CBIC Lowers The E-Invoicing Threshold to Rs. 5 Crores
The Ministry of Finance by its Central Board of Indirect Taxes and Customs (CBIC) has issued a notification stating the
CBIC Lowers The E-Invoicing Threshold to Rs. 5 Crores The Ministry of Finance by its Central Board of Indirect Taxes and Customs (CBIC) has issued a notification stating the reduction of the e-invoicing threshold from Rs. 10 crores to Rs. 5 crores with effect from 1 August, 2023. At present, it is mandatory for businesses having a turnover of more than Rs 10 crores to generate e-invoices...
CBIC Lowers The E-Invoicing Threshold to Rs. 5 Crores
The Ministry of Finance by its Central Board of Indirect Taxes and Customs (CBIC) has issued a notification stating the reduction of the e-invoicing threshold from Rs. 10 crores to Rs. 5 crores with effect from 1 August, 2023.
At present, it is mandatory for businesses having a turnover of more than Rs 10 crores to generate e-invoices for Business-to-Business (B2B) transactions.
The e-invoicing threshold was reduced to Rs. 50 crores under the third phase from 1 April, 2021, thereafter the threshold was further lowered to Rs. 20 crores beginning 1 April, 2022, under the fourth phase.
In the fifth phase, e-invoicing was implemented on 1 October, 2022, for businesses with more than Rs. 10 crores in turnover, and now, from August 2023, it was further reduced to Rs 5 crores.