GST E-invoice Important Update

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Dear Client, This is to inform you that if your aggregate turnover in any financial year from 2017-18 to 2022-23 has exceeded Rs. 5 crores, then with effect from 01.08.2023, you are liable to generate e-invoice. E-invoice needs to be issued in respect of all supplies made to a GST registered customer / client. E-invoice needs to be generated not just in respect of invoice but also in respect of GST debit notes and GST credit notes. Please take note of the following points in the computation of the turnover of Rs. 5 crores.
1. If you are engaged in supplying both taxable as well as exempt goods / services, the turnover of both the supplies need to be included in the computation of turnover.
2. If you have earned any interest / discount income on the bank deposits / loans advanced to any person, the same shall also be included in the computation of turnover.
3. All incomes earned in personal savings account as well as current account shall be included in the computation of turnover.
4. If you have sold any fixed assets / capital goods, the same shall be included in the computation of turnover.
5. Rent received against residential as well as commercial property shall be included in the computation of aggregate turnover.
6. If you have obtained multiple GST registrations, then the sales made / services provided from all the GST registrations obtained on the same PAN shall be included in the computation of turnover.
7. If you have obtained multiple GST registrations, then the sales made / services provided from GST registration to another GST registration on the same PAN shall be included in the computation of turnover.
8. Incomes / sale proceeds against shares / mutual funds / securities, etc. shall not be included in the computation of turnover.
9. Salary income in the course of employment shall not be included in the computation of turnover.
10. Sale of land / sale of building if the entire consideration has been received after the issue of completion certificate shall not be included in the computation of turnover.
11. If you are only engaged in the supply of exempted goods / services and are not supplying taxable goods / services at all then you are not liable to generate e-invoice. However, you are liable to generate e-invoice if you export any goods / services.

Therefore, in case you are liable to generate e-invoice, please connect with your accounting software services provider (Tally / Busy / any other) so that the e-invoice generation system can be implemented in your software before the notified date. If any of your suppliers is liable to generate e-invoice, then please ensure that such supplier issues you an e-invoice otherwise you will not be able to avail GST input credit. (Earlier, the Government had mandated the requirement to issue e-invoice from 01.10.2022 if the aggregate turnover exceeded Rs. 10 crore)