CBIC Enables E-Invoice Registration Facility for Taxpayers with Turnover of Rs 20 to 50 Crores

CBIC Enables E-Invoice Registration Facility for Taxpayers with Turnover of Rs 20 to 50 Crores The Central Board of Indirect Taxes and Customs (CBIC) has enabled the facility for Taxpayers with a turnover of Rs. 20 to 50 crores to Register and Login. The CBIC announced a reduction in the Applicability of GST E-invoicing threshold from Rs.50 Crores to Rs.20 Crores, effective April 1, 2022. Link of E-Invoice Registration Portal: https://einvoice1.gst.gov.in/ 'E-invoicing' facilitates the exchange of invoice documents (structured invoice data) between a supplier and a buyer in an integrated electronic format via standard e-invoice schema (INV-01) by looping the government authorities, i.e. invoicing portal, to keep an eye on suspicious taxpayers. Many Rules changing from 1st April'22, Burden on Taxpayers Pocket will Increase; Check Details The CBIC notified any registered person, other than a Special Economic Zone unit and those referred to in sub-rules (2), (3), (4), and (4A) of rule 54 of the GST rules, whose aggregate turnover in any preceding financial year from 2017-18 onwards exceeds Five hundred crore rupees, as a class of registered person who shall prepare the invoice and other prescribed documents, in accordance with sub-rule (4) of rule 48 of the said rules, in respect of the supply Later, the E-invoicing threshold was raised to Rs.500 crores until December 31, 2020, then to Rs.100 crores, then to Rs.50 crores, and now to Rs.20 crores.