New GST e-invoice plan from Oct. 1

Context:

• The government will notify a new GST e-invoice scheme under which businesses with turnover of ₹500 crores and above will generate all invoices on a centralised government portal starting October 1.
• Earlier, the turnover threshold for businesses was set at ₹100 crores.

E Invoicing:

• ‘E-invoicing’ or ‘electronic invoicing’ is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal.
• Under the proposed electronic invoicing system, an identification number will be issued against every invoice by the Invoice Registration Portal (IRP) to be managed by the GST Network (GSTN).
• Currently, businesses generate invoices through various softwares, and the details of these invoices are manually uploaded in the GSTR-1 return.

Reference: https://www.thehindu.com/business/new-gst-e-invoice-plan-from-oct-1/article32175990.ece