If you’re a business in India, it’s time to gear up for a big regulatory shift in e-invoicing under the GST framework. Here’s what you need to know:
🔹 New Aggregation Limit
The mandatory e-invoicing threshold is dropping from ₹100 crore to ₹10 crore in annual turnover.
🔹 Effective Date
This change comes into force on April 1, 2025. Mark your calendars – the deadline is closer than it seems.
🔹 30-Day Reporting Requirement
Businesses with turnover over ₹10 crore will need to report e-invoices on the Invoice Registration Portal (IRP) within 30 days of the invoice date.
📌 Example: An invoice dated April 1 must be reported by April 30. No extensions will be permitted beyond the 30-day window.
🔹 Impact on All Documents
This 30-day rule applies to all tax-related documents, including credit notes and debit notes.
🔹 Current Status for Smaller Taxpayers
As of now, taxpayers with turnover under ₹10 crore don’t face reporting deadlines, but this may change in the future.
💡 What This Means for You:
All pending invoices must be registered before April 1, 2025 to avoid non-compliance issues. With this lowered threshold and tighter timeline, businesses should start preparing now to meet the new requirements.
🌟 Takeaway: These changes underscore the need to stay agile and compliant. Ensuring timely adaptation to this new rule can help prevent last-minute challenges and keep your business operations smooth.
Stay informed, stay compliant!