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The Central Board of Indirect Taxes and Customs (CBIC) notified that GST e-invoicing will be mandatory for any firm whose turnover exceeds ₹100 crore from 1st January 2021.
The changes will bring a large number of medium enterprises under the ambit of e-invoicing. It is expected that it will be made available to all taxpayers for B2B transactions from 1st April 2021. Inclusion of dealers with turnover between &100-500 Crore, within the E-invoicing gamut, is another step towards formalisation of the economy. There could be some initial issues in implementation, albeit, in the long run the same is likely to result in more transparency, better tax administration and automation of tax compliance and filings.