The government has decided to reduce the e-invoice limit from Rs. 10 Crores to Rs. 5 Crores from 1st August 2023. This means that any taxpayer who has an aggregate turnover exceeding Rs. 5 Crores in any financial year from 2017-18 to 2022-23 will be required to generate e-invoices from 1st August 2023 onwards. In simpler terms, businesses with turnover above Rs. 5 Crores will be required to generate electronic invoices for their transactions.
NBFC…THE FORMAL WAY OF DOING FINANCE BUSINESS IN INDIA…….KNEE OF OVERALL FINANCE BUSINESS WHY NBFC: It’s a formal way of doing finance business in India , not as a bank but not less than Bank. The rapidly-growing Indian economy has provided the biggest & profitable opportunity to Non-Banking Financial Companies (NBFCs) in creating a niche for themselves in recent years. The NBFCs do not hold banking licenses but they offer almost every service that banks do including accepting deposits, offering loans, performing financial intermediation, offering cash advances, leasing, hire purchases, etc. In a thickly populated country like India, mainstream banking services are not capable of fulfilling the financial needs of all the citizens. Owing to this fact, the NBFC has been able to carve a space for itself by making inroads into the country. NBFCs have grown at a remarkable pace in the last decade as a consequence of their customer-friendly approach, great flexibility, and
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