Alerts: Indirect Tax Alert - GST Notification – Mandatory e-invoicing for Taxpayers having aggregate turnover (ATO) of more than INR 50mn
As per Notification no: 13/2020-Central Tax dated 21 March 2020, the Indian government mandated the use of e-invoicing for specified individuals or entities with an annual turnover (ATO) exceeding INR 100 Mn in any financial year from 2017-18 onwards.
Alerts: Indirect Tax Alert - GST Notification – Mandatory e-invoicing for Taxpayers having aggregate turnover (ATO) of more than INR 50mn
As per Notification no: 13/2020-Central Tax dated 21 March 2020, the Indian government mandated the use of e-invoicing for specified individuals or entities with an annual turnover (ATO) exceeding INR 100 Mn in any financial year from 2017-18 onwards.
This regulation aimed to bring about uniformity and standardization in invoicing practices while harnessing the advantages of digitalization. The requirement compelled businesses to adopt e-invoicing solutions and adapt to the changing landscape of financial transactions.
In a move to further expand the reach of e-invoicing and encourage its adoption across a broader spectrum of businesses, the Indian government announced a significant change.
Effective 1 August 2023, the mandatory threshold for e-invoicing will be reduced from INR 100 Mn to INR 50 Mn. This reduction opens up e-invoicing compliance to a larger pool of businesses, making it a critical milestone in the country's journey towards a digital economy.
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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.
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