Big change in GST: Now e-invoice on turnover of Rs 5 cr instead of 10 cr
   Date :13-May-2023

Big change in GST 
 
 
Staff Reporter
A major change has been made in the Goods and Service Tax (GST), which will be implemented across the country from August 1, 2023. This change is being done by the Ministry of Finance to increase revenue and prevent fraud in tax, so now even small businessmen will have to go through this process, otherwise it will be difficult for them to do business. Small businessmen doing business-to-business transactions will also come under the ambit of e-challan. For business-to-business transactions, till now only companies with a turnover of Rs 10 crore or more had to issue e-invoicing, but now this limit has been reduced to Rs 5 crore. That is, now e-invoicing will have to be done even if business is only Rs 5 crore. The notification of this order has been issued by the Ministry of Finance on May 10, in which the limit of e-challan has been reduced from Rs 10 crore to just Rs 5 crore.
It is being told that after the implementation of GST, till March 2023, if the turnover of any company, firm or institution in any year is more than Rs 5 crore, then it will have to issue e-invoice, earlier this system was above Rs 500 crore. The tax was applied on the company doing business, which has been changed over time to Rs 5 crore, due to this change, the revenue of the government will increase tremendously. Because now lakhs of small and fat traders will also come under this purview.
E-invoicing is a system in which business to business invoices are electronically authenticated by GSTN for further use on the common GST portal. Under the electronic invoicing system, an identification number is issued against each invoice by the Invoice Registration Portal (IRP) managed by the GST Network (GSTN). Simply put, e-invoice in GST is a system in which the receipt of any transaction is verified by the GST network, it converts every normal receipt into an e-receipt, in which a unique number is issued for each receipt.