Companies with Rs 5 cr turnover likely to come under the ambit of GST e-invoicing

New Delhi, July 5 (KNN) Bringing the limit down from Rs 20 crore the government is likely to make GST e-invoicing mandatory for companies with turnover of Rs 5 crore and above.

The changes are expected to be introduced in the current financial year, as per Business Standard.

Before applying it on entities with Rs 5 crore it will start with companies having turnover of Rs 10 crore to ensure easy compliance and for plugging revenue leakage.

The aim is to digitise higher volumes of transactions, greater transparency in sales reporting, improving compliance and minimising errors and mismatches.

By this year’s November the invoices facilitator GST Network (GSTN) is expected to be ready for the next phase.  (KNN Bureau)