New Delhi: Central Board of Indirect Taxes and Customs has said that organizations with turnover of over Rs 20 crore should create electronic receipt 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 turnover of over Rs 500 crore from October 1, 2020, which was then reached out to those with turnover of over Rs 100 crore from January 1, 2021.
From April 1 last year, organizations with turnover of more than Rs 50 crore were creating B2B e-solicitations. This is currently being stretched out to organizations with turnover of over Rs 20 crore.
With this, more providers would be expected to raise e-invoices with impact from April 1, 2022. On the off chance that the receipt isn’t legitimate, input tax break on the equivalent can’t be profited by the beneficiary close to relevant punishments.
In its round, CBIC has said, “G.S.R…..(E).- In exercise of the powers gave by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, the Government, on the proposals of the Council, therefore 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-segment (I) vide number G.S.R. 196(E), dated 21st March, 2020, specifically:- 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.”
