New rule on GST e-Invoice from August 1, companies with turnover of more than 5 crores will be affected

Companies with a turnover of more than five crore rupees will have to issue e-invoices from August 1. The rule of GST invoice is changing for companies with turnover of more than five crores. Companies with a turnover of more than five crore rupees will have to issue electronic or e-invoice (challan) for B2B transactions from August 1. Earlier, units with a turnover of Rs 10 crore or more had to generate e-invoices for B2B transactions.

According to a notification issued by the Ministry of Finance on May 10, the limit for generating e-invoices for B2B transactions has been reduced from Rs 10 crore to Rs 5 crore. This arrangement will be applicable from 1st August.

On July 28, the Central Board of Indirect Taxes and Customs (CBIC) tweeted and informed about the changes in the GST rules. CBIC said that GST taxpayers whose turnover exceeds Rs 5 crore in any financial year will mandatorily generate e-invoices for B2B supplies or exports of goods or services or both from August 1, 2023.