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The threshold limit for electronic invoicing was decreased in the applicability from INR 50 crore to INR 20 crore with effect from April 1, 2022, as announced by the Central Board of Excise and Customs in Notification No. 01/2022, dated 24 February 2022.
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A system known as a " electronic-Invoice" allows B2B invoices to be electronically validated by the Goods and Services Tax Network before being used on the main Goods and Services Tax portal.
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A unique identifying number is assigned to each invoice under the e-invoicing system by the GSTN-managed Invoice Registration Portal (IRP).
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Currently, the Central Board of Excise and Customs modified the GST electronic-invoicing application Through Notification No. 05/2021-dated 08 March 2021, if the turnover is more than INR 50 Cr. with effect from 01 April 2021.
Conclusion
Businesses with a turnover of more than Rs 50 crore started producing B2B e-invoices on April 1 of the previous year. Now, though, this applies to companies with Annual revenues of at least INR 20 Crore than e invoices under GST mandatory As a result, starting on April 1, 2022, many suppliers will need to issue electronical-invoices. If an invoice is invalid, the taxpayer will not be eligible for the tax credit on it as well as any applicable penalties.
