E-Invoicing Soon Mandatory On 5 Crore Turnover for B2B Businesses in India

0 163

The Centre is reportedly considering making GST e-invoicing compulsory for entities with a turnover of Rs 5 crore from this financial year. Which means that businesses with over Rs 5 crore in annual turnover will soon have to generate GST E-Invoices for B2B Transactions, according to officials.

As On Date, E-Invoice Is Mandatory For Businesses With An Annual Turnover Of Over Rs.20 Crores. E-invoicing eventually began with companies with a Rs. 500 crore annual turnover and was then scaled back to Rs. 100 crore and Rs. 20 crore, according to Revenue Secretary Tarun Bajaj . It is now planned to reduce it first to Rs. 10 crore and eventually to Rs. 5 crore.

The purpose of the reform is to keep digital records of numerous transactions, increase sales information transparency, reduce mismatches and mistakes, automate data entry labour, and enhance compliance. According to authorities, the GST Network (GSTN), which supports e-invoicing, would be prepared for the following phase in three to four months.

The e-invoicing system has been implemented in October 2020 and became mandatory for businesses with an annual revenue of at least Rs 500 crore. Later, for mutual commercial transactions in 2021, this cap was reduced to Rs 100 crore and later to Rs 50 crore. E-invoicing is now required for companies with a Rs 20 crore annual turnover.

According to reports, the GSTN has started the process of hiring at least six registration portals to offer an e-invoicing option to support larger transaction volumes. There is just one challan registration portal available right now for all firms.

However, the simplest option for issuing e-Invoices we can go for is the practice of printing invoices with logos by taxpayers, which is still permitted. All taxpayers are required to input their invoices on IRP in electronic format as part of the e-invoicing system.

If you are looking for an e-invoicing software solution, Marg ERP is the right choice. Marg ERP is providing GST services to small and medium businesses for the last 30 years. Marg ERP is integrated into E-invoicing. You will not need any other software.

Contact us with your feedback and suggestions.

Leave A Reply

Your email address will not be published.