{"id":3545,"date":"2021-03-22T08:47:24","date_gmt":"2021-03-22T08:47:24","guid":{"rendered":"https:\/\/swaritadvisors.com\/blog\/?p=3545"},"modified":"2021-03-22T08:47:27","modified_gmt":"2021-03-22T08:47:27","slug":"turnover-limit-for-gst-e-invoicing","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/blog\/turnover-limit-for-gst-e-invoicing\/","title":{"rendered":"CBIC Reduced the Turnover Limit for GST E-Invoicing"},"content":{"rendered":"\n<p class=\"has-drop-cap\">On 08.03.2021,\nthe Central Board of Indirect Taxes and Customs (CBIC), by way of a\nNotification No 05\/ 2021, has reduced the turnover limit for GST E-invoicing.\nThe said notification will come into effect from 01.04.2021 onwards.<\/p>\n\n\n\n<p>Further, the\nsame was done under the ambit of the powers provided by Rule 48 sub rule (4) of\nthe Central Goods and Service Tax Rules 2017.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2e0a4f79a08\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2e0a4f79a08\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/blog\/turnover-limit-for-gst-e-invoicing\/#Concept_of_GST_E-invoicing\" title=\"Concept of GST E-invoicing\">Concept of GST E-invoicing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/blog\/turnover-limit-for-gst-e-invoicing\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/blog\/turnover-limit-for-gst-e-invoicing\/#Official_CBIC_Notification_on_Reduced_Turnover_Limit\" title=\"Official CBIC Notification on Reduced Turnover Limit\">Official CBIC Notification on Reduced Turnover Limit<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Concept_of_GST_E-invoicing\"><\/span>Concept of GST E-invoicing<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The term\nE-invoicing or Electronic Invoicing means a mechanism in which B2B (Business to\nBusiness) invoices are validated electronically by the Goods and Service Tax\nNetwork (GSTN) for the extended use on the official GST Portal.<\/p>\n\n\n\n<p>Further, under the electronic invoicing mechanism, a unique identification number will be generated against every invoice by the IRP (Invoice Registration Portal). The same will be managed and supervised by the GSTN.<\/p>\n\n\n\n<p><strong>Also, Read: <\/strong><mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/invoicing-for-gst-india\/\">Invoicing for GST in India \u2013 Invoice Format, Bill of Supply, Time limits<\/a><\/mark><\/p>\n\n\n\n<p>Also, it shall be noted that the first IRP was launched by NIC (National Informatics Centre) at <a href=\"https:\/\/cleartax.in\/s\/einvoice1-gst-gov-in-irp?forceCacheReload=1\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">einvoice1.gst.gov.in<\/a>. <\/p>\n\n\n\n<p>Furthermore, all the details concerning\ninvoice will be transferred from this website to both the E-way Bill Portal and\nGST Portal in real time.&nbsp; <\/p>\n\n\n\n<p>Thus, the main benefit of GST E-invoicing is that it eliminates the need for manual data entry, as the information and details are directly passed by IRP to the GST Portal.<\/p>\n\n\n\n<p><strong>Also, it shall be noted that the Central Board\nof Indirect Taxes and Customs have reduced the Turnover Limit for GST Invoicing\nfrom Rs 100 crores to Rs 50 crores.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In a nutshell, the new turnover limit\nfor GST E-invoicing is Rs 50 crores, and the same has been reduced from the\nearlier limit of Rs 100 crores. Further, the said limit will become applicable\nfrom 01.04.2021.<\/p>\n\n\n\n<p><strong>Also, Read: <\/strong><mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/e-invoice-system-under-new-gst-return-its-benefits-and-implementation\/\">E-Invoice System under New GST Return- Its Benefits and Implementation<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Official_CBIC_Notification_on_Reduced_Turnover_Limit\"><\/span>Official CBIC Notification on Reduced Turnover Limit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<a href=\"https:\/\/swaritadvisors.com\/blog\/wp-content\/uploads\/2021\/03\/Official-CBIC-Notification-on-Reduced-Turnover-Limit.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">Official-CBIC-Notification-on-Reduced-Turnover-Limit<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 08.03.2021, the Central Board of Indirect Taxes and Customs (CBIC), by way of a Notification No 05\/ 2021, has reduced the turnover limit for GST E-invoicing. The said notification will come into effect from 01.04.2021 onwards. Further, the same was done under the ambit of the powers provided by Rule 48 sub rule (4) [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3547,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[39],"tags":[526],"acf":[],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3545"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/comments?post=3545"}],"version-history":[{"count":3,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3545\/revisions"}],"predecessor-version":[{"id":3550,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/posts\/3545\/revisions\/3550"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media\/3547"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/media?parent=3545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/categories?post=3545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/blog\/wp-json\/wp\/v2\/tags?post=3545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}