CBIC Lowers The E-Invoicing Threshold To Rs. 5 Crores w.e.f. August 1, 2023
The Central Board of Indirect Taxes and Customs (CBIC) has notified the reduction of the e-invoicing threshold from Rs. 10 crores to Rs. 5 crores w.e.f. August 1, 2023.Currently, businesses having a turnover of more than Rs 10 crore are required to generate e-invoices for business-to-business (B2B) transactions.The e-invoicing threshold was reduced to Rs. 50 crore under the third phase from...
The Central Board of Indirect Taxes and Customs (CBIC) has notified the reduction of the e-invoicing threshold from Rs. 10 crores to Rs. 5 crores w.e.f. August 1, 2023.
Currently, businesses having a turnover of more than Rs 10 crore are required to generate e-invoices for business-to-business (B2B) transactions.
The e-invoicing threshold was reduced to Rs. 50 crore under the third phase from April 1, 2021, and then further brought down to Rs. 20 crore beginning April 1, 2022, under the fourth phase. In the fifth phase, e-invoicing was implemented on October 1, 2022, for businesses with more than Rs 10 crore in turnover, and now, from August 2023, it is further reduced to Rs 5 crore.
Notification No. 10/2023 – Central Tax
Date: 10/05/2023
Click Here To Read The Notification