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Aakash kothari


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Businesses who do not use e-invoicing will be deemed invalid and ineligible for ITC.

GST: E-invoicing will soon be required for businesses with a turnover of more than Rs.5-crore

Businesses having a yearly revenue of more than 10 crore rupees and a yearly revenue of more than 5 crore rupees will soon be obliged to send e-invoices. As of right now, companies with a yearly turnover of more than 20 crore rupees must use e-invoicing.

According to the Central Board of Indirect Taxes chairman Vivek Johri, To further plug leaks, assure improved compliance, and inform policymaking, the GST e-invoicing will likely become mandatory for businesses with a turnover of above Rs 5 crore beginning January 1, 2023, down from the current threshold of Rs 20 crore.

The tax authorities will also be able to better analyze trends in ITC utilization across sectors and weed out fraudulent ITC claims, which have become a major issue for the government. In the last one and a half years, fake ITC worth over Rs 50,000 crore has been discovered.

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Deadline For Filing ITR (FY21) Is Extended To December 31st
E-Invoice Limit Reduced To 10 Cr. From 20 Cr.

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