[ad_1]
“There isn’t a proposal earlier than the Authorities, at current, to cut back this threshold restrict to Rs 5 crore with impact from 01.01.2023, as no such advice has been made by GST Council as but,” the Central Board of Oblique Taxes and Customs (CBIC) tweeted.
The tweet got here after media experiences in some quarters mentioned that although GST Council has advisable decreasing the edge for the era of e-invoices to Rs 5 crore with impact from January 1, 2023, the federal government has but to difficulty a notification on the matter.
Beneath Items and Companies Tax (GST) regulation, e-invoicing for business-to-business (B2B) transactions was made obligatory for firms with a turnover of over Rs 500 crore from October 1, 2020, which was then prolonged to these with a turnover of over Rs 100 crore, efficient January 1, 2021.
From April 1, 2021, firms with turnover of over Rs 50 crore have been producing B2B e-invoices, and the edge was introduced right down to Rs 20 crore starting April 1, 2022. From October 1, 2022, the extent was additional lowered to Rs 10 crore.
