GST: CBIC reduces Mandatory E-Invoice for Businesses having Rs. 20 Cr Turnover to Rs. 10 Cr [Read Notification]

The Central Board of Indirect Taxes and Customs ( CBIC ) has made mandatory E-invoicing for businesses with aggregate turnover exceeding ₹10 crore with effect from October 1. Presently, e-invoice is compulsory for businesses with an annual turnover of over ₹20 crore.

Earlier, in March, the Board had enabled the facility to Registration and Login for Taxpayers with Turnover Rs. 20to 50 crores and notified the reduction in the Applicability of GST E-invoicing threshold from Rs.50 Crores to Rs.20 Crores with effect from April 1, 2022.

‘E-invoicing’ facilitates the exchange of the invoice document (structured invoice data) between a supplier and a buyer in an integrated electronic format by way of standard e-invoice schema (INV-01) through looping the government authorities i.e. invoicing portal to keep a check on suspicious taxpayers.

“In the said notification, in the first paragraph, with effect from the 1^st day of October, 2022, for the words “twenty crore rupees”, the words “ten crore rupees” shall be substituted.”

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