CBIC clarifies that the limit for e-invoices is not reducing from Rs. 10 Crores to 5 Crores with effect from January 1, 2023
According to reports in the media today, the GST Council had recommended reducing the threshold for generation of e-invoices to Rs.5 Crore with effect from January 1, 2023, however the government has not implemented the recommendation.Taxpayers are uncertain since no notification has been issued in the matter.
To clarify, as per Notification no. 17/2022-Central Tax dated 01.08.2022, e-invoicing is now mandatory for registered individuals with an aggregate turnover of over Rs. 10 crore in any previous financial year starting from 2017-18 onwards."
As of now, the Government has not proposed to lower the threshold limit to Rs. 5 Crore with effect from 01.01.2023, as the GST Council has not yet recommended such a change.
Some news reports have appeared in media today suggesting that though @GST_Council has recommended reducing threshold for generation of e-invoice to Rs.5 cr wef 1.1.23, the Govt. has yet to issue notification in the matter, giving rise to uncertainties amongst the taxpayers. 1/3
— CBIC (@cbic_india) December 26, 2022
It is clarified that presently, e-invoicing has been made mandatory for registered persons having aggregate turnover more than Rs. 10 crore in any preceding financial year from 2017-18 onwards (Refer Notification no. 17/2022-Central Tax dated 01.08.2022). (2/3)
— CBIC (@cbic_india) December 26, 2022
There is no proposal before the Government, at present, to reduce this threshold limit to Rs 5 Crore with effect from 01.01.2023, as no such recommendation has been made by GST Council as yet. (3/3) @FinMinIndia @nsitharamanoffc @officeofPCM
— CBIC (@cbic_india) December 26, 2022
