The Central Board of Indirect Taxes and Customs (CBIC) has notified compulsory e-invoicing of Goods and Services Tax (GST) from 1 October for businesses with at least ₹500 crore sales.
A notification by CBIC said that the decision to raise the threshold for e-invoicing to ₹500 crore from ₹100 crore specified in March when the 1 October roll out date was notified was taken on the recommendation of the federal indirect tax body, the Goods and Services Tax (GST) Council.
Mint had reported last week that an empowered panel of the Council recommended excluding businesses with sales upto ₹500 crore from compulsory e-invoicing, a step meant to improve tax compliance.
E-invoicing or submission of sales invoice in a portal designated by GSTN, the company that process tax returns, will...
David SchweikertHouse Ethics panel recommends ,000 fine for Rep. Schweikert’s campaign finance violations Americans need medical expense relief amid COVID-19 uncertainty The Hill’s Campaign Report: Physician candidates lean on medical experience amid coronavirus campaigning MORE
