- Companies with turnover of over Rs 5 crore should generate digital or e-invoice for B2B transactions with impact from August 1.
- Presently, companies with turnover of Rs 10 crore and above are required to generate e-invoice for all B2B transactions.
New Delhi, Could 11 (PTI) Companies with turnover of over Rs 5 crore should generate digital or e-invoice for B2B transactions with impact from August 1. Presently, companies with turnover of Rs 10 crore and above are required to generate e-invoice for all B2B transactions.
The finance ministry via a notification dated Could 10 has notified a discount in threshold for e-invoicing. Efficient August 1, any taxpayer with turnover exceeding Rs 5 crore ought to elevate e-invoices for B2B provides.
“For firms e-invoicing is a boon slightly than a bane as suppliers who’re e-invoicing compliant lead to correct stream of enter tax credit score and cut back the churn round credit score points,” Jaising added.
AMRG & Associates Senior Companion
E-invoicing was initially carried out for giant firms with turnover of greater than Rs 500 crore, and inside 3 years the edge has now been lowered to Rs 5 crore.
“Inclusion of MSME sector within the e-invoicing regime would profit the general enterprise ecosystem by decreasing prices, rationalising errors, guaranteeing quicker bill processing, and in addition limiting business disputes in the long run,” Mohan added.
From April 1, 2021, firms with turnover of over Rs 50 crore have been producing B2B e-invoices, and the edge was introduced all the way down to Rs 20 crore starting April 1, 2022. From October 1, 2022, the edge was additional lowered to Rs 10 crore.
EY Tax Companion Saurabh Agarwal mentioned the business must overview their vendor masters and be certain that any vendor supplying items or providers and crossing the edge turnover of Rs 5 crore is essentially issuing a e-invoice from August 2023 to keep away from any dispute with respect to availment of enter tax credit score (ITC).
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