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<\/p>\n\n\n\n
Presently, e-invoice is compulsory for businesses with an annual turnover of over \u20b920 crore.<\/p>\n\n\n\n
Electronic invoicing (e-Invoicing) is the exchange of the invoice document between a supplier and a buyer in an integrated electronic format.<\/p>\n\n\n\n
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 \u20b9100 crore and then to Rs 20 crore and finally to Rs 10 crore.<\/p>\n\n\n\n
The center has made E-invoicing mandatory for businesses with aggregate turnover exceeding Rs 10 crore from October 1<\/p>\n\n\n\n
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.<\/p>\n\n\n\n