The CBIC issued Notification No. 17/2022–Central Tax dated August 01, 2022, to amend Notification No. 13/2020 – Central Tax, dated March 21, 2020, to decrease the e-Invoicing aggregate turnover limit from 20 crores to 10 crore w.e.f. October 01, 2022.
CBIC has made the e-invoicing system mandatory for all registered persons with a turnover of more than Rs.10 crore from October 1, 2022. (Turnover exceeds in any FY from 2017-18 and onwards).
Original Notification 13-2020 has been amended from time to time and the turnover limit is now reduced to Rs. 10 crores in the latest Notification.
Once E-invoicing is implemented, it will be implemented for all subsequent financial years. As a result, once E-invoicing is implemented, taxpayers can not exit even though turnover comes below the applicable limit in any of the succeeding fiscal years.
The Notification does not apply to B2C transactions.
Exclusion of SEZ units (but not SEZ Developers) and certain classes of taxpayers such as banks & financial institutions, GTA, etc. shall continue.
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Published on: August 2, 2022