E-invoicing in GST
The Central Board of Indirect Taxes and Customs (CBIC) has made e-invoicing compulsory for firms with a turnover exceeding Rs. 100 Crores with effect from 1st January, 2021. Earlier, the entities with turnover exceeding Rs. 500 crores were required to generate e-invoices from 1st October, 2020. The above provision will be applicable to all taxpayers 0ther than SEZ unit whose aggregate turnover in any of the Financial Year from 2017-18 exceeds Rs. 100 Crores. The Board has issued a necessary notification in this regard. The change in the GST e-invoicing limit will cover a large number of mid sized entities and is expected to bring more transparency and parity in the indirect tax system.
Notification No. 88/2020- Central Tax dated 10th November, 2020
"In exercise of the powers conferred by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, the Government, on the recommendations of the council, hereby makes the following further amendments in the notification of the Government of India No. 13/2020- Central Tax dated 21st March, 2020:- In the said notification, in the first paragraph, with effect from the 1st day of January, 2021, for the words "five hundred crore rupees", the words "one hundred crore rupees" shall be substituted."
