GST: Government Lowers Threshold For E-Invoicing To Rs 5 Crore
As part of the phased reduction in the turnover limit for e-invoicing, the government informed on Wednesday night via a circular that e-invoicing will be required from registered entities with an annual turnover of Rs 5 crore from Aug. 1, 2023. Earlier, this limit was fixed at Rs 10 crore, as per the notification issued by the ministry in August 2022, according to a report published in BQ Prime.
It will be mandatory for smaller businesses to carry out business transactions via e-invoices from August 1, 2023. In the exercise of the powers of the Central Goods and Services Tax Rules, 2017, the government has made the amendment in the notification on the recommendations of the Council.
The threshold was lowered to Rs 10 crore on October 1, 2022.
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