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CBIC notifies lower turnover threshold for e-invoicing and Quarterly Return Monthly Payment scheme effective January 01, 2021

January 1, 2021

In a recent notification and circular issued by the Central Board of Indirect Taxes and Customs (CBIC) under the Goods and Services Tax (GST), the board has notified that with effect from  January 01, 2021, e-invoicing will be applicable to taxpayers having aggregate turnover exceeding INR100 crores in the preceding financial years.   The notification further provides that the amendment in section 39 of the Central Goods and Services Tax Act, 2017 (CGST Act) to enable quarterly filing of return by certain class of taxpayers, has been notified w.e.f. 10 November 2020.  Please refer to the relevant notification hereFor further details please reach us here