Do I need to include my GST number on an invoice?
Key Facts
- Over 90% of businesses are expected to rely on e-invoicing for GST compliance by 2025.
- In India, e-invoicing is mandatory for businesses with annual turnover exceeding ₹5 crore as of August 2023.
- E-invoices must be generated within 30 days to comply with GST rules and avoid penalties.
- Non-issuance of e-invoices can result in penalties of 100% of tax due or ₹10,000, whichever is higher.
- Each incorrect e-invoice can attract a penalty of ₹25,000 under current Indian GST regulations.
- The global e-invoicing market is projected to grow from $4.95B in 2021 to $15.5B by 2026.
- From January 2025, E-Way Bill generation will be restricted to invoices issued within the last 180 days.
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