Business Standard

Biz with turnover above Rs 500 cr to raise e-invoice for B2B transactions

The Central Board of Indirect Taxes and Customs (CBIC) has notified the revised format for e-invoice under GST by replacing existing form and also increased the turnover threshold

GST, tax invoice
Premium

The e-invoice was aimed at curbing GST evasion through issue of fake invoices

Press Trust of India New Delhi
Businesses with turnover of Rs 500 crore and above will generate all B2B invoices on a centralised government portal starting October 1.
 
The Central Board of Indirect Taxes and Customs (CBIC) has notified the revised format for e-invoice under GST by replacing existing form and also increased the turnover threshold for businesses who have to generate e-invoice for B2B transactions.
 
With this, the e-invoice under Goods and Services Tax (GST) will be applicable for GST-registered businesses having turnover above Rs 500 crore with effect from October 1, 2020.
 
Also, SEZ units have been excluded from e-invoicing.
 
The e-invoice was aimed

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jul 31 2020 | 9:05 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com