GST E-Invoice Rule Update: Companies with Turnover > ₹5 Crore Now Mandated to Generate E-Invoices
On July 28, 2023, the Central Board of Indirect Taxes and Customs (CBIC) announced a significant change in the Goods and Services Tax (GST) rules in India. As per the new guidelines, companies with a turnover of more than ₹5 crore will be required to generate electronic invoices (e-invoices) for their business-to-business (B2B) transactions or exports.
Previously, this requirement applied only to companies with an annual revenue of ₹10 crore or above. The CBIC’s move aims to boost tax collections and compliance under the GST regime. The inclusion of Micro, Small, and Medium Enterprises (MSMEs) in the e-invoicing regime is seen as a positive development that can benefit both businesses and the government.
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