E-Invoicing compulsory for turnover above Rs. 10 crores w.e.f. 01-10-2022
E-Invoicing was a major step by the GST department toward the digitalization of the tax system. In the initial phases, e-invoicing was made compulsory for a turnover threshold of Rs. 500 Crores which was later reduced to Rs. 100 crores and then to Rs. 50 crores.
Moving further, the Government reduced the threshold limit for e-invoicing from Rs. 50 Crores to Rs. 20 Crores which was made effective from 1st April 2022. For this purpose, the CBIC issued Notification No. 01/2022- Central Tax dated 24th February 2022.
Now, The CBIC has made yet another decision to reduce the threshold limit for e-invoicing from Rs. 20 Crores to Rs. 10 Crores. This will be effective from 01st October 2022. For this purpose, the CBIC has issued Notification No. 17/2022- Central Tax dated 1st August 2022.
According to the said notification, if your aggregate turnover exceeds Rs. 10 Crores in any financial year from the period beginning from 1st July 2017, then you are liable for e-invoicing and thus, complying with e-invoicing rules under GST law.
