Come August 1, an additional over 4 lakh assesses will be required to issue e-invoice mandatorily as the new threshold of aggregate annual turnover of ₹5 crore will be in place from said date.
At present, the threshold is ₹10 crore, which was ₹500 crore when mandatory generation of e-invoice implemented from October 1, 2020. At present, around 6 lakh assesses are required to comply with this mandatory norm, which will swell to around 10 lakh after lowering the threshold, says Dheeraj Rastogi, an Indian Revenue Service Officer of 1994 batch and Executive Vice President with GSTN. This number does not include exempted categories such as banks, Non-Banking Financial Companies or insurance companies.
Source a2ztaxcorp
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