The Central Board of Indirect Taxes and Customs (CBIC) has released a notification regarding the applicability of Goods and Service Tax(GST) E-invoicing that it is applicable if the turnover is more than Rs.500 crores in any of the last three Financial Years. 

CBIC after seeing the hardships faced by the taxpayers due to COVID-19 lockdown has provided temporary relief to those companies having turnover above Rs.500 crore and are unable to implement e-invoicing systems at this point of time. The 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 an invoice with QR Code) will be deemed to be valid and no penalty will be there if the IRN for such invoices has been obtained within 30 days of the date of invoice. 

CBIC has further clarified that the E-Invoicing is also applicable for Export Invoices. It also states that QR code, having the Invoice Reference Number (IRN) to be part of invoice copy issued to buyer. 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 the proper officer.

And it further mentions that in case of any contingency, the GST Commissioner can exempt a person or a class of registered persons from e-invoicing for a specified period.

Also CBIC’s new notification states that in the first paragraph for the words “a financial year” the words and figures “any preceding financial year from 2017-18 onwards” shall be substituted. And after the words “goods or services or both to a registered person” the words “or for exports” shall get inserted.

With Warm Regards,

CL Bureau.

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