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Many small and mid-sized firms neglect e-invoicing rules in GST.

Over 1,00,000 small and medium-sized businesses are non-compliant with e-invoicing norms in GST, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore.

“The default has been reported mainly in businesses with a turnover between Rs 5 crore and Rs 20 crore,” a senior official informed Business Standard.

Around 20-30% of businesses within the turnover threshold are not compliant yet.

There are around 6,00,000 companies with an annual turnover of between Rs 5 crore and Rs 20 crore.

For 2,00,000 companies, the turnover is between Rs 20 crore and Rs 50 crore.

The authorities are issuing intimation letters to such businesses seeking compliance, failure of which would lead to “consequences”, he warned.

CBIC recently issued a set of instructions for Action in respect of non-issuance of e-invoices by notified class of taxpayers who are mandatorily required to issue e-invoice as per legal provisions.
E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of.......
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Nov 17, 2023


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