GST E-invoicing's scope widens to include taxpayers with Turnover upto 5 Cr
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Central Board of Indirect Taxes & Customs has recently announce the applicability of GST e-invoicing for registered taxpayers upto INR5 crores with effect from 1 August 2023.
Notification No. 10/2023 – Central Tax dated 10 May 2023, issued by Central Board of Indirect Taxes and Customs (CBIC) has lowered the threshold turnover limit for the purpose of applicability of e-invoicing.
Hence, with effect from 01 August 2023, provisions relating to e-invoicing will be applicable to taxpayers having aggregate turnover exceeding INR5 crores in any 2022 preceding financial year from 2017-18 onwards.
Considering the timelines, the impacted businesses may have to tighten its seat belt to gear up their IT systems in order to comply with the applicable e-invoicing regime.
Notification No. 10/2023 – Central Tax dated 10 May 2023, issued by Central Board of Indirect Taxes and Customs (CBIC) has lowered the threshold turnover limit for the purpose of applicability of e-invoicing.
Hence, with effect from 01 August 2023, provisions relating to e-invoicing will be applicable to taxpayers having aggregate turnover exceeding INR5 crores in any 2022 preceding financial year from 2017-18 onwards.
Considering the timelines, the impacted businesses may have to tighten its seat belt to gear up their IT systems in order to comply with the applicable e-invoicing regime.
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