- E-invoicing is mandatory in India for B2B and B2G transactions for taxpayers with turnover above ₹5 crore, with certain exemptions.
- Invoices must be validated in real-time via the Invoice Registration Portal (IRP), using a standardized JSON format, and must include an IRN and QR code.
- Legal archiving is required for 6 years; penalties for non-compliance include fines of ₹10,000 or the tax amount (whichever is higher), and possible detention of goods.
- The e-invoicing threshold has progressively lowered since 2020, with the current threshold at ₹5 crore and further changes planned.
- The system aims to enhance compliance, transparency, and fraud prevention by integrating tax reporting and e-way bill requirements.
Source: vertexinc.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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