Mandatory e-invoice from August 1 for GST taxpayers with turnover exceeding Rs 5 crore

All GST taxpayers whose aggregate annual turnover exceeds Rs 5 crore in any financial year will have to mandatorily generate e-invoices for business-to-business (B2B) supply of goods and or services or for exports, according to a notification by the Central Board of Indirect Taxes and Customs (CBIC), Department of Revenue, Ministry of Finance.

This rule will come into effect from August 1, 2023. The e-invoicing turnover limit has been reduced to Rs 5 crore by the CBIC from Rs 10 crore. At present, all businesses with a turnover of over Rs 10 crore are mandated to generate e-invoices for all B2B transactions.