CBIC reduces GST E-invoicing turnover limit from Rs 50 cr to Rs 20 cr w.e.f. April 1

New Delhi, Feb 25 (KNN) The Central Board of Indirect Taxes and Customs (CBIC) has notified reduction in the applicability of GST E-invoicing turnover limit from Rs 50 crore to Rs 20 crore with effect from 1st April, 2022.

The notification stated that the changes are done on the basis of recommendations from the GST council.

Taxpayers whose aggregate turnover (based on PAN) in a financial year as per the prescribed limit are applicable for the GST E-invoicing.

While sectors exempted are SEZ Units, Insurance, Banking, including NBFCs, Goods Transport Agency such transporting goods by road in goods carriage, Passenger Transport Services, and Multiplex Cinema.

‘E-invoicing’ facilitates the exchange of the invoice document (structured invoice data) between a supplier and a buyer in an integrated electronic format by way of standard e-invoice schema (INV-01) through looping the government authorities i.e. invoicing portal to keep a check on suspicious taxpayers. (KNN Bureau)