Businesses With Over Rs 5 Crore Turnover To Generate E-Invoice From August 1

Currently, businesses with turnover of Rs 10 crore and above are required to generate e-invoice for all B2B transactions.

Businesses with turnover of over Rs 5 crore will have to generate electronic or e-invoice for B2B transactions with effect from August 1.

Currently, businesses with turnover of Rs 10 crore and above are required to generate e-invoice for all B2B transactions.

The finance ministry through a notification dated May 10 has notified a reduction in threshold for e-invoicing. Effective August 1, any taxpayer with turnover exceeding Rs 5 crore should raise e-invoices for B2B supplies.

Deloitte India Partner Leader Indirect Tax Mahesh Jaising said with this announcement, scope of MSMEs under e-invoicing will be expanded and they will need to implement e-invoicing.