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1 Jan, 1970 05:30 AM
9.26k
CBIC looking to expand e-invoicing on B2C Supply.
CBIC is actively looking to expand e-invoicing rules on B2C supply in coming years to stop revenue leakage.
Currently, businesses with a turnover of Rs 5 crore and above are required to generate e-invoices for their Business-to-business (B2B) supply. Government is planning to extend the e-invoice requirement to B2C transactions as well.
CBIC special secretary and member Shashank Priya said GST systems have to be upscaled and the work is on bringing B2C (business to consumer) transactions under e-invoicing.
“We are looking at the requirement of e-invoice for B2C. GSTN capacities need to be upscaled. Systems will have to be put in place. We have to see which are the sectors we can start first. It is a work in progress but we hope in years to come we will be able to take this forward,” he said at an event.
Currently businesses with turnover between Rs 5 - 10 crore are not fully issuing e-invoices and CBIC officers have been nudging non-compliant businesses. It's implementation is still quite tardy. We have issued instructions. We are trying to nudge taxpayers that it has certain advantages like ease of doing business. GSTR -1, e-way bills will get populated - Member said at the National Conference on GST.
The government has been making e-invoices mandatory for businesses in a staggered manner.
GST e-invoicing was first made mandatory for companies with a turnover of over Rs 500 crore from October 1, 2020, which was gradually reduced in a phased manner as below.idffective dates?
| Turnover | Effective Date | Notification No. |
|---|---|---|
| 500 Cr. | 1 Oct 2020 | 61/2020 |
| 100 Cr. | 1 Jan 2021 | 88/2020 |
| 50 Cr. | 1 Apr 2021 | 05/2021 |
| 20 Cr. | 1 Apr 2022 | 01/2022 |
| 10 Cr. | 1 Oct 2022 | 17/2022 |
| 5 Cr. | 1 Aug 2023 | 10/2023 |
:
E-invoice
| Author |
CA Mohit Jain |
| Qualification | Chartered Accountant, M.Com |
| Experience | 15+ Years Experience in Taxation |
| Mobile | (+91) 8383842726 |
| mohit@taxreply.com | |
| Published on | 7 Dec, 2023 |
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