GST E-invoicing Mandatory for Companies with Turnover of Rs 5 cr and above
Centre is now planning to make GST e-invoicing compulsory for businesses with a turnover of Rs 5 crore and above. It would lead bringing the threshold down from the recent Rs 20 crore, said a government official said.
E-invoicing recommends a normalised organisation of a receipt that can be perused by a machine. It is a framework where B2B solicitations are verified electronically by the Goods and Services Tax Network (GSTN) for additional utilisation on the common GST portal.
This is quite a welcome move and a win-win situation for both companies and the Government. Tax filing would be a simple and error-free process for all companies. It will also bring greater transparency, automate data entry work, and improve compliance. This is also an eco-friendly and sustainable decision and would reduce carbon footprints; this new change will definitely reduce stress on the environment and make SMEs & MSMEs more aware of environmental sustainability.
