GST E-invoice Mandatory For Businesses With Over Rs 10 Crore Turnover From Oct 1

GST E-invoice Mandatory For Businesses With Over Rs 10 Crore Turnover From Oct 1 - Sakshi Post

NEW DELHI: GST-registered businesses with an annual turnover of Rs 10 crore or more will have to generate e-invoices for B2B transactions from October 1, the finance ministry said.

Currently, businesses with a turnover of Rs 20 crore and above are required to generate an electronic invoice for all B2B transactions.

The Central Board of Indirect Taxes and Customs (CBIC) on August 1 notified lowering the e-invoice threshold to Rs 10 crore and above from October 1. The GST Council, comprising finance ministers of Centre and states, had decided to implement electronic invoice in a phased manner.

Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions was made mandatory for companies with a turnover of over Rs 500 crore from October 1, 2020, which was then extended to those with a turnover of over Rs 100 crore effective January 1, 2021.

From April 1, 2021, companies with a turnover of over Rs 50 crore were generating B2B e-invoices, and the threshold was brought down to Rs 20 crore beginning April 1, 2022.

Going forward, the CBIC plans to further lower the threshold for e-invoice generation to Rs 5 crore. This would further expand the GST tax base and provide more data to the tax authorities enabling better compliance and over a period of time, e-invoicing will become mandatory for all categories of GST taxpayers. (PTI inputs)

Also Read: 28 Pc GST On Online Gaming, Casinos And Horse Racing To Be Proposed


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