The CBIC vide Notification No. 01/2022-Central Tax dated 24/02/2022 has notified the reduction in the applicability of e-invoicing threshold limit from Rs.50 Crores to Rs.20 Crores with effect from 1st April, 2022.
An e-Invoice is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal. Under the electronic invoicing system, an identification number is issued against every invoice by the Invoice Registration Portal (IRP) to be managed by the GST Network (GSTN).
Presently, CBIC vide Notification No. 05/2021-Central Tax dated 08/03/2021 had amended the Goods and Service Tax(GST) e-invoicing applicability if the turnover is more than 50 crores w.e.f. 01/04/2021.
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