New GST rules: What has changed for companies with more than ₹5 crore turnover from today?
₹5 crore, to produce an electronic invoice. Earlier, companies with an annual revenue of ₹10 crore or above were required to generate e-invoice.
On July 28, the Central Board of Indirect Taxes and Customs tweeted about the change in rule. In its tweet, the CBIC informed that GST Taxpayers whose aggregate turnover is more than ₹5 crore in any financial year, have to mandatorily produce e-invoice for B2B supply of goods or Services or both, or for exports from 1 August 2023.
The notification was released for the lower threshold businesses by the CBIC in May. The move will help in boosting collections and compliance under the GST.
Reducing the threshold limit for issue of e-invoice for B2B transactions from ₹10 crore to ₹5 crore will helpt the GST department in raising revenue and tackling tax invasion. Other than this, the government has also started using robust data analytics and artificial intelligence to identify and track risky taxpayers.
Read more on livemint.com
