CURRENT AFFAIRS

Detailed explanation-1: -Therefore, CBIC has clarified that presently, e-invoicing has been made mandatory for registered persons having aggregate turnover more than Rs. 10 crore in any preceding financial year from 2017-18 onwards as per Central Tax Notification 17/2022 dated 01/08/2022.

Detailed explanation-2: -The Central Board of Direct taxes and Customs (CBIC) has made the e-invoicing system mandatory for taxpayers with a turnover higher than Rs. 50 crore from 1st April 2021. The government extended the e-invoicing applicability to businesses having more than Rs. 20 crore turnover w.e.f 1st April 2022.

Detailed explanation-3: -However, on 26th December 2022, the CBIC clarified that it won’t begin from 1st January 2023. The sixth phase was planned to be made applicable to businesses with an e invoice turnover limit of more than Rs. 5 crore up to Rs. 10 crore in any preceding financial years from 2017-18 up to 2021-22.

Detailed explanation-4: -The government would seem to decide to make the GST e-invoicing mandatory for the firms whose turnover is Rs 5 cr or exceeds hence drawing the limit lower down to Rs 10 cr, as per the government administration. The new rule may come in 2023.

Detailed explanation-5: -To summarize, if you are a business whose aggregate turnover in the financial year exceeds 20 Crores, it’s mandatory to issue an e-invoice for supplies made by you from 1st April 2021. In the recent update, e-invoicing will be applicable for businesses with a turnover exceeding 10 crores from 1st October 2022.