ENA Economy 2022-02-25 07:49:35 <p><strong>New Delhi, Feb 25 (KNN)</strong> 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.</p> <p>The notification stated that the changes are done on the basis of recommendations from the GST council.</p> <p>Taxpayers whose aggregate turnover (based on PAN) in a financial year as per the prescribed limit are applicable for the GST E-invoicing.</p> <p>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.</p> <p>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. <em><strong>(KNN Bureau)</strong></em></p> 28486 https://knnindia.co.in/news/newsdetails/economy/cbic-reduces-gst-e-invoicing-turnover-limit-from-rs-50-cr-to-rs-20-cr-wef-april-1 2022-02-25 07:49:35 knnindia.co.in