New Delhi: Gst rules will be changed from August 1 this year. According to a circular issued by the Finance Ministry regarding the Goods and Services Tax (GST) regime, businesses with a turnover of more than Rs 5 crore will have to issue electronic invoices from August 1, 2023.
For major businesses with a revenue of over Rs 500 crore, e-invoicing was initially adopted in 2020. This limit, however, was reduced to Rs 5 crore within three years. Starting from October 1, 2020, businesses with an annual revenue of over Rs 500 crore were required to use electronic invoices for business-to-business (B2B) transactions.
