If you are a businessman and your annual turnover is more than 20 crores, especially understand this rule. A decision has been issued by the Government of India to create a new e-invoice on the GST portal to all the traders having turnover of more than 20 crores for the new financial year starting from 1st April.
In order to prevent the ongoing fake billing and tax evasion kp through it, the rule of making e-invoice only to the companies making turnover of 500 crores was implemented by the government till now. After which it was implemented on companies with a turnover of more than 50 crores. However, from now on this rule has also been implemented for companies having turnover of more than 20 crores.
In such a situation, many people say that due to this rule, small traders can spend more on their heads. However, the exact situation can be estimated only after the implementation of the rule.
Explaining this, experts and various CAs say that if the invoice is not generated by the traders, then punitive action will be taken against them considering it as an attempt to evade tax. According to another tax consultant, when the sold goods also come back, they will also have to be made.