- CBIC Chairman Sanjay Kumar Agarwal announced that GST authorities will begin sending advisories to businesses that are non-compliant with issuing e-invoices to their B2B customers.
- The Central Board of Indirect Taxes and Customs (CBIC) has made e-invoicing mandatory for businesses in a phased manner since 2020.
- Initially, e-invoicing was required for large companies with a turnover of over Rs 500 crore, but now the threshold has been lowered to Rs 5 crore.
- Businesses with a turnover of over Rs 5 crore are now required to issue e-invoices starting from August 1.
- The compliance level for e-invoicing is not very high, so the authorities will take a soft approach and send advisories to encourage businesses to issue e-invoices.
- The details provided in e-invoices are automatically populated in monthly and quarterly GST returns.
Source: a2ztaxcorp.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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