GST Rules News: E-Invoice has been made mandatory from October 1, 2022, for companies with a turnover of more than Rs 10 crore under the Goods and Services Tax (GST).
GST Rules News: From October, there is going to be a big change in the rules of GST. Under this, businesses with a turnover of more than Rs 10 crore will now have to generate electronic invoice (E-Invoice) for B2B transactions from October 1. The Central Board of Indirect Taxes and Customs has given this information by issuing a circular. E-Invoice has been made mandatory from 1 October 2022 for companies with a turnover of more than Rs 10 crore under the Goods and Services Tax (GST).
Information given by the department
Let us inform that earlier in March, the facility of registration and login was enabled for taxpayers with turnover of 20 to 50 crores. At the same time, with effect from April 1, 2022, the board had reduced the limit of GST e-invoicing from 50 crores to 20 crores. Notably, since April 1 last year, companies with a turnover of more than Rs 50 crore were generating B to B invoices. Which is now being extended to companies with a turnover of more than Rs 10 crore.
Know why this decision was taken?
The Government of India is constantly making changes in the rules of Goods and Service Tax. Actually, the purpose of the government is to reduce tax evasion. Regarding this, in October 2020, the government had decided that such companies whose turnover is more than 500 crores will be required to generate e-invoices on their B2B transactions.
Information has to be given to the portal
Let us tell you that at present this limit is 20 crores. Which CBDT has decided to reduce again to 10 crores. Let us tell you that Goods and Service Tax tax payers will be able to send online through E-Invoice registration portal. Keep in mind that under invoicing, the taxpayers have to generate the bill through their internal system and have to report it to the Online Invoice Registration Portal (IRP).
