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Over 100K small, mid firms flout GST e-invoicing rules
Business Standard
|November 10, 2023
Annual turnover of these firms between ₹5 crore and ₹20 crore
Over 100,000 small and mediumsized businesses are non-compliO the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over ₹25 crore.
E-invoicing provides real-time access to invoices that are prepared by the supplier on the purchase of goods, allowing faster accessibility to input tax credit, thereby limiting the manipulation of fake credit as it has to be generated before the transaction. "The default has been reported mainly in businesses with a turnover between ₹25 crore and ₹20 crore," a senior official informed Business Standard.
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