The Bihar government recently issued a notification on June 13, 2023, to amend the applicability limit for E-invoices for registered persons under Bihar Goods and Service Tax, Rules, 2017. The amendment reduces the threshold for E-invoice applicability from 10 Crore rupees to 5 Crore rupees, taking effect from August 1, 2023.
Prior to the recent amendment by the Bihar government, the E-invoice applicability limit stood at 10 Crore rupees. However, with the new notification, the registered persons under Bihar Goods and Service Tax, Rules, 2017 whose aggregate turnover in a financial year exceeds fice crore rupees shall prepare E-invoice.
The reduction in the E-invoice applicability limit by the Bihar government signifies its commitment to harnessing technology to enhance tax compliance and drive economic growth. Also, this reflects its commitment to digital transformation and improved tax administration. This amendment aims to enhance transparency, streamline processes, and curb tax evasion.
