This is to highlight that now businesses with an annual turnover of over Rs 5 crore will have to move to e-invoicing under goods and services tax (GST) from January 1, 2023. The GST Network has asked its technology providers to make the portal ready to handle the increased capacity by December, a government official privy to the development, told ET.
The official said the target is to bring all businesses with turnover above Rs 1 crore under this framework by next fiscal year, which will further plug revenue leakages and improve compliance.
It would help in syncing sales data of a small business vendor and large corporate clients, which is used to claim tax credit. This, the official said, would help in swift detection of false ITC claims, broaden GST base and improve compliance.
From October 1, businesses having aggregate annual turnover of Rs 10 crore and above have moved to e-invoicing for business-to-business (B2B) transactions.
If you need any assistance or clarification in regard to GST, feel free to contact the ASC Group.
Source: Economic Times
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