GST rules changing from April 1, to impact lakhs of companies in India
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Central Board of Indirect Taxes and Customs has said that businesses with turnover of over Rs 20 crore will have to generate electronic invoice for B2B transactions from April 1, 2022.
Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions was made mandatory for companies with turnover of over Rs 500 crore from October 1, 2020, which was then extended to those with turnover of over Rs 100 crore from January 1, 2021. The new GST rule is going to impact lakhs of companies in India.
From April 1 last year, companies with turnover of more than Rs 50 crore were generating B2B e-invoices. This is now being extended to companies with turnover of over Rs 20 crore.
With this, more suppliers would be required to raise e-invoices with effect from April 1, 2022. If the invoice is not valid, input tax credit on the same cannot be availed by the recipient beside applicable penalties.
In its circular, CBIC has said, “G.S.R.....(E).- In exercise of the powers conferred by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, the Government, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2020 – Central Tax, dated the 21st March, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 196(E), dated 21st March, 2020, namely:- In the said notification, in the first paragraph, with effect from the 1st day of April, 2022, for the words “fifty crore rupees”, the words “twenty crore rupees” shall be substituted.”
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