GST e-invoicing must for entities with Rs 10 cr turnover from Oct 1

Date:

The government has widened the ambit of e-invoicing for businesses by lowering the mandatory turnover threshold to Rs 10 crore from Rs 20 crore under the Goods and Services Tax (GST) regime. The new threshold starts October 1.

The move is aimed at digitising a higher volume of transactions, transparency in sales reporting, reducing errors and mismatches, automating data entry work, and improving compliance.

Sources said the government will further extend it to entities with a turnover of Rs 5 crore, seeking to plug revenue leakage and ease compliance.

E-invoicing (electronic billing) started in October 2020 and was made mandatory for entities with a turnover of Rs 500 crore and above. This threshold was brought down to Rs 100 crore and later to Rs 50 crore in 2021 for business-to-business (B2B) transactions.

Taxpayers must generate invoices on their internal system or billing software and then report them to the invoice registration portal (IRP)–a requirement to get input tax credit (ITC).

━ related

Government Establishes the Accelerated Corporate Exit Processing Centre to Streamline Business Dissolution Procedures

Aiming to simplify and expedite the process of corporate dissolution, the government introduces the Accelerated Corporate Exit Processing Centre. Learn about the significance of this initiative and how it will benefit businesses and the overall economy.

Kiren Rijiju Steps Down as Union Law Minister, Marking the End of an Era

In a surprising development, Kiren Rijiju has announced his resignation as the Union Law Minister, bringing an end to his impactful tenure. Explore the achievements and highlights of Rijiju's time in office and the potential implications of his departure.

Hinduja Group Chairman SP Hinduja Passes Away, Leaving Behind a Legacy of Business Excellence

The business world mourns the loss of SP Hinduja, the Chairman of the Hinduja Group, who has passed away. Explore the remarkable life and contributions of this visionary leader and the lasting impact he leaves behind.

Nepali Climber Sets New Record with 27th Ascent of Mount Everest

A remarkable achievement in mountaineering history as a Nepali climber conquers Mount Everest for the 27th time, establishing a new record. Learn more about this extraordinary feat and the perseverance of this seasoned mountaineer.

Global Accessibility Awareness Day 2023: Promoting Inclusion and Digital Accessibility

Global Accessibility Awareness Day (GAAD) 2023 marks a significant milestone in raising awareness about the importance of accessibility and inclusion in the digital world. Discover how this global event is making a positive impact on people's lives and promoting a more inclusive society.