E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

What Closing Costs Do Home Buyers Have?

February 25, 2023

What Is Realtek HD Audio Manager

February 2, 2023

A Basic Guide To Cell Tower Leasing

February 2, 2023
Facebook Twitter Instagram
E Amazings
  • Home
  • Automotive
  • Business
  • CBD
  • Crypto
  • Education
  • Entertainment
  • Fashion
  • Finance
  • Health
  • Home Improvement
  • Law \ Legal
  • News
  • Shopping
  • Sports
  • Technology
  • Travel
  • Need Help?
Facebook Twitter Instagram
E Amazings
You are at:Home»Business»Cos with over Rs 5 cr annual turnover will soon have to generate GST e-invoices for B2B transactions: Official
Business

Cos with over Rs 5 cr annual turnover will soon have to generate GST e-invoices for B2B transactions: Official

By July 7, 2022No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter Pinterest WhatsApp Email

[ad_1]

GST-registered businesses with annual turnover of more than Rs 5 crore will soon have to generate electronic invoices for B2B transactions, a top official said on Thursday.

Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri said the GST Council, comprising finance ministers of the Centre and states, had decided to implement it in a phased manner and with e-invoices being generated, for every B2B (Business-to-Business) transaction, invoice matching by tax authorities would not be required under Goods and Services Tax (GST).

“We started with a very high threshold and soon we are going to have all taxpayers with an annual turnover of more than Rs 5 crore having to generate e-invoices for their B2B part of business. With the launch of e-invoice, we don’t need invoice matching,” Johri said at a event organised by industry body PHDCCI here.

Currently, businesses with turnover of over Rs 20 crore will have to generate e-invoices for B2B transactions.

See Zee Business Live TV Streaming Below:


“E-invoicing is a revolution and there is no other country that has adopted this. The phasing has been very gradual. We didn’t want to burden the taxpayer community with e-invoices… We (Council) knew it cannot be done in one stroke, we started in a phased manner and gradually brought it down,” Johri said.

Under GST, e-invoicing for B2B transactions was made mandatory for companies with turnover of over Rs 500 crore from October 1, 2020, which was then extended to those with turnover of over Rs 100 crore from January 1, 2021.

From April 1 last year, companies with turnover over Rs 50 crore were generating B2B e-invoices, and the threshold was brought down to Rs 20 crore from April 1, 2022.

Johri also said that in the future, the GST system would be developed in such a way that there would be complete auto-population of tax return forms.

“Not too far out in the future… I can assure you we may have a system where we can give you all returns auto-populated, you just have to look at them and click the button and say yes it’s right and your return filing is over,” he added.

 



[ad_2]

Source link

Related Posts

Air Duct Repair 101: Everything You Need To Know

By Corbin BowenFebruary 2, 2023

Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant

By January 5, 2023

LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer

By January 5, 2023

Foreign universities will need UGC’s nod to set up campuses in India

By January 5, 2023
Add A Comment

Comments are closed.

Our Picks

What Closing Costs Do Home Buyers Have?

By Corbin BowenFebruary 25, 2023

What Is Realtek HD Audio Manager

By Corbin BowenFebruary 2, 2023

A Basic Guide To Cell Tower Leasing

By Corbin BowenFebruary 2, 2023
Recent Posts
  • What Closing Costs Do Home Buyers Have? February 25, 2023
  • What Is Realtek HD Audio Manager February 2, 2023
  • A Basic Guide To Cell Tower Leasing February 2, 2023
  • Air Duct Repair 101: Everything You Need To Know February 2, 2023
  • Advantage LIC? How Budget Insurance Amendment Bill may benefit the PSU insurance giant January 5, 2023
  • The Flight Of The Dremel January 5, 2023
  • LIC offering multiple benefits on premium payment with co-branded credit cards with Axis Bank: Check features, offer January 5, 2023
Archives
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • September 2021
Facebook Twitter Instagram Pinterest TikTok
© 2022 E Amazings - All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.