Question
Businesses with a turnover of _____ and above are
obligated to generate e-invoicing for business-to-business (B2B) transactions with effect from August 1,2023.Solution
Businesses with a turnover of Rs 5 crore and above are obligated to generate e-invoicing for business-to-business (B2B) transactions with effect from August 1. Presently, e-invoice is compulsory for companies with a turnover of Rs 10 crore or above.The move is aimed at digitizing higher volumes of transactions, greater transparency in sales reporting, minimizing errors and mismatches, automating data entry work, and improving compliance.
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