GST e-invoicing mandatory for B2B transactions from October
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New Delhi, October 1: The Central Board of Indirect Tax and Customs (CBIC) on Thursday said that Businesses will have 30 days of time to generate e-invoice for Business to Business transactions for the month of October, 2020. Under the Goods and Services Tax (GST) law, companies with turnover of over Rs 500 crore will have to generate e-invoice for B to B transactions from October 1.
It is in the month of March this year, that the date of implementation of e-invoice was extended to October 1, keeping in view the hardships faced by the taxpayers due to COVID-19 lockdown. CBIC said, it has been reported that even after more than nine months of the first notification in this regard, some of these taxpayers having aggregate turnover of Rs. 500 crore and above are still not ready.
Accordingly as a last chance, in the initial phase of implementation of e-invoice, it has been decided that the invoices issued by such taxpayers during October 2020 without following the prescribed rules, shall stand waived if the Invoice Reference Number for such invoice is obtained from the Invoice Reference Portal within 30 days of date of invoice.
CBIC said that no such relaxation will be available for the invoices issued from November 1, 2020. Further as per the website of the Good and Service Network `e-invoicing` has many advantages for businesses such as standardisation, interoperability, auto-population of invoice details into GST return and other forms (like e-way bill), reduction in processing costs, reduction in disputes, improvement in payment cycles and thereby improving overall business efficiency.
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