E-Bill: Does your biz have a turnover of Rs 10 crore or extra? E-invoice to be obligatory for B2B offers
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The Central Board of Oblique Taxes and Customs (CBIC) on August 1 notified reducing the e-invoice threshold to Rs 10 crore and above from October 1. The GST Council, comprising finance ministers of Centre and states, had determined to implement digital bill in a phased method.
Below Items and Providers Tax (GST) legislation, e-invoicing for business-to-business (B2B) transactions was made obligatory for corporations with turnover of over Rs 500 crore from October 1, 2020, which was then prolonged to these with turnover of over Rs 100 crore efficient January 1, 2021.
From April 1, 2021, corporations with turnover of over Rs 50 crore have been producing B2B e-invoices, and the brink was introduced all the way down to Rs 20 crore starting April 1, 2022.
Going ahead, The CBIC plans to additional decrease the brink for e-invoice era to Rs 5 crore.
Deloitte India Associate MS Mani stated this may additional broaden the GST tax base and supply extra information to the tax authorities enabling higher compliance.
“The progressive discount of the e-invoicing threshold signifies that, over a time period, e-invoicing will grow to be obligatory for all classes of GST taxpayers,” Mani added.
