May 12 2023

India Reduces Turnover Threshold for GST E-invoicing to INR 50 Million

Source: IBFD Tax Research Platform News

On 10 May 2023, the Central Board of Indirect Taxes and Customs (CBIC) issued a notification mandating businesses with a turnover of INR 50 million or more to issue e-invoices for business-to-business (B2B) transactions beginning 1 August 2023. Currently, the requirement is applicable to businesses with a turnover of INR 100 million.

For this purpose, if the turnover of the business for any of the 5 preceding years (viz. financial years 2017-18, 2018-19, 2019-20, 2020-21 and 2021-22) exceeds the limit of INR 50 million, the requirement to generate e-invoices applies from 1 August 2023.