Till, in March, the Board had enabled the facility to Registration and Login for Taxpayers with Turnover Rs. 20 to 50 crores and 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
Presently, e-invoice is compulsory for businesses with an annual turnover of over ₹20 crore.
Electronic invoicing (e-Invoicing) is the exchange of the invoice document between a supplier and a buyer in an integrated electronic format.
The GST Council, in its 37th meeting on September 20, 2019, had recommended the introduction of an electronic invoice in GST in a phased manner.
Initially e-invoicing was made mandatory for businesses having an annual turnover of Rs 500 crore, then it was brought down to ₹100 crore and then to Rs 20 crore and finally to Rs 10 crore.
The center has made E-invoicing mandatory for businesses with aggregate turnover exceeding Rs 10 crore from October 1
Officials claim that by next year, businesses with turnover of Rs 5 crore will also be mandated to have e-invoicing. Considering the timelines, concerned businesses will have to start preparing and ramp up their IT systems to enable compliance with the e- invoicing norms.
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