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GST: CBIC drops the mandatory e-invoice requirement for businesses with a turnover of Rs. 20 crore to Rs. 10 crore

Having effect from October 1, the Central Board of Indirect Taxes and Customs (CBIC) has made E-invoicing mandatory for enterprises with aggregate revenue of more than 10 crores. E-invoicing is now required for enterprises with annual revenue of more than 20 crores.

Previously, in March, the Board permitted the Registration and Login facility for Taxpayers with a Turnover of Rs. 20 to 50 crores and notified the lowering in the Applicability of GST E-invoicing threshold from Rs.50 Crores to Rs.20 Crores, with effect from April 1, 2022.

‘E-invoicing’ permits the communication of invoice documents (structured invoice data) between a supplier and a customer in an integrated electronic format via standard e-invoice schema (INV-01) by allowing the government authorities, i.e. invoicing portal, to keep an eye on suspicious taxpayers.

“In the said notification, in the first paragraph, with effect from October 1, 2022, the terms “twenty crore rupees” shall be changed with the words “ten crore rupees.”

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