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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

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

2 min read Last Updated : Jul 31 2020 | 9:05 PM IST

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

Topics : Goods and Services Tax CBDT GST invoices NBFCs GST Council tax evasion GST evasion

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