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The Central Board of Oblique Taxes and Customs on Monday stated there’s no proposal at the present to scale back the brink restrict to Rs 5 crore for e-invoicing beneath the Items and Services and products Tax regime from January 1, 2023.
“There is not any proposal sooner than the federal government, at the present, to scale back this threshold restrict to Rs 5 crore with impact from 01.01.2023, as no such advice has been made via GST Council as but,” it stated in a tweet. It’s clarified that right now, e-invoicing has been made obligatory for registered individuals having mixture turnover greater than Rs 10 crore in any previous monetary 12 months from 2017-18 onwards, CBIC additional stated.
The GST Council in its 35th assembly in June 2019 had made up our minds to introduce the e-invoicing or digital invoicing machine in a phase-wise approach for business-to-business transactions.
E-invoicing used to be made obligatory for companies with a threshold of Rs 500 crore from October 1, 2020. The edge ahs progressively been diminished to carry extra companies beneath the machine.
Supply By means of https://www.financialexpress.com/economic system/no-plan-to-lower-e-invoicing-threshold-to-rs-5-crore-cbic/2927358/
