E Invoice implication
Sreeram Kanchanam (43 Points)
07 April 2021
What is the implication if E invoice is not raised,for more than 500 Cr Turnover.
10 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 07 April 2021
Non-issuance of e-invoice is an offence under GST and thus attracts penal provisions. Below are some of the penalties for non-issuance of invoice or issuance of incorrect invoice:
Penalty for non-issuance of invoice- 100% of the tax due or Rs.10,000, whichever is higher.
Penalty for incorrect invoicing is Rs.25,000.
Penalty for non-issuance of invoice- 100% of the tax due or Rs.10,000, whichever is higher.
Penalty for incorrect invoicing is Rs.25,000.
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 07 April 2021
If turnover exceeds 500 crores then normal invoices is not applicable only e-invoice is mandatory
Sreeram Kanchanam
(43 Points)
Replied 07 April 2021
Sir I am asking is normal invoice is valid/not????...
Pankaj Rawat
(GST Practitioner)
(55052 Points)
Replied 08 April 2021
No............ As per Rule 48(5) prescribes if Sub rule(4) is applicable then normal invoice is not the valid invoice.
Note : As per Notification 70/2020 CT amending Notification 13/2020 , taxpayer whose aggregate turnover in ANY preceding FY exceeds 500 crore (Now from 1/4/21 it's 50 crore) is required to issue E-invoice .
kindly note if in mid of Fy turnover get exceeded then the E-INVOICE provision will be applicable from subsequent FY.
Note : As per Notification 70/2020 CT amending Notification 13/2020 , taxpayer whose aggregate turnover in ANY preceding FY exceeds 500 crore (Now from 1/4/21 it's 50 crore) is required to issue E-invoice .
kindly note if in mid of Fy turnover get exceeded then the E-INVOICE provision will be applicable from subsequent FY.
CA Puja Sharma
(Chartered Accountant)
(5010 Points)
Replied 08 April 2021
As per GST acct, if an assessee who is required to issue e-invoice fails to raise e-invoice, then the tax invoice might be considered as invalid.
Bhavika Kothari
(CA)
(1258 Points)
Replied 09 April 2021
This attracts a penalty of Rs 10000 to 25000 per invoice
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 11 April 2021
Normal invoices are not valid
Bhavika Kothari
(CA)
(1258 Points)
Replied 16 April 2021
Penalty for non-issuance of invoice- 100% of the tax due or Rs.10,000, whichever is higher. Penalty for incorrect invoicing is Rs.25,000. Read more on e-invoice under GST
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