E-invoicing under the goods and services tax (GST) regime will be extended to companies having an annual turnover of more than Rs 100 crore from January 1, 2021 and to all from the next financial year for business to business (B2B) transactions, Finance Secretary A B Pandey said on Friday.
This mechanism will soon replace the existing e-way bill system, Pandey said. Besides, it can also eventually dispense with the present system of filing GST returns for micro, small and medium enterprises (MSMEs), he said.
At present, this requirement is for companies having annual turnover of over Rs 500 crore in any