GST Notification No. 10/2023 – Central Tax released on 10th May 2023 has made it mandatory for businesses with an AATO of Rs. 5 Cr. and above to start generating e-invoices from 1st August 2023.
Businesses have little over two months to prepare for this new change. This change not only affects small businesses but also large ones. Large and medium-sized companies that are already under the e-invoicing mandate need to now ensure that their vendors are generating IRN, in order to avail of appropriate Input Tax Credit (ITC).