The GST department has issued an advisory required to generate an e-invoice from 1st April 2024 if their turnover exceeds INR 5 crores in FY 2023-24.
In the notification dated 03rd April 2024, the department has specified that if the turnover of a taxpayer exceeds INR 5 crores in the FY 2023-24, the taxpayer will have to start e-Invoicing from the next financial year i.e., from 1st April 2024 onwards.
It has also been set out in the advisory that, same is applicable if the threshold is crossed in any of the proceeding financial years too.
It is a pivotal update from the GSTN department for businesses with an annual turnover exceeding INR 5 crores in the fiscal year 2023-24 that they are now mandated to adopt e-invoicing from the 1st of April, 2024. This significant shift towards digital compliance is designed to streamline invoice processing, enhance transaction accuracy, and foster a transparent tax environment. To comply with this directive, eligible businesses must integrate their invoicing systems with the GST portal to generate electronic invoices for every transaction. This process not only facilitates real-time tracking of invoices but also simplifies the input tax credit mechanism, thereby minimizing tax evasion. Enterprises are encouraged to swiftly adapt to this digital transformation by updating their accounting software and training their staff to ensure a seamless transition. Early preparation will be key to leveraging the full benefits of e-invoicing, including improved operational efficiency and compliance with GST regulations – JSPCO
