Big change in GST, now companies with turnover of more than 5 crores will have to issue e-invoice from this date.

Big change in GST, now companies with turnover of more than 5 crores will have to issue e-invoice from this date.

goods and services tax Major changes have been made in the GST law. Under this, now companies with a turnover of more than five crore rupees will have to issue electronic or e-invoice (invoice) for B2B transactions from August 1. As of now, units with a turnover of Rs 10 crore or more have to generate e-invoices for B2B transactions. According to a notification issued by the Finance Ministry on May 10, the threshold for generating e-invoice for B2B transactions has been reduced from Rs 10 crore to Rs 5 crore.Big change in GST, now companies with turnover of more than 5 crores will have to issue e-invoice from this date. 

The new system will be implemented from August 1

This arrangement will be applicable from August 1. Mahesh Jaisingh, Partner, Indirect Tax Leader, Deloitte India said that with this announcement, the coverage of micro, small and medium enterprises (MSMEs) under e-invoicing will increase and they will need to implement e-invoicing. AMRG & Associates Senior Partner Rajat Mohan said the phased implementation of e-invoicing has reduced bottlenecks, improved compliance and increased revenue. E-invoicing was initially implemented for large companies with a turnover of more than Rs 500 crore and within three years the limit has now been reduced to Rs five crore. Big change in GST, now companies with turnover of more than 5 crores will have to issue e-invoice from this date. 

e-challan upload deadline was deferred

Recently, GSTN deferred the implementation of the deadline for companies or businesses with a turnover of more than Rs 100 crore to upload their old e-invoices by three months. Last month, GSTN had said that these companies would have to upload their e-invoices on the Invoice Registration Portal (IRP) within seven days. Earlier this system was going to be implemented from May 1, but it was postponed for three months. Under the current system, companies post such invoices on the current date. There was no restriction on businesses to upload invoices on IRP.Big change in GST, now companies with turnover of more than 5 crores will have to issue e-invoice from this date. 

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