GST E-invoicing Scope Widens - New Turnover Limit for GST E-Invoice | New GST e-invoicing Threshold
GST E-invoicing's Scope Widens - New Turnover Limit for GST E-Invoice | New GST e-invoicing threshold | GST E-invoicing's scope widens to include taxpayers with Turnover upto 5 Cr | New Limit for GST e-Invoice discussed by CA. Satuti Mahajan.
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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