HomeNationGST council makes E-Invoicing mandatory for businesses with turnover exceeding Rs ….....

GST council makes E-Invoicing mandatory for businesses with turnover exceeding Rs ….. , read details here

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I you own a business and your turnover is Rs 5 crore or above then this news is for you. GST council has ordered that it will be mandatory for all businesses with turnover exceeding Rs 5 crore to move to e-invoicing under goods and services tax (GST) from January 1.

The GST Council is planning to bring all the businesses with turnover exceeding Rs 1 crore by the next fiscal year. The move aims at plugging the revenue leakage and improving compliance.

What Is E-Invoicing?

e-Invoice is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal. Under the electronic invoicing system, an identification number will be issued against every invoice by the Invoice Registration Portal (IRP) to be managed by the GST Network (GSTN).

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