Earlier registered person whose turnover exceeds Rs. 10 crore is required to comply with e-invoice provision which means he must generate e-invoice against each tax invoice, debit note, credit note issued to registered person.
Now on 10th May’2023 Ministry of Finance by Notification No. 10/2023 central tax has notified that person registered under GST and having turnover more than Rs. 5 Crore in any financial year from 2017 – 18 is required to comply with the e-invoice provisions w.e.f. 01st August 2023 i.e., he will be required to generate IRN/e-invoice against followings: –
1. Each tax invoice, debit note & credit note issued to registered person.
2. Export Transactions
Above e-invoice applicable on supply of goods as well as supply of service and this is in addition to the generation of e-way bill.
However, e-invoice shall not be applicable on following types of registered person as notified by CBIC by Notification no. 13/2020 – Central tax amended time to time.
1. Insurance Company
2. Banking Company or a financial Institutions
3. SEZ Units
4. Government Department and Local Authorities
5. Goods Transport Agency.