E-invoicing under GST for turnover above Rs 1.5 crore may be from next year
E-invoicing under GST: E-Invocing may be mandatory from next year for GST businessmen with an annual turnover of more than Rs 1.5 crore, as per the sources. Now, ‘e-invoicing’ is mandatory for B2B transactions for taxpayers with turnover above Rs 5 crores, earlier the limit was Rs 10 crore. It is a part of the initiative to replace physical invoices with ‘e-invoices,’ which will eventually help in dispensing with the e-way bill system.
The GST e-Invoice System has also enabled the ‘E-Invoice voluntary enablement’ for Financial Year 2022-23. The mandatory current e-invoice limit is Rs 5 crore which implemented on the phased manner as follows: