As per the recent news, the Government is planning to bring down the current mandated threshold of INR 20 crore or above for e-invoicing to INR 5 crore or above.
Revenue Secretary Tarun Bajaj shared, the plan is to bring down the applicability of e-invoicing to INR 10 crore and then to INR 5 crore, from the present applicability of INR 20 crore.
Earlier e-invoicing started with those having turnover of INR 500 crore, and then it brought down to INR 100 crore. The current applicability of e-invoicing is INR 20 crore.
The Revenue Secretary said in an interview that before lowering the threshold to INR 10 crore, the government wants stability in IT system, as the number of assesses working on e-invoicing would go up with the threshold moving down.
It was also mentioned in the interview that the GSTN is currently working on the plan, and the system would be ready in the next 3-4 months.
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