GST Rules Changed | GST rules changed! New rule applicable from August 1, such companies will also have to give e-invoice

File Photo Delhi: A major change has been made in the Goods and Services Tax (GST) law. Under this, companies with a turnover of more than Rs 65 crore will now have to issue electronic or e-invoices (invoices) for B2B transactions from August 1. Till now it was mandatory for companies with turnover of Rs 10 crore or more to issue e-invoice for B2B transactions. According to a notification issued by the Finance Ministry on May 10, the threshold for generating e-invoice for B2B transactions has been reduced from Rs 10 crore to Rs 5 crore. The above rule will be applicable from August 1, 2023 and the Finance Ministry said that it will be mandatory for any taxpayer with a turnover of more than five crore rupees to issue e-invoices for B2B transactions. From August 1, under the new system e-invoice, the scope of MSMEs will increase and they will need to implement e-invoice. He said that e-invoice would be a boon rather than a curse for the companies as the suppliers who generate the e-invoice contribute input tax credit on the same basis. It may be noted that initially e-invoicing was implemented for large companies with turnover of more than Rs 500 crore and within three years this limit has now been reduced to Rs 5 crore. Also Read How Traders Will Benefit The inclusion of MSME sector in the e-invoicing system will help reduce costs, rationalize errors, ensure faster invoice processing and limit protracted business disputes. This will benefit the business ecosystem. Under the GST Act, e-invoicing has been made mandatory for business-to-business (B2B) transactions for companies with a turnover of more than Rs 500 crore from October 1, 2021, which will be extended later for companies with a higher turnover. was extended. 100 crores from January 1, 2021 onwards. From April 1, 2021, generating B2B e-invoices was made mandatory for companies with a turnover of more than Rs 50 crore, while from April 1, 2022 the limit was reduced to Rs 20 crore and from October 1, 2022 , the limit was further reduced to Rs 10 crore.