E-invoices must for firms with ₹5 cr+ annual turnover

The Central Board of Indirect Taxes and Customs (CBIC) has enabled e-invoice for taxpayers with an aggregate annual turnover (AATO) between ₹5 crore and ₹10 crore. E-invoices will become mandatory for all businesses with annual turnover above ₹5 crore from August 1.

Officials said enabling it by over a month in advance will help small businesses in smooth transition and fix any difficulty faced by them, besides addressing any technical glitch.

This will give time to the industry to ensure that any vendor supplying goods or services above ₹5 crore turnover is mandatorily issued an e-invoice to avoid any dispute with respect to availing input tax credit (ITC). Taxpayers can view the total turnover for the last fiscal year and also for the current fiscal year, based on the returns submitted up to this point.