Office Address
123/A, Miranda City Likaoli Prikano, Dope
Phone Number
+0989 7876 9865 9
+(090) 8765 86543 85
Email Address
info@example.com
example.mail@hum.com
123/A, Miranda City Likaoli Prikano, Dope
+0989 7876 9865 9
+(090) 8765 86543 85
info@example.com
example.mail@hum.com
Effective from August 1, 2023, any taxpayer with a
turnover exceeding Rs 5 crore should raise an e-invoice for B2B supplies, said
the Union Ministry of Finance in a notification.
The move is aimed at digitising higher volumes of
transactions, greater transparency in sales reporting, minimising errors and
mismatches, automating data entry work, and improving compliance. Under the
goods and services tax, e-invoicing (electronic billing) for B2B transactions
was made mandatory for companies with turnover of over Rs 500 crore from
October 1, 2020.
It was then extended to those with a turnover
of over Rs 100 crore, effective January 1, 2021.
Taxpayers must generate invoices on their internal
systems or billing software and then report them to the invoice registration
portal (IRP), a requirement to avail of the input tax credit, as per a report.
