Notification No. 10/2023-Central Tax Dated: 10th May, 2023 related to Central Goods and Services Tax Rules, involving a reduction in threshold limit for GST E-Invoicing from ten crore rupees to five crore rupees, effective from August 1, 2023.
Earlier registered person whose turnover exceeds Rs. 10 crore is required to comply with e-invoice provision which means he must generate e-invoice against each tax invoice, debit note, credit note issued to registered person.
Now on 10th May’2023 Ministry of Finance by Notification No. 10/2023 central tax has notified that person registered under GST and having turnover more than Rs. 5 Crore in any financial year from 2017-18 is required to comply with the e-invoice provisions w.e.f. 01st August 2023 i.e., he will be required to generate IRN/e-invoice against followings: –
1. Each tax invoice, debit note & credit note issued to registered person.
2. Export Transactions
Above e-invoice applicable on supply of goods as well as supply of service and this is in addition to the generation of e-way bill.
However, e-invoice shall not be applicable on following types of registered person as notified by CBIC by Notification no. 13/2020 – Central tax amended time to time.
1. Insurance Company
2. Banking Company or a financial Institutions
3. SEZ Units
4. Government Department and Local Authorities
5. Goods Transport Agency.
This phased wise manner of covering the businesses is a welcome move by the Government, instead of simply rolling out its applicability on all the businesses at once. It started with the threshold limit of Rs. 500 crores, then gradually brought down to Rs. 100 Crores, then Rs. 50 crores, then Rs. 20 crores, then Rs. 10 crores, and now finally to Rs. 5 crores (applicable from 1st Aug, 2023).
Lowering this threshold limit will widen the coverage area of Government’s check, as there would be less scope of manipulation in invoices.
Notification No. 10/2023 is as below: –
Ministry Of Finance
(Department Of Revenue)
(Central Board of Indirect Taxes And Customs)
New Delhi
Notification No. 10/2023 – Central Tax Dated: 10th May, 2023
G.S.R. 355(E).—In exercise of the powers conferred by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, the Government, on the recommendations of the Council, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2020 – Central Tax, dated the 21st March, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 196(E), dated 21st March, 2020, namely:-
In the said notification, in the first paragraph, with effect from the 1st day of August, 2023, for the words “ten crore rupees”, the words “five crore rupees” shall be substituted.
[F. No. CBIC- 20021/1/2023-GST]
ALOK KUMAR, Director
Note : The principal notification No. 13/2020 – Central Tax, dated the 21st March, 2020was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 196(E), dated the 21st March, 2020 and was last amended vide notification No. 17/2022-Central Tax, dated the 1st August, 2022, published vide number G.S.R. 612(E), dated the 1st August, 2022.
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Is e invoice for only B2B or B2C also
E invoice is required to generate e way bill or not
sir
i need a clarification regarding issue of E invoice more then 5 crore .
during this financial year (2023-24) i crossed the limit of turnover of 5 crore (i.e., from august 2023) what can i do.
if i issue e invoice from now inwards or from next financial year
please suggest me
thanking you
Turnover of Rs. 5 Crore will be checked on the basis of aggregate Turnover of previous financial year from 2017.
my business is coconut exports only. since 1981 firm. every year my turnover is more than 25 crores. coconuts are exempted goods in gst act. so I have no gst license. is it applicable of e invoicing above 5 crores effect from 1-8-2023. please clarify
Is 5 Crore TO figure should include GST or net turnover without GST is to be considered for eligibility of E-Invoicing?
if i have 2 GSTIN. Whether aggregate turnover from both GSTN will be considered for calculating limit of 5 crore.
the applicable in building Construction also??
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If applicable wef 01.08.203, then what about Invoices raised during the month July 23 ? Threshold is Rs 10-Crores?
the applicable in jewellery manufacturer also??
yes, good correction.
the applicable date is 01st Aug 2023, not 01st Aug 2013, please correct the Subject Headline
Sir, I Have checked it is showing 2023 …Please check once .
read 2023 instead of 2013