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GST e-invoicing limit to be reduced to Rs. 5 crore.

As on date, e-invoice is mandatory for businesses with an annual turnover of over Rs.20 crores. (Notification No.01/2022 - CT)

Revenue Secretary Tarun Bajaj said e-invoicing started with those having an annual turnover of Rs.500 crore, then brought down to Rs.100 crore and to Rs.20 crore. Now the plan is to bring it down first to Rs.10 crore and then to Rs.5 crore.

“Timeline for lowering the threshold to Rs.10 crore is there, but before that, we want stability in the IT system. The number of assesses between Rs.10 crore and Rs.20 crore would go up substantially, so we want to be sure that our IT system is good. GSTN is working on the plan and they should be ready in the next 3-4 months,” he told BusinessLine in an interview.

With more than 300 accounting / billing softwares, there is no way to have connectors for all. In this scenario, ‘e-invoicing’ aims at machine-readability and uniform interpretation. 

To ensure this complete ‘inter-operability’ of e-invoices across the entire GST eco-system, an invoice standard is a must. By this, e-invoices generated by one software can be read by a.......
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TaxReply


Jul 4, 2022

Comments


GOOD WORKING
By: Balaji Overseas
Jul 9, 2022
↳
Replied to BALAJI OVERSEAS
Thank You !
By: Taxreply
Jul 16, 2022
From which date the notification will be applicable?
By: Valsan A K
Jul 11, 2022
↳
Replied to VALSAN A K
Notifications not issued yet. This is the plan to be implemented in this year by govt.
By: Taxreply
Jul 16, 2022


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