GST E invoicing Limit reduced to 5 Cr from 1st Aug 2023

GST E invoicing Limit reduced to 5 Cr from 1st Aug 2023

SHARE:

GST E invoicing Limit reduced to 5 Cr from 1st Aug 2023 Notification No. 10/2023-Central Tax Dated: 10th May 2023 related to Central Goods and Service

GST E invoicing Limit reduced to 5 Cr from 1st Aug 2023

Notification No. 10/2023-Central Tax Dated: 10th May 2023 related to Central Goods and Services Tax Rules, involving a reduction in threshold limit for GST E-Invoicing from 10 crore rupees to 5 crore rupees, effective from August 1, 2023.

An earlier registered person whose turnover exceeds Rs. 10 crore is required to comply with the e-invoice provision which means he must generate an e-invoice against each tax invoice, debit note, and credit note issued to the registered person.

Now on 10th May’2023 Ministry of Finance by Notification No. 10/2023 central tax has notified that a person registered under GST and having turnover more than Rs. 5 Crore in any financial year from 2017 – 18 is required to comply with the e-invoice provisions w.e.f. 01st August 2023 i.e., he will be required to generate IRN/e-invoice against the followings: –
  1. Each tax invoice, debit note & credit note is issued to the registered person.
  2. Export Transactions
The above e-invoice is applicable to the supply of goods as well as the supply of services and this is in addition to the generation of e-way bills.

However, e-invoice shall not be applicable to the following types of registered persons as notified by CBIC by Notification no. 13/2020 – Central tax amended from time to time.
  1. Insurance Company
  2. Banking Companies or Financial Institutions
  3. SEZ Units
  4. Government Department and Local Authorities
  5. Goods Transport Agency.
Notification No. 10/2023 is as below: –

Ministry Of Finance
(Department Of Revenue)
(Central Board of Indirect Taxes And Customs)
New Delhi

Notification No. 10/2023 – Central Tax Dated: 10th May 2023
G.S.R. 355(E).—In exercise of the powers conferred by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, the Government, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2020 – Central Tax, dated the 21st March 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 196(E), dated 21st March 2020, namely:-

In the said notification, in the first paragraph, with effect from the 1st day of August 2023, for the words “ten crore rupees”, the words “five crore rupees” shall be substituted.

[F. No. CBIC- 20021/1/2023-GST]
ALOK KUMAR, Director

Note: The principal notification No. 13/2020 – Central Tax, dated the 21st March 2020 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 196(E), dated the 21st March 2020 and was last amended vide notification No. 17/2022-Central Tax, dated the 1st August 2022, published vide number G.S.R. 612(E), dated the 1st August 2022.

Notification can be read at https://egazette.nic.in/WriteReadData/2023/245793.pdf

COMMENTS

Name

269su,1,80-c,3,80CCD,2,aadhaar,6,accounts,10,advance-ruling,4,appeal,2,audit,8,bank-audit,1,banks,3,bare-act,3,bonds,1,budget,30,budget-2019,3,budget-2020,2,budget-2021,15,budget-2022,4,budget-2023,7,calculator,1,capital-gains,2,case-laws,1,cash,1,cbdt,2,chartered-accountants,2,co-operative-housing-society,1,company-audit,1,cop,1,covid-19,4,deduction,8,depreciation,1,dgft,1,donation,1,download,26,e-invoicing,2,e-way-bill,1,earning-tips,6,ebook,1,epf,1,equilisation-levy,1,excel,11,excel-2-tally,3,exempt-income,1,gold,1,gst,45,gst-audit,1,gst-council,14,gstp,2,icai,3,income-tax,82,income-tax-news,27,info,13,investments,2,itc,2,itr-filing,4,leave-encashment,1,letter,1,list,3,mca,1,mf,3,mp,3,ngo,8,notification,5,NPS,1,pan,6,roc,1,rules,1,saving-scheme,3,script,2,sft,1,share-market,1,society,7,stock-market,1,supreme-court,1,tally,16,tax-audit,2,tcs,6,tdl,2,tds,18,tds-rate-chart,1,tips,15,trust,2,utility,7,
ltr
item
Saral Tax India | सरल टैक्स इंडिया: GST E invoicing Limit reduced to 5 Cr from 1st Aug 2023
GST E invoicing Limit reduced to 5 Cr from 1st Aug 2023
GST E invoicing Limit reduced to 5 Cr from 1st Aug 2023 Notification No. 10/2023-Central Tax Dated: 10th May 2023 related to Central Goods and Service
Saral Tax India | सरल टैक्स इंडिया
https://www.saraltaxindia.com/2023/05/gst-e-invoicing-limit-reduced-to-5-cr-from-1-8-23.html
https://www.saraltaxindia.com/
https://www.saraltaxindia.com/
https://www.saraltaxindia.com/2023/05/gst-e-invoicing-limit-reduced-to-5-cr-from-1-8-23.html
true
2873352319085116735
UTF-8
Loaded All Posts Not found any posts VIEW ALL Read More Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share. STEP 2: Click the link you shared to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy