E-invoice to be mandatory for B2B deals for biz with turnover of `10 crore from October

GST registered businesses with annual turnover of Rs 10 crore or more will have to generate e-invoices for B2B transactions from October 1, the finance ministry said.

Currently, businesses with turnover of Rs 20 crore and above are required to generate electronic invoice for all B2B transactions.

The Central Board of Indirect Taxes and Customs (CBIC) on August 1 notified lowering the e-invoice threshold to Rs 10 crore and above from October 1. The GST Council, comprising finance ministers of Centre and states, had decided to implement electronic invoice in a phased manner.