E-INVOICE : A DETAILED STUDY
Generating E- Invoice electronically with IRN is mandatory for certain class of taxpayers, as notified by the govt time to time.
w.e.f. 01.10.2020- Ag. Turnover Rs.500 Cr. And above
w.e.f.01.01.2021- Ag. Turnover Rs. 100 Cr. And above
w.e.f. 01.04.2021- Ag. Turnover Rs. 50 Cr. And above
w.e.f. 01.04.2022- Ag. Turnover Rs.20 Cr. And above
Now Mandatory e-invoicing for taxpayers exceeding turnover of INR 20 crores.
Ag. Turnover means total of taxable supply, exempt supply.
To understand the topic we refer some sections and understand this:-
Rule 48 (4) and (5)
MANNER OF ISSUING INVOICE
(4) The invoice shall be prepared by such class of registered persons as may be notified by the Government, on the recommendations of the Council, by including such particulars contained in FORM GST INV-01 after obtaining an Invoice Reference Number by uploading information contained therein on the Common Goods and Services Tax Electronic Portal in such manner and subject to such conditions and restrictions as may be specified in the notification.
Provided that the Commissioner may, on the recommendations of the Council, by notification, exempt a person or a class of registered persons from issuance of invoice under this sub-rule for a specified period, subject to such conditions and restrictions as may be specified in the said notification.
(5) Every invoice issued by a person to whom sub-rule (4) applies in any manner other than the manner specified in the said sub-rule shall not be treated as an invoice.
Means if invoice is not made electronically it will not treated as invoice.
Section 122
PENALTY FOR CERTAIN OFFENCES
He shall be liable to pay a penalty of ten thousand rupees or an amount equivalent to the tax evaded
,whichever is higher.
Section 129
DETENTION, SEIZURE AND RELEASE OF GOODS AND CONVEYANCES IN TRANSIT
(1) Notwithstanding anything contained in this Act, where any person transports any goods or stores any goods while they are in transit in contravention of the provisions of this Act or the rules made thereunder, all such goods and conveyance used as a means of transport for carrying the said goods and documents relating to such goods and conveyance shall be liable to detention or seizure and after detention or seizure, shall be released.
Section 16
ELIGIBILITY AND CONDITIONS FOR TAKING INPUT TAX CREDIT
(2) Notwithstanding anything contained in this section, no registered person shall be entitled to the credit of any input tax in respect of any supply of goods or services or both to him unless,––
(a) he is in possession of a tax invoice or debit note issued by a supplier registered under this Act, or such other tax paying documents as may be prescribed;
