The Central Board of Indirect Taxes and Customs ( CBIC ) has made mandatory E-invoicing for businesses with aggregate turnover exceeding ₹10 crore with effect from October 1. Presently, e-invoice is compulsory for businesses with an annual turnover of over ₹20 crore.
Earlier, in March, the Board had enabled the facility to Registration and Login for Taxpayers with Turnover Rs. 20to 50 crores and notified the reduction in the Applicability of GST E-invoicing threshold from Rs.50 Crores to Rs.20 Crores with effect from April 1, 2022.
‘E-invoicing’ facilitates the 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.
“In the said notification, in the first paragraph, with effect from the 1st day of October, 2022, for the words “twenty crore rupees”, the words “ten crore rupees” shall be substituted.”
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