Over 100,000 small and mid-sized firms flout GST e-invoicing rules
- November 13, 2023
- CA Chandan Agarwal's Office
The e-invoicing mechanism helps improve compliance and transparency in sales reporting, minimising errors and mismatches, and automating data entry
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore.
E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of fake credit as it has to be generated before the transaction. “The default has been reported mainly in businesses with a turnover between Rs 5 crore and Rs 20 crore,” a senior official informed Business Standard.
According to the official, 20-30 per cent of businesses within the turnover threshold are not compliant yet. The authorities are issuing intimation…
Read more: https://www.business-standard.com/economy/news/over-100-000-small-and-mid-sized-companies-flout-e-invoicing-norms-123110901208_1.html
