GST E-Invoicing Mandatory from January 1, 2021 for Firms With Turnover Exceeding Rs 100 Crore
The Central Board of Indirect Taxes and Customs (CBIC) has made GST e-invoicing mandatory for firms with a turnover exceeding Rs 100 Crore, starting from January 1, 2021. Earlier companies with a turnover of Rs 500 crore or more were required to go for GST e-invoice.
New Delhi, November 11: The Central Board of Indirect Taxes and Customs (CBIC) has made GST e-invoicing mandatory for firms with a turnover exceeding Rs 100 Crore, starting from January 1, 2021. Earlier companies with a turnover of Rs 500 crore or more were required to go for GST e-invoice. It will be applicable to all taxpayers other than SEZ unit whose aggregate turnover in any of the Financial Year from 2017-18 exceeds Rs. 100 Crores. The Board issues a notification informing about the change in the limit. GST E-Invoicing Compulsory From October 1 for Businesses with Rs 500 Crore Turnover.
The change will widen the scope of GST e-invoicing and will lead to an inclusio many medium enterprises as well. The electronic invoicing system for business to business transactions was implemented on a mandatory basis for companies with turnover above Rs 500 crore from October 1.
(The above story first appeared on LatestLY on Nov 11, 2020 05:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).