As per the latest notification, businesses whose aggregate turnover in a financial year exceeds INR 5 Cr have to issue e-invoices for B2B (business-to-business) transactions w.e.f. August 1, 2023. Accordingly, such businesses would be required to upload the B2B invoices on the Invoice Registration Portal which would then provide an Invoice Reference Number (IRN), digitally signed e-invoice and QR code.
The said amendment has been made in the exercise of powers conferred under the Central Goods and Services Tax Rules, 2017.
In 2020, the Central Government notified that a GST-registered person whose aggregate turnover in a financial year exceeds INR 100 Cr would be required to generate e-invoices for the supply of goods and/ or services to another registered person as per provisions of said rules.
The turnover limit for generating such B2B invoices has been amended multiple times over the last few years. The last time the Finance Ministry’s notification was amended was in August 2022 when the turnover limit was brought down from INR 20 Cr to INR 10 Cr w.e.f. October 1, 2022. And this limit has been further revised to INR 5 Cr effective from August 1, 2023.