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Turnover Limit for E Invoice

09 March 2021

Sir According to New Notification Turnover Limit is 50 Cr. for E Invoice. Is This Limit Check for Previous Financial Year or From 2017-18 F.Y

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6 Replies

Sandeep shetty (Sr Accountant) (292 Points)
Replied 09 March 2021

Hi,

Taxpayers whose aggregate turnover (based on PAN) in any preceding financial year (since 2017-18) exceeding the prescribed limit

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 09 March 2021

Now the limit is increased to 100 crores rupees

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Jithendra Chary (58 Points)
Replied 09 March 2021

According to Yesterday Notification the Turnover Limit is 50 Cr is it Correct Pls Clarify Me

Divyam Agarwal (Practicing Chartered Accountant) (959 Points)
Replied 09 March 2021

Turnover from GST Regime is to be checked (i.e. from July 01, 2017 onwards)

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 09 March 2021

E-Invoicing has been made applicable from 1st October 2020 to all businesses whose aggregate turnover has exceeded Rs.500 crore limit in any of the preceding financial years from 2017-18 to 2019-20. Notification No.61/2020 – Central Tax prescribed the turnover limit for the implementation of e-Invoicing from 1st October 2020. Notification No.71/2020 – Central Tax prescribes the time period considered for determining eligibility under e-Invoicing.

Further, from 1st January 2021, e-Invoicing will be applicable to businesses exceeding the Rs.100 crore turnover limit in any of the financial years between 2017-18 to 2019-20, as intimated in Notification No.88/2020 – Central Tax.