|Update:||Compliance Alert - New lowered threshold for mandatory E-invoicing|
The Indian Central Board of Indirect Taxes (CBIC), with notification n. 17/2022 – Central Tax proposed a change to the e-invoicing mandate threshold.
Starting 1 October 2022, e-invoicing will be mandatory for taxpayers with revenues exceeding INR 10 crores (ca. 1,3 million EUR).
Currently, taxpayers with revenues of INR 20 crores (ca. 2,4 million EUR) are required to issue e-invoices since April 2022. The new mandate will be the next segment of a now 5-part gradual roll-out, which started in 2020.
Therefore, the new taxpayers will have to transmit e-invoices and tax data using the mandatory infrastructure in India, Invoice Registration Portal (IRP).