The Central Board of Indirect taxes on 13th December 2019, has issued various notifications on e-invoicing system. E-invoicing is a system in which invoices are authenticated electronically by GSTN for further use on the common GST portal. The new invoicing system has been made mandatory for businesses having a turnover of Rs 100 crore or more from April 1st, 2020.
Key Highlights from the Notification:
Notification No 69: In order to facilitate the preparation of e-invoices, CBIC has notified 10 common Goods and Services Tax Electronic Portals and it shall be effective from 1st January 2020.
Notification No 70: specifies that the Registered person, whose aggregate turnover in a financial year exceeds one hundred crore rupees shall prepare E-Invoice in respect of supply of goods or services or both to a registered person, effective from 1st April 2019.
Notification No 72: states that every invoice issued by a registered person, whose aggregate turnover in a financial year exceeds 500 crore rupees, to —–an unregistered person (hereinafter referred to as B2C i.e. Business to Consumer invoice) shall have Quick Response (QR) code. Provided that where such a registered person makes a Dynamic Quick response code available to the recipient through a digital display, such B2C invoice issued by such a registered person containing cross-reference of the payment using a Dynamic Quick Response QR code, shall be deemed to be having QR code.
Click here to read the Notification 69.
Click here to read the Notification 70.
Click here to read Notification 72.
