Starting from October 1, the GST (Goods and Services Tax) will be mandatory for the business with a turnover of more than 10 crores. The Central Board of Indirect Taxes and Customs had issued a notification regarding this.
In a notification dated August 1, Monday, the announcement made by the CBIC said “In the said notification, in the first paragraph, with effect from the 1st day of October 2022, for the words ‘twenty crore rupees’, the words ‘ten crore rupees’ shall be substituted”.
The e-invoice system has bought in more taxpayers giving it a rise from nearly 1.25 crores in Oct 2020 to nearly 1.38 crores currently. In order to make sure of better tax compliance, the notification of e-invoicing has been given based on the recommendations given by the GST Council.
