CBIC Chairman Sanjay Kumar Agarwal on Wednesday said the department will soon start sending advisories to businesses that are non-compliant on issuing e-invoices to their B2B customers.The Central Board of Indirect Taxes and Customs (CBIC) has started making e-invoice mandatory for businesses in a staggering manner beginning 2020.
E-invoicing was initially implemented for large companies with turnover of more than Rs 500 crore, and within 3 years the threshold has now been lowered to Rs 5 crore.
“From August 1, businesses with turnover of over Rs 5 crore are required to issue e-invoices. There I would like to mention that those who had to file e-invoices as per law, there the compliance level is not very high.
“We will be sending advisory to such taxpayers to issue e-invoices. We do not want to adopt an approach which is intimidating so we want to initially adopt soft approach and nudge them to issue e-invoices,” Agarwal said at a CII event here.
The details furnished in e-invoices are auto populated in monthly and quarterly GST returns.
Source: Business Standard
https://www.business-standard.com/economy/news/gst-authorities-to-start-sending-advisories-to-non-complaint-businesses-123110801169_1.html
https://www.business-standard.com/economy/news/gst-authorities-to-start-sending-advisories-to-non-complaint-businesses-123110801169_1.html
