GST Update – E Invoice applicability from April 1, 2022
This is to inform to you that CBIC made E-invoice under GST mandatory for registered persons having aggregate turnover above ₹20 crore in any of the previous years from 2017-18 till 2021-22 with effect from 01st April, 2022. The existing limit of ₹50 crores has been reduced to ₹20 crores vide Notification No. 01/2022 – Central Tax issued on 24th February, 2022. ( attached herewith) cgst_rule_01
The taxpayers who are currently not falling within the requirement to comply with the E Invoice requirement are advised to evaluate the applicability and take suitable action.
Complying with the E Invoicing requirement is mandatory and failure to comply will make the invoices issued invalid and consequently, could lead to denial of ITC to the buyers as well as penal action against the taxpayers.
We hope you find this alert timely and useful.