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ELECTRONIC INVOICING made mandatory under GST

 
The Central Board of Indirect Taxes and Customs (CBIC) has notified compulsory e-invoicing of Goods and Services Tax (GST) from 1 October for businesses with at least ₹500 crore sales.
The government has notified an e-invoicing system under the goods and services tax (GST) regime which makes it mandatory for large businesses with turnover of over Rs 500 crore to submit sales invoices electronically.

The notification comes as a relief for small businesses as the turnover threshold has been hiked from the earlier proposed Rs 100 crore and above for mandatory e-invoicing. The system is expected to be rolled out from October 1, leaving barely a couple of months for businesses to modify their systems.

Units in special economic zones have been exempt from complying with e-invoicing, according to the notification released on July 30. The move comes as the government is looking at ways to plug evasion amid dismal GST collections with the pandemic driving economy towards recession.

The e-invoicing mechanism would also help business and taxpayers by pre-populating the returns, resulting in reducing reconciliation problems.

notification comes as relief for small firms as the turnover threshold has been hiked from the earlier proposed Rs 100 cr

Comments

  1. Unknown1 August 2020 at 10:17

    Good information

    ReplyDelete
  2. Fayas1 August 2020 at 10:23

    Helpful 👍

    ReplyDelete
  3. Unknown1 August 2020 at 11:27

    Informative

    ReplyDelete
  4. Unknown1 August 2020 at 22:14

    Good information, thank you.

    ReplyDelete
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