The e-invoicing system under GST was implemented in October 2020 for taxpayers with an aggregate turnover exceeding Rs 500 crore. Later, this was extended to businesses with turnover exceeding Rs 100 crore from January 2021. Earlier this year when companies with B2B transactions of Rs 5 crore were also mandated to produce an electronic invoice. The Central Board of Indirect Taxes and Customs tweeted about the change in the rule stating that GST taxpayers whose aggregate turnover stands more than Rs 5 crore in any financial year will have to mandatorily produce e-invoice from August 1, 2023.
Source a2ztaxcorp
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