GST Updates :- Classes of registered persons exempted from issuing e-invoices and Extension of date of implementation of e-invoicing.

Notification :-  13/2020-Central Tax  (Date of Application-01.10.2020)

Old Provision New Provision

E-Invoicing is mandatory from 1st April, 2020 (Refer Notification No. 71/2019 Central Tax dated 13.12.2019)

E-Invoicing was applicable for:-

  • Registered person whose aggregate turnover in a FY exceeds Rs 100 Cr.
  • in respect of supply of Goods/Services to Registered Person (B2B).

Implementation of E-Invoicing stands deferred to 1st Oct, 2020.

 

Further, below sectors are exempted for provisions of E-Invoicing –

  • Banking,
  • Insurance,
  • Financial Institutions,
  • Good Transport Agency (GTA)
  • Passenger Transportation Service,
  • Sale of Movie Tickets

Limit of Rs. 100 Cr has also been increased to Rs. 500 Cr. through Notification no. 61/2020-Central Tax dated 30.07.2020 i.e. E-Invoicing will not be applicable for Registered person having turnover of up to Rs. 500 Cr during a financial year.

Click on below link to check latest updates for Notification no. 61/2020

https://www.expertadvisorz.com/cbic-notifies-new-threshold-for-e-invoices-applicable-from-1st-october-2020/

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