In order to provide relief to small scale industries, the Central Board of Indirect Taxes & Customs (CBIC) has increased the threshold Limit for mandatory issue of E-Invoices applicable from 1st October 2020.
CBIC has issued Notification no. 61/2020-Central Tax dated 30.07.2020 notifying all the businesses having turnover more than Rs. 500 Cr. for issue of electronic invoices in respect of supply of goods or services to registered persons (B2B). Earlier all the businesses having turnover more than Rs. 100 Cr. were required to issue electronic invoices for their B2B supplies.
Further, CBIC has also exempted SEZ Units (units in Special Economic Zones) from the provisions of E-Invoicing.
Earlier vide Notification No. 13/2020-Central Tax dated 21.03.2020 CBIC has exempted below sectors from the provisions of E-Invoicing –
- Financial Institutions;
- Good Transport Agency (GTA);
- Passenger Transportation Service; &
- Sale of Movie Tickets.