• About Us
  • Advertise
  • Contact Us
  • DMCA
  • Follow on Google News
Friday, May 9, 2025
  • Login
National Age
  • Home
  • India
    • National
    • State News
  • World
  • Education
  • Lifestyle
    • Health & Fitness
    • Fashion
    • Travel
    • Food
  • Business
  • Tech
    • App News
    • Gadgets
  • Entertainment
  • Auto
  • Sports
  • Others
    • Agriculture
    • Science
    • Astrology
    • Finance/Money
    • Press Release
No Result
View All Result
  • Home
  • India
    • National
    • State News
  • World
  • Education
  • Lifestyle
    • Health & Fitness
    • Fashion
    • Travel
    • Food
  • Business
  • Tech
    • App News
    • Gadgets
  • Entertainment
  • Auto
  • Sports
  • Others
    • Agriculture
    • Science
    • Astrology
    • Finance/Money
    • Press Release
No Result
View All Result
National Age
No Result
View All Result
Home Business

E-invoice Mandatory For Turnover 5 Cr – New Changes Impact Your Business

National Age by National Age
July 12, 2022
in Business
0
E-invoice Mandatory For Turnover 5 Cr – New Changes Impact Your Business
Share on FacebookShare on Twitter

Soon, companies will have to provide e-Invoices if their yearly revenue exceeds 10 crore rupees and 5 crore rupees, respectively.

In addition, companies with annual revenue of more than 20 crore rupees are required to use e-Invoices.

During the five-year GST celebration on July 1, taxpayers again brought attention to the problem. Vivek Johri, the chairman of the Central Board of Indirect Taxes and Customs (CBIC), responded by saying, “One of the presenters mentioned decreasing the barrier for e-invoices to 5 crores, that is the decision already been made, and it is about to be implemented.”

Read ThisAlso

Krillam Redefines Sustainable Luxury in Resort Experiences

Krillam Redefines Sustainable Luxury in Resort Experiences

May 9, 2025
Penora’s Announces “The Business Pinnacle Awards 2025” to Honour India’s Outstanding Entrepreneurs and Leaders

Penora’s Announces “The Business Pinnacle Awards 2025” to Honour India’s Outstanding Entrepreneurs and Leaders

May 6, 2025

According to Revenue Secretary Tarun Bajaj, E-invoicing reportedly began with companies with a ₹ 500 cr yearly revenue and was then scaled back to ₹ 100 and ₹ 20 cr. The current strategy is to reduce it first to 10 crores and eventually to 5 crores.

“A timeline for lowering the threshold to 10 crores is set out, but before that, we want the IT system to be stable. In addition, we need to ensure that our IT system is effective since there will likely be an increase in valuations between 10 and 20 crores. In an interview with BusinessLine, he stated that GSTN was putting the plan together and that it should be ready in the next three to four months.

According to MS Mani, Partner, Deloitte India, the number of organisations in the range of Rs 5 crore to Rs 20 crore would be pretty significant; hence reducing the barrier for e-invoicing will also significantly increase the number of GST registrants. According to Mani, one of the declared goals of the GST is to increase the base of taxpayers.

Advantages of GST E-Invoice for Government and Businesses

  • E-invoicing allows suppliers to track bills in real-time. And this accelerates the availability of input tax credits (ITC).
  • E-invoicing simplifies generating the e-way bill because the taxpayer only needs to update data. The data in Part-A of the e-way bill will be auto-generated from the GST portal.
  • e-Invoices are created in a standard format; another may read an invoice issued by one programme. And This facilitates interoperability.
  • The invoice will be uploaded on the GST site as part of the e-invoicing system, allowing for multifunction reporting. Once validated, all invoices will be transmitted in real-time to the GST site and e-way bill portal.

Ramaswamy added, “Despite the advantages of e-invoicing, companies with a turnover of at least Rs 20 crore have recently begun adapting to the system. GST e-invoicing necessitates financial investment in technology and considerable staff education and awareness-raising.

