CBIC has made E-invoicing mandatory from 1st January 2021 for taxpayer’s having aggregate turnover above Rs 100 crore. Earlier, limit for E-Invoicing was Rs 500 Crore.
On 10th November, 2020 Central Board of Indirect taxes and Customs (CBIC) has issued a notification, which made E-invoicing mandatory from 1st January, 2021 for every taxpayer having aggregate turnover above Rs 100 Crore in any of the financial year starting from 2017-2018. However, Special Economic Zone (SEZ) is kept exempted.
The taxpayer’s are required to issue E-invoices for all the Business to Business supplies, in the manner prescribed under rule 48 (5) of the CGST Rules 2017.
Earlier, limit for E-invoicing was Rs 500 crore.