Taxpayers with an annual turnover above Rs.5 crore must prepare e-invoices from August 1 this year for business-to-business transactions (B2B supply), the State Goods and Services Tax department said. The decision is applicable to traders who have reported annual turnover above Rs. 5 crore in any of the fiscals from 2017-18 onwards. They will have to prepare e-invoices for taxable goods and services and also for credit/debit notes issued by them.

E-invoicing is currently applicable to taxpayers with turnover above Rs. 10 crore. Eligible taxpayers should register at https://einvoice1.gst.gov.in and obtain their user credentials before August 1. If the taxpayer fails to prepare the e-invoice, the recipient may face difficulty in claiming the input tax credit.

Source: THE HINDU