E-Invoicing and its Implications under GST (Goods and Services Tax Act 2017)
Starting from October 1st, 2022, e-invoicing will be mandatory for all assesses with a turnover exceeding 10 crores in any financial year from 2017-18 to 2021-22, including the turnover of all GSTIN under a single PAN across India.
If the turnover was below the threshold limit in the previous year but increased beyond it in the current year, e-Invoicing will apply from the beginning of the next financial year. The turnover limit is expected to be reduced to 5 crores soon.
SMEs are advised to strengthen their internal control environment and processes and consider having an internal professional team or external consultation to proactively address these matters to avoid delays and departmental observations of non-compliance in the future.
Turnover Reference: https://www.cbic.gov.in/resources//htdocs-cbec/gst/17_2022_CT_Eng.pdf
Earlier notification references relating to Turnover: Notification No. Aggregate Annual Turnover exceeds in any FY since 17-18 Effective Date 61/2020 dt 30.07.20 ct 500 Cr 01/10/2020; 88/2020 dt 10.11.20 ct 100 Cr 01/01/2021; 05/2021 dt 08/03/21 ct 50 Cr 01/04/2021; 01/2022 dt 24/02/22 ct 20 Cr 01/04/2022
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