e-invoicing

update on GST portal

e-invoicing – Relaxation and latest changes

01/10/2020

1.‘e-invoicing’ for certain classes of taxpayers has come into effect from 1-10-2020.

2.Keeping in view the hardships faced by the taxpayers due to COVID-19 lockdown and as some of these taxpayers are still not ready, as a last chance, Government had given relaxation that invoices raised by notified taxpayers during October, 2020 without following e-invoice procedure (i.e. uploading invoice details on e-invoice portal (IRP), obtaining IRN and issuing invoice with QR Code) will be deemed to be valid and no penalty will be there if the IRN for such invoices is obtained within 30 days of date of invoice.

3.Further, vide notifications (Central Tax) 70/2020 and 72/2020 dated 30-9-2020, certain amendments and additions were made in respect of e-invoicing. Below is the summary of amendments:

  1. Regarding aggregate turnover threshold, it was specified that those who crossed Rs. 500 Cr. in any preceding financial year from 2017-18 onwards, will be covered.
  2. Supplies for ‘exports’ are also specifically included under e-invoicing.
  3. QR code, having the Invoice Reference Number (IRN) to be part of invoice copy issued to buyer.
  4. In case of any contingency, Commissioner can exempt a person or a class of registered persons from e-invoicing for a specified period.
  5. Where e-invoicing is applicable, physical copy of invoice need not be carried (during movement of goods) and it is sufficient if the QR code having IRN is produced electronically, for verification by proper officer.

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One response to “e-invoicing

  1. Reblogged this on By the Mighty Mumford and commented:
    GOOD STUFF HERE!

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