New e-invoicing rule to bring 180k more firms into GST compliance fold

March 7, 2022by TPA Global0

According to a government official, mandatory electronic invoicing of business-to-business (B2B) transactions for enterprises with yearly revenue over ₹20 crore will raise GST registrations by 75%. According to the official, who spoke on the condition of anonymity, the new system will add 180,000 GST identification numbers (GSTINs) to the existing 240,000, bringing the total number of GSTINs to roughly 420,000. 

E-invoicing for B2B transactions was first made required under the GST law on 1 October 2020 for enterprises with a turnover of more than 500 crore. From 1 January 2021, it was extended to entities having a turnover of more than 100 crore, and from 1 April 2021, it was extended to companies with a revenue of more than 50 crore. 

Effective date: 1 April 2022

Source

TPA Global

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