E-Invoicing Mandatory For Businesses With Annual Turnover Of More Than Rs.10 Crores: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has made e-invoicing mandatory for businesses with a turnover of more than Rs. 10 crores.The Board empowered under sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017 amended the notification no. 13/2020 – Central Tax, dated the 21st March, 2020. The notification sought to exempt certain classes of...
The Central Board of Indirect Taxes and Customs (CBIC) has made e-invoicing mandatory for businesses with a turnover of more than Rs. 10 crores.
The Board empowered under sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017 amended the notification no. 13/2020 – Central Tax, dated the 21st March, 2020. The notification sought to exempt certain classes of registered persons from issuing e-invoices and the date for implementation of e-invoicing was extended to 01.10.2020.
"In the notification, in the first paragraph, with effect from the 1st day of October, 2022, for the words "twenty crore rupees," the words "ten crore rupees" shall be substituted," the CBIC said.
The CBIC has reduced the limit of aggregate turnover for the purpose of applicability of provisions of e-invoice from the existing Rs. 20 crores to Rs. 10 crores.
In respect of the supply of goods or services or both to a registered person or for exports, the registered person with an aggregate turnover exceeding Rs.20 crores is required to prepare invoices and other prescribed documents in accordance with Rule 48 (4) of the CGST Rules, 2017.
It is not applicable to a government department, a local authority, a special economic zone unit, and those referred to in sub-rules (2), (3), (4), and (4A) of rule 54.
Notification No. 17/2022 – Central Tax
Dated: 01.08.2022