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

Daily Current Affairs / E-invoice mandatory for turnover above 10 crore from October 1

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Category : Business and economics Published on: August 08 2022

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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.
A notification in this regard was issued by the Central Board of Indirect Taxes and Customs.
In the third phase, firms with a turnover of over Rs 50 crore had to generate e-invoices from April 1, 2021.
It has been extended to firms with a turnover between Rs 20 crore to Rs 50 crore from April 1, 2022.
Presently, e-invoice is compulsory for businesses with an annual turnover of over Rs 20 crore.