The limit for e-invoicing is now being reduced from 20 crores to 10 crores from 01.10.2022. It means if aggregate turnover has exceeded 10 crores in any preceding F.Y i.e 17-18, 18-19, 19-20, 20-21, or 21-22, then E-Invoicing will be applicable from 1st October 2022.
The authorities have ensured smooth implementation of the e-invoicing module. They started with initial limits of 500 crores and gradually bringing it down to 100 crores, 50 crores, and 20 crores. The transition has been very smooth with no issues of connectivity to the portal etc.
However, the last phase of 10 crores and thereafter below it may be a challenge as it will mean dealing with a less organized sector. However, one has to change with time and accept the said changes and ensure proper manpower and bandwidth to ensure compliance.
The Business will have to integrate their billing system with the e-invoice portal and upgrade their accounting systems to comply with the new guidelines. As there are 2 months to go, there is time for the business to ensure their readiness for the same.
In case of any query or professional assistance, feel free to contact the ASC Group.
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