The aggregate turnover of M/s Rajan and Company, a registered person, for the financial year 2023-2024 was ₹ 9.74 Crores. Advice whether it is mandatory to issue e-invoice for the year 2024-25 in the context of CGST Act,

E-invoicing has been made mandatory for all registered businesses (except specified class of persons) with an aggregate turnover in any preceding year from FY 2017-18 onwards greater than ₹ 5 crore in respect of B2B supplies (supply of goods or services or both to a registered person) or for exports. Hence, it is mandatory for M/s Rajan and Company to issue e-invoices for the year 2024-25 as the Aggregate turnover for the year 2023-24 is greater than ₹ 5 crores i.e., ₹ 9.74 crore. Following entities are exempt from the mandatory requirement of e-invoicing: Special Economic Zone units Insurer or banking company or financial institution including NBFC GTA supplying services in relation to transportation of goods by road in a goods carriage Supplier of passenger transportation service Person supplying services by way of admission to exhibition of cinematograph films in multiplex screens Government Department and a local authority