GST authorities to start sending advisories to non-complaint businesses
CBIC chairman Sanjay Kumar Agarwal on Wednesday said the department will soon start sending advisories to companies that are not complying with the rules in issuing e-invoices to their B2B customers.
The Central Board of Indirect Taxes and Customs (CBIC) has started making e-invoicing mandatory for businesses from 2020 onwards.
E-invoicing was initially implemented for large companies with a turnover of more than Rs 500 crore, and within three years, the threshold has now been reduced to Rs 5 crore.
“From August 1, companies with a turnover of more than Rs 5 crore will be required to issue e-invoices. There I would like to mention that those who were required to submit e-invoices by law, there the level of compliance is not very high.
“We will issue an advisory to such taxpayers to issue e-invoices. We do not want to take an approach that is intimidating, so we want to initially take a soft approach and encourage them to issue e-invoices,” Agarwal said during a CII event. here.
The details in e-invoices are automatically populated in the monthly and quarterly GST returns.
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First print: November 8, 2023 | 9:17 pm IST