Businesses to get 30 days to generate e-invoices for B2B transactions in October: CBIC

Central Board of Indirect Tax and Customs (CBIC) has said that Businesses will have 30 days’ 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 500 crore rupees will have to generate e-invoice for Business to Business transactions from 1st October. In March this year, the date of implementation of e-invoice was extended to 1st October, 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 einvoice, 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 1st November 2020.

INSTALL TAX CONCEPT APP

Do you wish to advertise with us ? write to gouravdevelopers@gmail.com

You can also submit article by sending to taxconcept4@gmail.com