GST Update: E-Invoicing may be Notified for Businesses with Turnover b/w Rs. 10 Cr and Rs. 20 Cr

In a significant move, the Goods and Services Tax (GST) department may notify e-invoicing for the businesses with turnover between Rs. 10 crores and 20 crores.

“E-invoicing is likely to be soon notified for taxpayers with turnover between Rs. 10 Cr and Rs. 20 Cr. As testing for the same has been enabled on Sandbox,” a report said.

The Central Board of Indirect Taxes and Customs ( CBIC ) has enabled the facility to Registration and Login for Taxpayers with Turnover Rs. 20to 50 crores. In March, the CBIC had 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.

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