You are here: Home » Companies » News
Business Standard

CBIC gives partial relief to companies from compulsory e-invoicing

The relief has been provided for the month of October only


Indivjal Dhasmana  |  New Delhi 

tax, taxes

The indirect tax board has given partial relief to from compulsory e-invoicing that will kick off from Friday.

The Central Board of Indirect Taxes and Customs (CBIC) said in a statement that the will not attarct any penalty if they move goods without e-invoicing, provided that they get invoice reference number (IRN) for such invoices within a month of the date of invoice. The relief has been provided for the month of October only.

The GST Council has made e-invoicing compulsory for having an annual turnover of over Rs 500 crore. The deadline has been extended a couple of times. Although it was to be implemented from April, it was deferred till October. Companies had earlier said that there will be a disruption in their operations if e-invoicing is made compulsory for them from Friday. They demanded that e-invoicing be voluntary for three months before opening it to all those with an annual turnover of over Rs 500 crore.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, October 01 2020. 01:36 IST