India – Extension of Mandatory e-Invoicing to All Businesses by 1st April 2021
| | Product Manager software applications/services electronic business data exchange, SEEBURGER
+++ Update India March 2022 – India lowers the mandatory e-invoicing threshold as of April 1, 2022
E-invoicing is mandatory for taxpayers in India above a certain threshold. Currently, this value is 50 Cr. Rupees (approximately USD 6.5 million). With Notification No. 01/2022 – Central Tax dated February 24, 2022, the Indian Central Board of Indirect Taxes and Customs (CBIC) has reduced this threshold to 20 Cr. Rupees (approx. USD 2.65 million). This regulation will take effect as of April 1, 2022.
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After a bumpy ride littered with changes and updates, mandatory Indian e-invoicing for companies with turnover above 500 CR Indian Rupees (INR) kicked into effect from 1 October 2020.
The Indian e-invoicing obligation will be extended gradually according to a new timetable to all businesses by 1st April 2021.
Update to our Blog of 19th August 2020
Despite pressure from the business sector to postpone the mandate, the Indian government stuck to the deadline of 1st October 2020. However, it granted a grace period to issue invoices penalty-free without IRN, and then to obtain the IRN for such invoices within 30 days after the invoice date.
As expected, following the first few weeks of successful invoice registrations in India, the mandate will now be extended gradually to all businesses in two phases. The new schedule for B2B e-invoicing in India is:
- 1st January 2021: companies with an annual turnover of at least 100 CR INR.
- 1st April 2021 all taxpayers
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Learn more about e-invoicing requirements and watch our webcast on-demand!
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Written by: Gerrit Onken
Gerrit Onken has been at SEEBURGER since 2010 as a product manager for software applications and for electronic data exchange services for the business sector. He focuses on solutions for SAP, electronic invoicing (e-invoicing) and innovations for digitalizing business and technical processes for globally-active customers. Originally a banker, Gerrit Onken went on to graduate in business administration, majoring in industrial management and business informatics. After working in the financial sector, he worked as a manager and project manager from 2004 to 2010 for one of the top five corporate consultancies, working with international BPOs in the banking and automotive industries.
