Businesses with over Rs 20 cr turnover to mandatorily generate e-invoice from Apr 1, the Central Board of Indirect Taxes and Customs has said. Under Goods and Services Tax (GST) regulation, e-invoicing for business-to-business (B2B) exchanges was made compulsory for organizations with a turnover of over Rs 500 crore from October 1, 2020, which was then reached out to those with a turnover of over Rs 100 crore from January 1, 2021.
From April 1 last year, organizations with a turnover of more than Rs 50 crore were producing B2B e-invoices. This is presently being reached out to organizations with a turnover of over Rs 20 crore.
With this, more providers would be expected to raise e-statements with impact from April 1, 2022. On the off chance that the receipt isn’t substantial, input tax reduction on the equivalent can’t be profited by the beneficiary alongside applicable punishments.