Small and medium-sized enterprises (SMEs) with a revenue of less than Rs 5 crore might not be digitally aware or have the skilled staff needed to accomplish this shift smoothly. Therefore, the Government could oppose this decision because not all of them would be able to use GST e-invoicing immediately.”

“It could be more practical to introduce this gradually, starting with sales exceeding Rs 10 crore and moving up to Rs 5 crore later. The period given to firms to adopt GST e-invoicing should be extended if the Government is eager to cut the limit immediately to Rs 5 crore to facilitate a seamless transition, “He said.

Get the best e-Invoicing Solutions from GSTHero

GSTHero makes complex GST government portals easy for users across India. GSTHero offers online GST Return filing, GSTR 2A/2B Reconciliation Software, e-Invoice Software, and an e-Way Bill Automation Software.

  • We provide 1-click e-invoice generation from ERP.
  • GSTR Filing and E-Way Billing through 100% Automated software.
  • We save data for years because the government portal only keeps it for 48 hours.
  • GSTHero offers 24-hour help for customers’ queries.

If you need best e-invoicing software – connector for your existing accounting software like Tally/SAP or any other ERP, you can contact us at gsthero.com

Tags: best e-Invoicing Solutions from GSTHeroe-Invoice SoftwareE-invoicinge-Way Bill Automation SoftwareERPGST E-InvoiceGSTHeroGSTR 2A/2B Reconciliation Softwareonline GST Return filing
Share11Tweet7Share2SendShareSend
Previous Post

Pankaj Bhujbal attended the 17th edition of the Dadasaheb Phalke Excellence Awards as a guest of honor.

Next Post

How a man from the Land of Vedas found his Zen

National Age

National Age

Related Posts

Krillam Redefines Sustainable Luxury in Resort Experiences
Business

Krillam Redefines Sustainable Luxury in Resort Experiences

May 9, 2025
Penora’s Announces “The Business Pinnacle Awards 2025” to Honour India’s Outstanding Entrepreneurs and Leaders
Business

Penora’s Announces “The Business Pinnacle Awards 2025” to Honour India’s Outstanding Entrepreneurs and Leaders

May 6, 2025
Barclay Italy Launches Clean, Alcohol-Free Skincare & Haircare for Oily, Acne-Prone Indian Skin
Business

Barclay Italy Launches Clean, Alcohol-Free Skincare & Haircare for Oily, Acne-Prone Indian Skin

May 6, 2025
Jivanrang: How One Woman’s Childhood Sparked a Movement to Reimagine Eldercare in Urban India
Business

Jivanrang: How One Woman’s Childhood Sparked a Movement to Reimagine Eldercare in Urban India

May 6, 2025
Plumbex India 2025: Strategic Collaborations and Whitepaper Launch to Revolutionize Urban Water Management
Business

Plumbex India 2025: Strategic Collaborations and Whitepaper Launch to Revolutionize Urban Water Management

May 6, 2025
Ceebeedesignstudio: A Homegrown Harmony of Indian Heritage and Luxury Living
Business

Ceebeedesignstudio: A Homegrown Harmony of Indian Heritage and Luxury Living

May 5, 2025
Next Post
How a man from the Land of Vedas found his Zen

How a man from the Land of Vedas found his Zen

Director Sumit Kumar Singh wins the prestigious Dadasaheb Phalke Excellence Awards for Best OTT Director of the Year

Director Sumit Kumar Singh wins the prestigious Dadasaheb Phalke Excellence Awards for Best OTT Director of the Year

Dataiku, a tech unicorn hosts first ever global Everyday AI Conference in India at Bengaluru

Dataiku, a tech unicorn hosts first ever global Everyday AI Conference in India at Bengaluru

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Pro Cricket Championship Trophy (PCCT) announced the schedule of their selection trials and matches today

Pro Cricket Championship Trophy (PCCT) announced the schedule of their selection trials and matches today

May 26, 2022
Now our E-store India has become an international company

Now our E-store India has become an international company

November 1, 2022
Rotary announces: 20th Global Poster Painting Competition

Rotary announces: 20th Global Poster Painting Competition

June 8, 2022
On 27th & 28th December at Surat Marriott, Athwalines India’s premier fashion showcase Hi Life Exhibition is back

