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FinMin notifies GST e-invoicing threshold at Rs 5 cr.
Taxpayer with Rs 5 crore+ turnover to raise e-invoice for B2B supplies
Dr.G.R.Balakrishnan Nov 30 -0001 DG Shipping / Ministry News

FinMin notifies GST e-invoicing threshold at Rs 5 cr.

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.