GST authorities to start sending advisories to non-complaint businesses
The Central Board of Indirect Taxes and Customs (CBIC) has started making e-invoice mandatory for businesses in a staggering manner beginning 2020.
E-invoicing was initially implemented for large companies with turnover of more than Rs 500 crore, and within 3 years the threshold has now been lowered to Rs 5 crore.
“From August 1, businesses with turnover of over Rs 5 crore are required to issue e-invoices. There I would like to mention that those who had to file e-invoices as per law, there the compliance level is not very high.
“We will be sending advisory to such taxpayers to issue e-invoices. We do not want to adopt an approach which is intimidating so we want to initially adopt soft approach and nudge them to issue e-invoices,” Agarwal said at a CII event here.
The details furnished in e-invoices are auto populated in monthly and quarterly GST returns.
