- India’s GST Council to implement new e-Invoicing rules from April 1, 2025
- Reporting threshold for e-Invoicing will be lowered to 10 lakh from the current 5 crore
- Businesses with turnover above 10 lakh must upload invoices to GST portal within 30 days
- Failure to comply will result in loss of input tax credit
- Change aims to improve compliance and tax administration across all business sizes
- Mandatory for businesses to submit invoices within 30 days for validation and unique code issuance
- Delays in submission can affect businesses’ cash flow and financial planning
- Initial mandatory B2B e-Invoicing started in October 2020 with a 5 crore threshold
- Reduction to 10 lakh threshold will require many small businesses to adopt e-Invoicing
- Businesses will need to invest in appropriate software and training
- Robust systems necessary to manage timely invoice reporting
- New rules expected to streamline tax administration, reduce evasion, and enhance data transparency in GST system
Source: rtcsuite.com
Click on the logo to visit the website
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.
