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CBIC: Reduction of E-invoice Limit to Rs. 5 Crores from 10 Crores starting 01 Aug, 2023
CBIC: Reduction of E-invoice Limit to Rs. 5 Crores from 10 Crores starting 01 Aug, 2023
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CBIC: Reduction of E-invoice Limit to Rs. 5 Crores from 10 Crores starting 01 Aug, 2023. The government has announced a gradual decrease in the turnover limit for e-invoicing, and as per the notification released on Wednesday night (May 10, 2023), registered entities with an annual turnover of Rs. 5 crore will be mandated to use e-invoicing from August 1, 2023. The CBIC issued Notification No. 10/2023–Central Tax dated May 10, 2023 to amend Notification No. 13/2020 – Central Tax, dated March 21, 2020 to decrease the E-invoicing aggregate turnover limit from 10 crore to 5 crore w.e.f. August 01, 2023. The Notification can be accessed at: https://egazette.nic.in/WriteReadData/2023/245793.pdf The Central Board of Indirect Taxes and Customs (CBIC), in exercise of the powers conferred by sub-rule (4) of rule 48 of the CGST Rules, 2017, has decided to reduce the E-invoice limit from Rs. 10 Crores to Rs. 5 Crores, effective from 01 August, 2023. Compliance Calendar traced the development and bring to your attention regarding the electronic invoicing (E-invoice) system in India with respect to change in limits and applicability on E-invoice. This decision of reducing the limit on the applicability of E-invoice was made by the CBIC on the recommendation of the council to further amend the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2020 - Central Tax, dated the 21st March, 2020. The E-invoice system was introduced by the Indian government with the aim of improving tax compliance and streamlining the invoicing process. It mandates certain businesses to generate and report invoices electronically to the government's designated portal, the Goods and Services Tax Network (GSTN). This digital transformation has been progressively implemented in phases, and the E-invoice limit has been revised from time to time. With the new amendment, businesses with a turnover exceeding Rs. 5 Crores will now be required to generate E-invoices for their transactions. It is essential for businesses falling under this category to ensure compliance with the updated regulations to avoid any penalties or legal consequences. The reduced E-invoice limit signifies the government's continued efforts to enhance tax administration, promote transparency, and minimize tax evasion. By capturing invoice details electronically, the government aims to strengthen data analytics, minimize manual intervention, and facilitate seamless information exchange between businesses and tax authorities. Compliance Calendar advise all affected businesses to review their invoicing systems and processes to ensure they are aligned with the updated requirements. Additionally, it is crucial to familiarize themselves with the guidelines issued by the GSTN and seek any necessary technical assistance or support to ensure a smooth transition to the revised E-invoice limit. We also recommend keeping a close eye on any further updates or clarifications provided by the government or relevant authorities regarding the implementation and compliance requirements of the revised E-invoice limit.
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Section 8 Company Registration
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Producer Company Registration
Foreign Subsidiary Registration
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Foreign Project Office
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Partnership Firm Registration
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MSME Registration(UDYAM)
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Exit Your Business
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Close LLP
Close Firm
GST Cancellation
Change Services
Change Company Name
Change LLP Name
Change Company Object
Change LLP Object
Increase Authorised Capital
Increase Paid-up Capital
Increase LLP Capital
Transfer of Shares
Alteration in MoA & AoA
Resignation of Auditor
Appointment of Director
Resignation of Director
Change in Designation of Director
Shifting Registered Office of Company
Shifting Registered Office of LLP
Dormant Status of Company
Mandatory Compliances
Appoinment of Auditor
Annual Filings of Company
Annual Filings of LLP
Annual DIN/DPIN KYC
Annual Return of Deposits
Half Yearly MSME Return
Statutory Registers & Minutes
XBRL Filing of Companies
eStamping of Share Certificates
Dematerialisation of Shares
RBI FEMA Compliance
GST Returns Filing
ESI-EPF Returns Filing
TDS Returns Filing
Change in Structure
Proprietorship to OPC
OPC to Private Limited
Private Limited to OPC
LLP to Private Limited
Private Limited to LLP
Partnership Firm to LLP
Private Limited to Public Company
Public Company to Private Limited
Trust/Society to Section 8 Company
Existing Company to Section 8
Existing Section 8 to Company
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Accounting & Book Keeping
GST Compliance
Valuation Services
Corporate Litigation
Company Law Advisory
Services For Banks
Drafting & Vetting Services
Startups Funding
Business Loans
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NBFC Company Registration
NBFC Micro-Finance Registration
NBFC P2P Lending Registration
NBFC Core Investment Company
NBFC ROC Compliance
NBFC RBI Compliance
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NBFC Consultancy
NBFC Compliance Calendar
NBFC Independent Director
ISO
ISO 9001:2015
ISO 14001:2015
ISO 13485:2016
OHSAS 18001:2007
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CE Marking
GMP Certification
CMMI Level 3 Certification
ISO 22000:2005
ISO 27001:2013
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Companies
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