The Central Board of Indirect Taxes and Customs (CBIC) notified the reduction in the Applicability of GST E-invoicing threshold from Rs. 100 Crores to Rs. 50 Crores with effect from April 1, 2021. The Board seeks to amend Notification No. 13/2020 – Central Tax, dated 21st March, 2020
‘E-invoicing’ facilitates exchange of the invoice document between a supplier and a buyer in an integrated electronic format by way of standard e-invoice schema through looping the government authorities i.e. invoicing portal to keep a check on suspicious taxpayers.
Earlier, the CBIC notified registered person, other than a Special Economic Zone unit and those referred to in sub-rules (2), (3), (4) and (4A) of Rule 54 of the CGST Rules 2017, whose aggregate turnover in any preceding financial year from 2017-18 onwards exceeds Five hundred crore rupees, as a class of registered person who shall prepare invoice and other prescribed documents, in terms of sub-rule (4) of Rule 48 of the said rules in respect of supply of goods or services or both to a registered person or for exports. Later on, the applicability of E-invoicing threshold was reduced from Rs. 500 crores to 100 crores with effect from 1st January, 2021 and now it is capped to Rs. 50 Crores.
E-Invoicing does not imply the generation of invoice on GST portal. That would be a myth. Instead, E-Invoicing involves the submission of an already generated standard invoice on a common e-invoice portal. Thus it automates multi-purpose reporting with a one-time input of invoice details. The CBIC notified a set of common portals for the preparation of e-invoices via Notification No.69/2019 – Central Tax dated 13th December, 2019.
To know more about E-invoicing, you can go through our previous articles on E-invoicing.
Our previous blogs on these following topics related to E-invoicing are as given below:-
E-Invoicing – Digital Revolution to expand to Small Businesses by April 2021
Issues and Concerns surrounding e-Invoicing System
Steps to implement e-Invoicing successfully in your organization
E-Invoicing - 10 Unknown Facts Businesses must know to save Crores
e-Invoicing: A Boon For Businesses
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Webtel Integrated e-Invoicing Solution