- Central Board of Indirect Taxes & Custom (CBIC) has lowered the threshold for mandatory issuance of e- invoice (electronic invoice) under Goods & Services Tax (GST) to Rs. 20 crore from the earlier prescribed limit of Rs. 50 crore.
- This will come into effect from April 01, 2022.
- This means that business with turnover of more than Rs 20 crore will have to issue e-invoice through their internal systems or billing software and then report them online to the invoice registration portal. This is required to avail of input tax credit (ITC).
Points to remember:
- What is the turnover threshold announced by CBIC for firms for the generation of e-invoice?- Rs 20 crore
Source: hindu business line