New Enroll here to Join NaBFID Analyst Into Class on May 6

    Question

    Recently, GST Council has decided to generate GST

    e-invoices for B2B transactions for those GST-registered businesses with annual turnover of more than ______?
    A Rs 5 crore Correct Answer Incorrect Answer
    B Rs 10 crore Correct Answer Incorrect Answer
    C Rs 15 crore Correct Answer Incorrect Answer
    D Rs 20 crore Correct Answer Incorrect Answer
    E Rs 25 crore Correct Answer Incorrect Answer

    Solution

    GST-registered businesses with annual turnover of more than Rs 5 crore will soon have to generate electronic invoices for B2B transactions. The GST Council, comprising finance ministers of the Centre and states, had decided to implement it in a phased manner and with e-invoices being generated, for every B2B (Business-to-Business) transaction, invoice matching by tax authorities would not be required under Goods and Services Tax (GST). Currently, businesses with turnover of over Rs 20 crore will have to generate e-invoices for B2B transactions. GST, or Goods and Services Tax, is an indirect tax imposed on the supply of goods and services. It is a multi-stage, destination-oriented tax imposed on every value addition, replacing multiple indirect taxes, including VAT, excise duty, service taxes, etc.

    Practice Next

    Relevant for Exams: