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of <h1>E-invoicing in GST: Mandatory for businesses above turnover threshold, reduces errors, prevents fraud. Exemptions for specific entities.</h1> E-invoicing under the GST framework mandates certain taxpayers to report B2B invoices to the GST System, facilitating auto-reporting into GST returns and auto-generation of e-way bills. It aims to reduce transcription errors, ensure a complete trail of invoices, and curb tax evasion by preventing fake invoices. E-invoicing is applicable to businesses exceeding specified turnover thresholds, with exemptions for certain entities like government departments and financial institutions. Invoices must be registered on the IRP portal to generate a unique Invoice Reference Number (IRN). Amendments or cancellations must occur within 24 hours, and physical invoice copies are not required if a QR code with an IRN is available.
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