On 27th & 28th December at Surat Marriott, Athwalines India’s premier fashion showcase Hi Life Exhibition is back

December 26, 2023
Pro Cricket Championship Trophy (PCCT) announced the schedule of their selection trials and matches today

Pro Cricket Championship Trophy (PCCT) announced the schedule of their selection trials and matches today

27
MPF Investments are mainly aimed at companies in the Indian Market

MPF Investments are mainly aimed at companies in the Indian Market

4

TECNO launches SPARK Power 2 Air: The new Power Play Entertainment device

2

PrivateCourt is all set to revolutionize the concept of Online Dispute Resolution

1
Rachit Kapoor – SwaRachit: Winner of the 21st Century Emily Dickinson Award

Rachit Kapoor – SwaRachit: Winner of the 21st Century Emily Dickinson Award

May 9, 2025
Debojit Barthakur – Winner of the 21st Century Emily Dickinson Award

Debojit Barthakur – Winner of the 21st Century Emily Dickinson Award

May 9, 2025
Krillam Redefines Sustainable Luxury in Resort Experiences

Krillam Redefines Sustainable Luxury in Resort Experiences

May 9, 2025
Mayur Rajesh Madhekar – Winner of the 21st Century Emily Dickinson Award

Mayur Rajesh Madhekar – Winner of the 21st Century Emily Dickinson Award

May 8, 2025

Recent News

Rachit Kapoor – SwaRachit: Winner of the 21st Century Emily Dickinson Award

Rachit Kapoor – SwaRachit: Winner of the 21st Century Emily Dickinson Award

May 9, 2025
Debojit Barthakur – Winner of the 21st Century Emily Dickinson Award

Debojit Barthakur – Winner of the 21st Century Emily Dickinson Award

May 9, 2025
Krillam Redefines Sustainable Luxury in Resort Experiences

Krillam Redefines Sustainable Luxury in Resort Experiences

May 9, 2025
Mayur Rajesh Madhekar – Winner of the 21st Century Emily Dickinson Award

Mayur Rajesh Madhekar – Winner of the 21st Century Emily Dickinson Award

May 8, 2025

www.nationalage.com, digital news and story platform bring you the news, articles, stories, and opinions on the latest happenings worldwide covering various sectors like nation, politics, and governance, social sector, review, foreign affairs, defence and security, latest review, lifestyle, entertainment, sports, technology, auto sectors, education, business and start-ups updates, Agriculture, Science, finance, money, food, and culture, etc.

If you have any query regarding Site, Advertisement, and any other issue, please feel free to contact at [email protected]

Follow Us

Browse by Category

  • Agriculture
  • App News
  • Astrology
  • Auto
  • Business
  • Education
  • Entertainment
  • Fashion
  • Finance/Money
  • Food
  • Gadgets
  • Health & Fitness
  • Lifestyle
  • National
  • Photography
  • Politics
  • Press Release
  • Religion
  • Science
  • Social Work
  • Sports
  • State News
  • Tech
  • Travel
  • Uncategorized
  • World
Rachit Kapoor – SwaRachit: Winner of the 21st Century Emily Dickinson Award

Rachit Kapoor – SwaRachit: Winner of the 21st Century Emily Dickinson Award

May 9, 2025
Debojit Barthakur – Winner of the 21st Century Emily Dickinson Award

Debojit Barthakur – Winner of the 21st Century Emily Dickinson Award

May 9, 2025
Krillam Redefines Sustainable Luxury in Resort Experiences

Krillam Redefines Sustainable Luxury in Resort Experiences

May 9, 2025
  • About Us
  • Advertise
  • Contact Us
  • DMCA
  • Follow on Google News

Copyright © 2021 National Age

No Result
View All Result
  • About Us
  • Advertise
  • Contact Us
  • DMCA
  • Home
  • Privacy Policy

Copyright © 2021 National Age

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In