E-invoice under GST: These businesses need not prepare electronic invoices up to a revenue of ₹500 crore any more
- At least four categories of relatively small businesses including financial firms and special economic zones have been exempt from preparing e-invoices.
- The new threshold for e-invoices under the GST regime will be ₹500 crore. Any firm smaller than that does not need to prepare electronic invoices.
- If your annual revenue exceeds ₹500 crore, then you have to generate tax invoice, debit note, and credit note.
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AdvertisementThe latest notification from India’s Central Board of Indirect Taxes and Customs has given relief to a whole host of businesses from preparing electronic invoices (e-invoice) — under the
The updated list includes the following:
- A Special Economic Zone (SEZ) unit
- An insurer or a banking company or a financial institution, including a non-banking financial company
- A goods transport agency supplying transportation services for goods or for passengers
- A registered person supplying services by way of admission to exhibition of cinematograph films in multiplex screens
- B2B (Business to Business)
- B2C (Business to Consumer)
- SEZWP (Supplies to SEZ with payment)
- SEZWOP (Supplies to SEZ without payment)
- EXPWP (Export with payment)
- EXPWOP (Export without payment)
- DEXP (Deemed Export)
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