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E-invoicing limit to be reduced to Rs. 1 Crore soon.

Businesses with annual turnover of over Rs.5 crore will have to move to e-invoicing under GST from January 1 2023. The GST Network has asked its technology providers to make the portal ready to handle the increased capacity by December, a government official privy to the development, told ET.

The official said the target is to bring all businesses with turnover above Rs.1 crore under this framework by next fiscal year, which will further plug revenue leakages and improve compliance.

The GST Council had decided to implement electronic invoice in a phased manner. The aim is to bring all the small businesses under the formal economy. "As per the GST Council recommendation, e-invoicing will become mandatory for businesses over Rs.5 crore turnover from January 1," the official said.

E-invoicing uses a standardised format that a machine can read.

It would help in syncing sales data of a small business vendor and large corporate clients, which is used to claim tax credit. This, the official said, would help in swift detection of false ITC cl.......
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Oct 11, 2022

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Oct 30, 2022


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