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Oct 1 deadline for compulsory e-invoice generation nears for firms with Rs 10 cr turnover
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IANS | 26 Sep, 2022
Businesses having aggregate annual turnover of Rs 10 crore and more will
have to compulsorily generate e-invoices for business-to-business (B2B)
transactions from October 1 onwards, according to the Finance Ministry.
As of now, businesses with turnover of Rs 20 crore and more are required to generate e-invoices for all B2B transactions.
Central
Board of Indirect Taxes and Customs (CBIC) had on August 1 issued a
notification regarding the October 1 deadline and lowering the turnover
threshold and making it mandatory for businesses having a turnover of Rs
10 crore, to generate e-invoices.
It was the decision of the GST Council to implement e-invoices for B2B transactions.
E-invoicing
for B2B transactions was made compulsory for companies with turnover of
Rs 500 crore from October 1, 2020 onwards. This threshold was then
lowered to entities with turnover of Rs 100 crore from January 1, 2021
onwards.
This limit was further downwardly revised to companies
having a turnover of Rs 50 crore from April 1, 2021 and then to entities
having turnover of Rs 20 crore from April 1, 2022 onwards.
One
of the key benefits of this reduction in threshold of turnover limits is
that it will gradually increase the GST tax base. It would also lead to
less paperwork, seamless transmission of invoices and will also lead to
auto generation of e-way bills.
Sources said that e-invoices
bear a unique invoice reference number which is generated through
invoice registration portal. This leads to reduction in transcriptional
errors and automatic reporting to GST portal.
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