UK-India sign new infrastructure financing bridge agreement in London

The UK-India Infrastructure Financing Bridge (UKIIFB), agreed during the UK Economic and Financial Dialogue (EFD) in September last year, has now been operationalised

UK-India sign new infrastructure financing bridge agreement in London

 

The implementation of e-invoicing for B2B transactions had been progressively rolled out under the GST law. In October 2020, businesses with a turnover exceeding Rs 500 crore were first mandated to issue e-invoices. This requirement was later extended to companies with turnover above Rs 100 crore from January 1, 2021. By April 1, 2021, the threshold was reduced to Rs 50 crore, and further lowered to Rs 20 crore a year later.

On October 1, 2022, businesses with turnover above Rs 10 crore were also brought under the e-invoicing regime. Most recently, from August 1, 2023, the threshold was set at Rs 5 crore.

 

The implementation of e-invoicing for B2B transactions had been progressively rolled out under the GST law. In October 2020, businesses with a turnover exceeding Rs 500 crore were first mandated to issue e-invoices. This requirement was later extended to companies with turnover above Rs 100 crore from January 1, 2021. By April 1, 2021, the threshold was reduced to Rs 50 crore, and further lowered to Rs 20 crore a year later.

On October 1, 2022, businesses with turnover above Rs 10 crore were also brought under the e-invoicing regime. Most recently, from August 1, 2023, the threshold was set at Rs 5 crore.

UK-India sign new infrastructure financing bridge agreement in London

The implementation of e-invoicing for B2B transactions had been progressively rolled out under the GST law. In October 2020, businesses with a turnover exceeding Rs 500 crore were first mandated to issue e-invoices. This requirement was later extended to companies with turnover above Rs 100 crore from January 1, 2021. By April 1, 2021, the threshold was reduced to Rs 50 crore, and further lowered to Rs 20 crore a year later.

Despite this phased implementation, challenges remain, particularly for businesses with turnovers between Rs 5-10 crore, according to officials. Tax authorities have reportedly been urging non-compliant businesses to meet the e-invoicing requirements.

Despite this phased implementation, challenges remain, particularly for businesses with turnovers between Rs 5-10 crore, according to officials. Tax authorities have reportedly been urging non-compliant businesses to meet the e-invoicing requirements.