Yes, there are electric account thresholds limits for account finalization for electrical items sales & services in India.
The threshold limit is set by the Goods and Services Tax (GST) Council and is currently INR 200,000.
This means that for any invoice amount below INR 200,000, the seller is not required to finalize the account and can instead issue a provisional invoice.
The threshold limit for account finalization is different for different types of goods and services. For example, the threshold limit for food items is INR 50,000, while the threshold limit for transportation services is INR 1,000,000.
The GST Council may change the electric account thresholds limit for account finalization from time to time. It is important to check the latest threshold limit before finalizing any accounts.
To visit: https://www.incometax.gov.in
Here are some of the reasons why there are Electric account thresholds limits for account finalization:
- To reduce the compliance burden on small businesses.
- To simplify the GST filing process.
- To prevent fraud and evasion.
If you are a seller of electrical items:
sales & services, you should be aware of the threshold limit for account finalization. You should also be aware of the different types of invoices that you can issue, depending on the invoice amount.
For further details access our website: https://vibrantfinserv.com