From today, April 1 the principles connected with e-invoicing for business-to-business (B2B) exchanges will change. Focal Board of Indirect Taxes and Customs has said that organizations with a turnover of over Rs 20 crore should produce electronic receipts for B2B exchanges from April 1, 2022. Under Goods and Services Tax (GST) regulation, e-invoicing for business-to-business (B2B) exchanges was made required for organizations with a turnover of over Rs 500 crore from October 1, 2020, which was then stretched out to those with a turnover of over Rs 100 crore from January 1, 2021.
The new GST rule will affect lakhs of organizations in India. From April 1 last year, organizations with a turnover of more than Rs 50 crore were creating B2B e-solicitations. This is presently being reached out to organizations with a turnover of over Rs 20 crore. With this, more providers would be expected to raise e-solicitations with impact from April 1, 2022. In the event that the receipt isn't legitimate, input tax reduction on the equivalent can't be benefited by the beneficiary adjacent to appropriate punishments.
In its roundabout, CBIC has said, "G.S.R.....(E).- In exercise of the powers given by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, the Government, on the proposals of the Council, thusly makes the accompanying further change in the notice of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2020 - Central Tax, dated the 21st March 2020, distributed in the Gazette of India, Extraordinary, Part II, Section 3, Sub-area (I) vide number G.S.R. 196(E), dated 21st March 2020, to be specific:- In the said warning, in the principal section, with impact from the first day of April 2022, for the words "fifty crore rupees", the words "twenty crore rupees" will be subbed."
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