What is the time limit to make an e invoice ?? if anyone had turnover more than 20 crore in previous year i,e. 2122 but in the f.y.2223 is less than 50 lakhs, is he liable to make an e invoice ?? can one make a credit note on 31st March & e invoice now ?? heard it , There has a penalty for non generation of e invoice -100% tax due or Rs. 10000 whichever is higher ??
5 Replies
Radhey Shyam Jha
(Student)
(1616 Points)
Replied 07 April 2023
There is no specific period mentioned in the law within which the e invoice has to be generated. however where any person is required to issue e invoice, if any other document is issued then it will not be considered as a valid document. In this backdrop it is suggested that the goods be transported with an e invoice.
CA Mayank A Jain
(Chartered Accountant in Practice)
(1260 Points)
Replied 07 April 2023
What is the time limit to make an e invoice ??
There is no time limit. However, suggested to generate closest to the date of invoice.
if anyone had turnover more than 20 crore in previous year i,e. 2122 but in the f.y.2223 is less than 50 lakhs, is he liable to make an e invoice ??
Yes. Even if the turnover exceeds Rs. 10 Cr (present limit) in any of the previous years, then e-invoicing is applicable. The applicability could be checked on e-invoice website as well.
can one make a credit note on 31st March & e invoice now ?? heard it , There has a penalty for non generation of e invoice -100% tax due or Rs. 10000 whichever is higher ??
Yes, you can generate the e-invoice for the credit note today. If you generate the IRN today, there would not be any penalty.
If e-invoice is not generated, then the invoice itself is not valid. The recipient could be denied the credit in addition to penal consequences for the supplies.
CA Mayank A Jain
(Chartered Accountant in Practice)
(1260 Points)
Replied 07 April 2023
You're most welcome Narendra. Glad to support.
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 08 April 2023
As per Rule 48(5) Any Taxpayer whom the E-invoice is applicable is mandatory required to generate E-invoice else will be treated as without Invoice.
As per Rule 138A(2) one of relevant document to be carry by a person in charge of Coveyance is E-invoice.
So the time limit to generate E-invoice need to followed in line to provsion of Section 31 that the Invoice need to issue before or the time of removal of goods.
in short if there is no E-invoice:
1. Recipient will not get ITC
2. If intercepted by officer, will treated as without Invoice & penalty under Section 129 can be levy. (200% of Tax )
So it is advisable to generate the E-invoice as mentioned above.
As per Rule 138A(2) one of relevant document to be carry by a person in charge of Coveyance is E-invoice.
So the time limit to generate E-invoice need to followed in line to provsion of Section 31 that the Invoice need to issue before or the time of removal of goods.
in short if there is no E-invoice:
1. Recipient will not get ITC
2. If intercepted by officer, will treated as without Invoice & penalty under Section 129 can be levy. (200% of Tax )
So it is advisable to generate the E-invoice as mentioned above.
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