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GST (Tax) E-invoice Must For Businesses With Over Rs 5 Crore Annual Turnover
The e-invoice threshold has been lowered to Rs 5 crore annual turnover The Goods and Service Tax Council has made it mandatory for businesses with an annual turnover of over Rs 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. Now, it has been further lowered to Rs 5 crore. The GST Council had earlier decided to implement e-invoicing in a phased manner. Initially, companies with turnover of over Rs 500 crore were required to generate e-invoices as per the Goods and Services Tax (GST) guidelines. This eliminates the need to manually enter data while filing a GSTR-1 return and reduces mismatch errors. Source - NDTV
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