E-INVOICE

Aug. 4, 2022

In a step to ensure better flow of data on taxpayers to the authorities and higher compliance, the turnover threshold for e-invoicing has been halved to Rs 10 crore effective October 1 this year under the Goods and Services Tax (GST) regime.

What is the decision on the threshold for e-invoice?

  • Businesses with annual turnover of Rs 10 crore or more will have to generate e-invoices for business-to-business (B2B) transactions from October 1 this year. The existing threshold for this is Rs 20 crore.
  • Pursuant to the GST Council’s decision to introduce e-invoicing in a phased manner, the Central Board of Indirect Taxes and Customs (CBIC) on August 1 notified lowering the e-invoice threshold to Rs 10 crore.
  • The GST Council approved the standard of e-invoice in its 37th meeting held on September 20, 2019. E-invoicing for B2B transactions was made mandatory for companies with turnover of over Rs 500 crore from October 1, 2020, which was then extended to those with turnover of over Rs 100 crore effective January 1, 2021. 
Source : Indian Express

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