Add Tribune As Your Trusted Source
TrendingVideosIndia
Opinions | CommentEditorialsThe MiddleLetters to the EditorReflections
UPSC | Exam ScheduleExam Mentor
State | Himachal PradeshPunjabJammu & KashmirHaryanaChhattisgarhMadhya PradeshRajasthanUttarakhandUttar Pradesh
City | ChandigarhAmritsarJalandharLudhianaDelhiPatialaBathindaShaharnama
World | ChinaUnited StatesPakistan
Diaspora
Features | The Tribune ScienceTime CapsuleSpectrumIn-DepthTravelFood
Business | My MoneyAutoZone
News Columns | Straight DriveCanada CallingLondon LetterKashmir AngleJammu JournalInside the CapitalHimachal CallingHill ViewBenchmark
Don't Miss
Advertisement

Biz with over Rs 20 crore turnover to mandatorily generate e-invoice from April 1

Unlock Exclusive Insights with The Tribune Premium

Take your experience further with Premium access. Thought-provoking Opinions, Expert Analysis, In-depth Insights and other Member Only Benefits
Yearly Premium ₹999 ₹349/Year
Yearly Premium $49 $24.99/Year
Advertisement

New Delhi, February 26

Advertisement

Businesses with turnover of over Rs 20 crore will have to generate electronic invoice for B2B transactions from April 1, the Central Board of Indirect Taxes and Customs has said.

Advertisement

Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions was made mandatory for companies with turnover of over Rs 500 crore from October 1, 2020, which was then extended to those with turnover of over Rs 100 crore from January 1, 2021.

From April 1 last year, companies with turnover of more than Rs 50 crore were generating B2B e-invoices. This is now being extended to companies with turnover of over Rs 20 crore.

With this, more suppliers would be required to raise e-invoices with effect from April 1, 2022. If the invoice is not valid, input tax credit on the same cannot be availed by the recipient beside applicable penalties.

Advertisement

EY India, Tax Partner, Bipin Sapra said with this move, the government has taken the compliance automation to a larger set of taxpayers, which will not only simplify compliances but also further plug revenue leakages on account of input tax credit frauds.

AMRG & Associates Senior Partner Rajat Mohan said the SME sector would be on its toes to implement this change that may also alter many of the standard operating business processes for companies.

Advertisement
Show comments
Advertisement