E-Invoicing under GST if turnover exceeds Rs. 10 crore-Edueasify

E-invoicing limit reduced from existing Rs. 20 crores to Rs. 10 crore w.e.f. 1st October 2022. let’s check who will require to generate E-Invoicing under GST if turnover exceeds Rs. 10 crores 

From 1st October 2022, CBIC has notified that e-invoicing will be mandatory for all assessees having a turnover of more than 10 crores in any financial year from 2017-18 to 2021-22.

    • Aggregate turnover will include the turnover of all GSTINs under the same PAN across India.
    • If the turnover was below the threshold limit in the last financial year but exceeds the threshold limit in the current year, then e-invoicing will be applicable from the beginning of the next financial year.

let’s Understand E-Invoicing under GST through one example, Suppose the turnover of Edueasify Pvt ltd was as follows:

    • FY 2017-18: Rs. 05 crore
    • FY 2018-19: Rs. 07 crore
    • FY 2019-20: Rs. 11 crore
    • FY 2020-21: Rs. 10 crore
    • FY 2021-22: Rs. 09 crores

Irrespective of the current year’s total turnover, Edueasify Pvt Ltd will compulsorily generate e-invoice from 01.10.2022 as it has generated in FY 2019-20 Rs. 10 crore turnover limit has been crossed.

Suppose, If Edueasify Pvt Ltd’s turnover was as follows:

    • FY 2017-18: Rs 02 crore
    • FY 2018-19: Rs 05 crore
    • FY 2019-20: Rs 06 crore
    • FY 2020-21: Rs 07 crore
    • FY 2021-22: Rs 09 crore
    • FY 2022-23: Rs15 crore (up to September 2022)

The Edueasify Pvt Ltd shall not require to generate e-invoices from 01.10.2022 irrespective of the current year’s aggregate turnover as it has not crossed the Rs 10 crore turnover limit in any of the preceding financial years.

E-Invoicing shall not be applicable to the following categories of registered persons

However, irrespective of the turnover, e-Invoicing shall not be applicable to the following categories of registered persons for now, as notified in CBIC.

    • An insurer or a banking company or a financial institution
    • GTA
    • A registered person supplying services by way of admission to the exhibition of cinematographic films in multiplex services
    • A registered person supplying passenger transportation services
    • A government department and local authority

Notification No. 17/2022-CT dated 01-08-2022

G.S.R. 612(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 October 2022, for the words “twenty crore rupees”, the words “ten crore rupees” shall be substituted.

Read More: No GST on Withdrawal Of Cash From Banks

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