GST rules changing from today, April 1 --Lakhs of companies in India to be impacted
Zee News
As per the new rules, companies with turnover of more than Rs 20 crore will have to generate B2B e-invoices.
New Delhi: From today, April 1 the rules related to e-invoicing for business-to-business (B2B) transactions is going to change.
Central Board of Indirect Taxes and Customs has said that businesses with turnover of over Rs 20 crore will have to generate electronic invoice for B2B transactions from April 1, 2022.
Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions was made mandatory for companies with turnover of over Rs 500 crore from October 1, 2020, which was then extended to those with turnover of over Rs 100 crore from January 1, 2021.
The new GST rule is going to impact lakhs of companies in India.
From April 1 last year, companies with turnover of more than Rs 50 crore were generating B2B e-invoices. This is now being extended to companies with turnover of over Rs 20 crore.
