- CBIC has mandated e-invoicing for registered persons with aggregate turnover exceeding Rs. 5 crore from 1st August 2023.
- E-invoicing is an electronic authentication mechanism under GST laws, where registered persons report specified particulars of GST invoices on the Invoice Registration Portal and obtain an Invoice Reference Number.
- The prescribed limit for e-invoicing has been reduced from Rs. 500 crore to Rs. 5 crore in a phased manner through subsequent notifications.
- The aim is to curb fake invoicing and misuse of input tax credit, but it may burden small enterprises with additional tax compliances.
Source Mondaq
Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
