E-Invoice mandatory for entities having Turnover of Rs. 50 Crores: CBIC reduces threshold limit [Read Notification]

E-Invoice mandatory for entities having Turnover of Rs. 50 Crores: CBIC reduces threshold limit [Read Notification]

GST - CBIC - E-Invoicing - Cap - Taxscan

The Central Board of Indirect Taxes and Customs (CBIC) notified the reduction in the Applicability of GST E-invoicing threshold from Rs.100 Crores to Rs.50 Crores with effect from April 1, 2021.

The Board seeks to amend notification No. 13/2020 – Central Tax, dated the 21st March, 2020.

‘E-invoicing’ facilitates exchange of the invoice document (structured invoice data) between a supplier and a buyer in an integrated electronic format by way of standard e-invoice schema (INV-01) through looping the government authorities i.e. invoicing portal to keep a check on suspicious taxpayers.

Earlier, the CBIC notified registered person, other than a Special Economic Zone unit and those referred to in sub-rules (2), (3), (4) and (4A) of rule 54 of the GST rules, whose aggregate turnover in  any preceding financial year from 2017-18 onwards exceeds Five hundred crore rupees, as a class of registered person who shall prepare invoice and other prescribed documents, in terms of sub-rule (4) of rule 48 of the said rules in respect of supply of goods or services or both to a registered person or for exports. Later on, the applicability of E-invoicing threshold was Rs.500 crores till December 31, 2020 thereafter 100 crores and now it is again capped to Rs.50 Crores.

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