E-invoice under GST: These businesses need not prepare electronic invoices up to a revenue of ₹500 crore any more

• At least four categories of relatively small businesses including financial firms and special economic zones have been exempt from preparing e-invoices.
• The new threshold for e-invoices under the GST regime will be ₹500 crore. Any firm smaller than that does not need to prepare electronic invoices.
• If your annual revenue exceeds ₹500 crore, then you have to generate tax invoice, debit note, and credit note.
• Check out the latest news and updates on Business Insider.

The latest notification from India’s Central Board of Indirect Taxes and Customs has given relief to a whole host of businesses from preparing electronic invoices (e-invoice) ⁠— under the Goods and Services Tax (GST) regime ⁠— as long as the annual revenue is less than or equal to ₹500 crore.

The updated list includes the following:

• A Special Economic Zone (SEZ) unit
• An insurer or a banking company or a financial institution, including a non-banking financial company
• A goods transport agency supplying transportation services for goods or for passengers
• A registered person supplying services by way of admission to exhibition of cinematograph films in multiplex screens

These businesses also have the option to classify their operations in one of the following categories:

• B2B (Business to Business)
• B2C (Business to Consumer)
• SEZWP (Supplies to SEZ with payment)
• SEZWOP (Supplies to SEZ without payment)
• EXPWP (Export with payment)
• EXPWOP (Export without payment)
• DEXP (Deemed Export)

If your annual revenue exceeds ₹500 crore, then you have to generate electronic documents for the following⁠— tax invoice, debit note, and credit note.

SEE ALSO:
Maruti's July sales data sparks hope for other carmakers
How the National Education Policy may just make it easier for Indian students to get admission in Ivy league colleges
Here are all the startups that raised funding in July