CBDT notifies e-invoicing for businesses with Rs.5 bln turnover
SEZ units excluded
by Nidhi Bhati
The Central Board of Indirect Taxes and Customs (CBIC) has notified an e-invoicing system under Goods and Services Tax (GST) which makes it mandatory for large businesses with turnover of over Rs.5 billion to generate sales invoices electronically. This will come into effect from 1 October 2020. In addition, the CBIC has exempted units in special economic zones (SEZs) from complying with e-invoicing. The e-invoice was aimed at curbing GST evasion. It would also make the returns filing process simpler for businesses as invoice data would already be captured by a centralised portal.