CBIC reduces E-invoicing limit 5 cr from existing limit of 10 cr w.e.f. August 01, 2023
The CBIC issued Notification No. 10/2023–Central Tax dated May 10, 2023 to amend Notification No. 13/2020 – Central Tax, dated March 21, 2020 to decrease the E-invoicing aggregate turnover limit from 10 crore to 5 crore w.e.f. August 01, 2023.
BIG Breaking News: E-invoice Limit Reduced From 10 Crore To 5 Crore w.e.f. August 01, 2023
CBIC has reduced the e-invoicing limit to 5 crores from the current limit of 10 Crores starting from 1st August 2023.
Any individual or entity who has previously registered and has a turnover exceeding Rs. 10 Crores must adhere to the e-invoice requirement. This implies that they need to generate an electronic invoice for every tax invoice, debit note, and credit note issued to a registered individual or entity.
A copy of the official notification has been mentioned below.
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
NOTIFICATION
New Delhi, the 10th May 2023
No. 10/2023 – Central Tax
G.S.R. 355(E).—In exercise of the powers conferred by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, the Government, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2020 – Central Tax, dated the 21st March 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 196(E), dated 21st March 2020, namely:-
In the said notification, in the first paragraph, with effect from the 1st day of August 2023, for the words "ten crore rupees", the words "five crore rupees" shall be substituted.
[F. No. CBIC- 20021/1/2023-GST]
ALOK KUMAR, Director
Note: The principal notification No. 13/2020 – Central Tax, dated the 21st March 2020 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 196(E), dated the 21st March 2020 and was last amended vide notification No. 17/2022-Central Tax, dated the 1st August 2022, published vide number G.S.R. 612(E), dated the 1st August 2022.
The official notification can be accessed from the below-mentioned link:
https://egazette.nic.in/WriteReadData/2023/245793.pdf
FILING YOUR INCOME TAX RETURN F.Y 2022-23 (A.Y. 2023-2024) WITH MYITRONLINE
Income tax filing deadline is right around the corner. If you haven’t filed yet, do it now for FREE on Myitronline! Avoid last minute rush and file your tax return today on MYITRONLINE in Just 5 mins.(www.myitronline.com)
If you are looking for eCA assistance to file your income tax return/ GST, you can opt for MYITRONLINE eCA assisted plan starting
Upload Salary Individual Form-16
If you have any questions with filing your tax return, please reply to this mail. info@myitronline.com OR call 9971055886.
Note-All the aforementioned information in the article is taken from authentic resources and has been published after moderation. Any change in the information other than fact must be believed as a human error. For queries mail us at marketing@myitronline.com
Krishna Gopal Varshney
An editor at MyitronlinenewsKrishna Gopal Varshney, Founder & CEO of Myitronline Global Services Private Limited at Delhi. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. Visit our website for latest Business News and IT Updates.
Leave a reply
Your email address will not be published. Required fields are marked *Share this article
News Offers
Related Post
