Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
GST - Goods and Services Tax »
Open DEMAT Account in 24 hrs
 GST Council may lower tax on health insurance
 GST Annual Return: CBIC amends GSTR-9 to Allow IRC Claims and Amendment of Invoices till 30th Nov
 GST (Tax) E-invoice Must For Businesses With Over 5 Crore Annual Turnove
 GST Portal Releases Module-wise New Functionalities deployed on the Portal for Taxpayers
 GST on betting and gambling: Tax structure and liabilities in case of default
 Budget to reset tax laws to decriminalise sections in I-T, GST: Finance Ministry
 In relief to tenants, AAR allows tax credit on GST paid on upfront lease premium
 GST wing of CBIC conducts tax inspections against insurance companies
 5 years of GST: Why the indirect tax regime may not see big-bang reforms
 Highest tax slab on online gaming may stunt growth
  Infosys directed to fix glitches on income tax e-filing portal
 Infosys directed to fix glitches on income tax e-filing portal
 GST Filing Deadline Extended After Portal Glitch; Know New Date to File Form GSTR-3B

GST (Tax) E-invoice Must For Businesses With Over 5 Crore Annual Turnove
October, 14th 2022

The Goods and Service Tax Council has made it mandatory for businesses with an annual turnover of over ₹ 5 crore to move to e-invoicing from next year. 

Such businesses will have to generate electronic invoices for business-to-business (B2B) transactions starting January 1, 2023, reported the Economic Times quoting a government official familiar with the matter. 

 

Earlier, businesses having turnover of ₹ 20 crore and above were required to generate e-invoices for all B2B transactions.

The Central Board of Indirect Taxes and Customs (CBIC) had reduced the e-invoice threshold to ₹ 10 crore or more. Now, it has been further lowered to ₹ 5 crore.

The GST Council had earlier decided to implement e-invoicing in a phased manner. 

The recent move to lower the annual turnover limit for e-invoicing to ₹ 5 crore is aimed at eventually bringing all businesses with over ₹ 1 crore turnover under the framework.This will help bring small businesses under the formal economy, plug revenue leakages, and ensure compliance, the government official told ET.

The government rolled out the e-invoicing system on October 1, 2020. Initially, companies with turnover of over ₹ 500 crore were required to generate e-invoices as per the Goods and Services Tax (GST) guidelines.

It was then extended to include businesses with over ₹ 100 crore annual turnover from January 1, 2021, and then to companies with more than ₹ 50 crore turnover from April last year. 

Home | About Us | Terms and Conditions | Contact Us
Copyright 2023 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting