GST: E-invoice mandatory for turnover above 10 crore from October 1

The centre has made E-invoicing mandatory for businesses with aggregate turnover exceeding Rs 10 crore from October 1, a move which will further plug in revenue leakage and will ensure better tax compliance from businesses.

Presently, e-invoice is compulsory for businesses with an annual turnover of over Rs 20 crore.

Initially e-invoicing was made mandatory for businesses having an annual turnover of Rs 500 crore, then it was brought down to ₹100 crore and then to Rs 20 crore and finally to Rs 10 crore.

The move to reduce turnover threshold and increase the ambit of e-invoicing is mainly aimed at resolving mis-match errors and to check tax evasion.

Category: snjca

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