Government soon to impose mandatory e-invoicing for units having turnover more than 10 crore
The government introduced E-invoice mandatory for the registered dealers whose turnover was more than 500 crore in financial year 2020, after that the scope of e-invoice mandate widen and with effect from 1st January 2021 e-invoicing made applicable to the taxpayers having turnover more than 100 crore, similarly w.e.f 1st April 2021 it was applicable to the taxpayers whose annual turnover exceeds Rs. 50 crore and then from 1st April 2022 its made applicable to the taxpayers having turnover exceeding Rs.20 crore.
The government is trying to cover all taxpayers to come under e-invoicing, in phased manner to curb on GST fraud and Transparency in billing system under GST.
As per recent update from the Business Line, “E-invoicing ‘soon to be mandated’ for units with over ₹10-cr turnover”
Firms not complying with e-invoicing will be considered invalid and not be eligible for ITC
Businesses with an annual turnover of more than ₹10 crore and then for more than ₹5 crore will soon be required to issue e-invoice.
Source : Business Line