CBIC has announced that businesses with a turnover of ₹5 crore and above have to be e-invoicing compliant. If you have not transitioned yet, Cabsware is here to help!
E-invoicing Mandated From 1 August 2023: What Businesses Need to Know
The Central Board of Indirect Taxes and Customs (CBIC) has announced that businesses with a turnover of ₹5 crore and above will be required to generate e-invoices from 1 August, 2023. This is a significant change in the Goods and Services Tax (GST) regime, and businesses will need to be prepared to comply with the new rules.
E-invoicing is the electronic generation of invoices for business-to-business (B2B) transactions. It is a secure and transparent way to record and track GST transactions, and it can help to reduce tax evasion.
The CBIC has released a detailed notification on the e-invoicing rules. Businesses can find more information on the GST website.
Here are some key things that businesses need to know about the e-invoicing mandate:
- The e-invoicing system will be operated by the GST Network (GSTN).
- Businesses will need to register with the GSTN to generate e-invoices.
- E-invoices must be generated for all B2B transactions with a value of ₹500 or more.
- E-invoices must be generated in XML format and must be authenticated by the GSTN.
- Businesses will need to store e-invoices for a period of six years.
The e-invoicing mandate is a major change for businesses, but it is important to remember that it is designed to improve the GST system and make it more efficient. By complying with the new rules, businesses can help to ensure that the GST system is fair and transparent for all taxpayers.
Cabsware to the rescue!
If you are a car rental company or corporate with a turnover of ₹5 crore and above, you need to be e-invoicing compliant by 1 August, 2023. But don’t worry, Cabsware is here to help!
Cabsware is a car rental software and mobile apps that can help you generate and manage e-invoices easily and efficiently. With Cabsware, you can:
- Generate e-invoices in a few clicks
- Authenticate e-invoices with the GSTN
- Store e-invoices securely
- Track e-invoices in real time
Cabsware is the perfect solution for businesses that need to be e-invoicing compliant. To learn more, visit our website or contact us today.
