- CBIC has mandated e-invoicing for registered persons with aggregate turnover exceeding Rs. 5 crore from 1st August 2023.
- E-invoicing is an electronic authentication mechanism under GST laws, where registered persons report specified particulars of GST invoices on the Invoice Registration Portal and obtain an Invoice Reference Number.
- The prescribed limit for e-invoicing has been reduced from Rs. 500 crore to Rs. 5 crore in a phased manner through subsequent notifications.
- The aim is to curb fake invoicing and misuse of input tax credit, but it may burden small enterprises with additional tax compliances.
Source Mondaq
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