limit in a financial year, it would be required to generate e-invoices from the beginning of the next financial year. For example, if the threshold turnover was exceeded in FY 2020-21, then e-invoicing will be applicable from 1st April 2021.

Hope this helps!

3

How many copies of Invoices should be issued?

4

Hey @Rakesh_Sharma

One must have 3 copies of Supply of Service and 2 for Supply of Goods.

For Supply of Service:

  1. Original for Recipient
  2. Duplicate for Supplier

For Supply of Goods:

  1. Original for Recipient
  2. Duplicate for Transporter
  3. Triplicate for Supplier

Hope this helps!