Quick Summary
Businesses with annual turnover of over Rs. 5 crore will have to move to e-invoicing under goods and services tax (GST) from January 1. The GST Network has asked its technology providers to make the portal ready to handle the increased capacity by December, a government official privy to the development said. The official said the target is to bring all businesses with turnover above Rs. 1 crore under this framework by next fiscal year, which will further plug revenue leakages and improve compli
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FAQ :
E-invoicing will become mandatory for businesses with an annual turnover exceeding Rs. 5 crore from January 1.
The aim is to bring more small businesses under the formal economy, plug revenue leakages, and improve GST compliance.
Since October 1, businesses with an aggregate annual turnover of Rs 10 crore and above have been using e-invoicing for business-to-business (B2B) transactions.
E-invoicing uses a standardised format that machines can read, which helps in syncing sales data for claiming tax credit and detecting false claims.
The target is to bring all businesses with a turnover above Rs. 1 crore under this framework by the next fiscal year.
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