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Presently, e-invoice is obligatory for companies with an annual turnover of over Rs 20 crore.
In a notification issued on Monday, the centre stated it has amended the rule on the suggestions of the Council.
The GST Council, in its thirty seventh assembly on September 20, 2019, had advisable the introduction of an digital bill in GST in a phased method.
Initially e-invoicing was made obligatory for companies having an annual turnover of Rs 500 crore, then it was introduced all the way down to ₹100 crore after which to Rs 20 crore and at last to Rs 10 crore.
Officers declare that by subsequent 12 months, companies with turnover of Rs 5 crore can even be mandated to have e-envoicing.
Specialists declare that with this transfer tax authorities can even have the ability to higher analyse the developments and use or misuse of enter tax credit score throughout sectors and plug in income leakage.
Within the final two years alone, tax officers have detected Pretend
value over Rs 50,000 crore.
“The transfer to scale back turnover threshold and improve the ambit of e-invoicing is especially geared toward resolving mis-match errors and to verify tax evasion,” Saurabh Agarwal, Tax Associate, EY.
Contemplating the timelines, involved companies must begin getting ready and ramp up their IT techniques to allow compliance with the e- invoicing norms, Agarwal provides.
