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E-invoice enabled for businesses with annual turnover of Rs 5 crore

Follow us on -  LinkedIn  - Youtube  - Twitter  - Blog  -       Introduction: In a significant move to promote digitalization and streamline the tax system, the Indian government has introduced the concept of e-invoicing. Initially implemented for businesses with a turnover of Rs 100 crore or more, the government has now extended e-invoicing to businesses with an annual turnover of Rs 5 crore. This blog post explores the implications of this development and its potential benefits for businesses. What is E-Invoicing? E-invoicing is an electronic method of generating and sharing invoices between businesses and their suppliers or customers. It involves the creation of a standardized digital invoice format, which is then authenticated by the Goods and Services Tax Network (GSTN), the government's designated agency for manag
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Big Relief for E-Invoicing in GST

  Follow us on -  LinkedIn  - Youtube  - Twitter  - Blog  -     Regards  Aseem Aggarwal CA, CPA, CS, B.Com(H) +91 7508000350 LinkedIn  - Youtube  - Twitter  - Blog  -

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  Follow us on -  LinkedIn  - Youtube  - Twitter  - Blog  -   The tax authorities will also be able to better analyse the trends and availment of input tax credit across sectors and weed out fake ITC claims, which had emerged as a major issue for the government. Fake ITC worth over Rs 50,000 crore was detected in the past one-and-half years alone. The GST e-invoicing will likely be mandatory for firms with a turnover of over Rs 5 crore from January 1, 2023, down from the current threshold of Rs 20 crore to further plug leakages, ensure better compliance and policy formulation, Central Board of Indirect Taxes chairman Vivek Johri told FE. “I think expanding the coverage to over Rs 5 crore will give us very good data for policy making. We can analyse the data at the level of four-digit HS (Harmonised System) and get some sens

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