{"id":2732,"date":"2020-07-31T17:50:30","date_gmt":"2020-07-31T17:50:30","guid":{"rendered":"https:\/\/www.gstpractitioners.in\/blog\/?p=2732"},"modified":"2020-07-31T18:14:51","modified_gmt":"2020-07-31T18:14:51","slug":"cbic-notified-e-invoicing-for-turnover-exceeds-rs-500-crore-from-1st-october2020","status":"publish","type":"post","link":"https:\/\/www.gstpractitioners.in\/blog\/cbic-notified-e-invoicing-for-turnover-exceeds-rs-500-crore-from-1st-october2020\/","title":{"rendered":"CBIC notified e-invoicing for turnover exceeds Rs.500 crore from 1st October&#8217;2020."},"content":{"rendered":"<div class='epvc-post-count'><span class='epvc-eye'><\/span>  <span class=\"epvc-count\"> 818<\/span><\/div><p><strong>CBIC notified e-invoicing for turnover exceeds Rs.500 crore from 1st October&#8217;2020.<\/strong><\/p>\n<p style=\"text-align: justify;\">The Central Board of Indirect Taxes and Customs (CBIC) has notified e-invoicing for businesses with turnover <strong>above Rs 500 crore,<\/strong> increasing the threshold for mandatory issuing of electronic invoices from the<strong><em> earlier limit of Rs 100 crore turnover,<\/em> <\/strong>providing relief to small scale companies. <a href=\"https:\/\/www.gstpractitioners.in\/blog\/wp-content\/uploads\/2020\/07\/EeMYS3XU8AAuN1y.jpg\" target=\"_blank\" rel=\"noopener noreferrer\">See Notification No.61\/2020-Central Tax.<\/a><\/p>\n<p style=\"text-align: justify;\">The government intends to implement e-invoicing or electronic submission of sales invoice to bring <strong><em>more transparency in sales reporting, automate data entry work, reduce errors and mismatches, capture sales related details in the system instantaneously and improve compliance.<\/em><\/strong> The practice followed in many international markets will also prevent tax evasion while reducing chances of audits or surveys.<\/p>\n<p><strong>Exempt from e-Invoicing :<\/strong><\/p>\n<p style=\"text-align: justify;\">1.Insurance and banking companies,<\/p>\n<p style=\"text-align: justify;\">2. Financial institutions,<\/p>\n<p style=\"text-align: justify;\">3. Non-banking financial institutions,<\/p>\n<p style=\"text-align: justify;\">4. Goods transportation agencies and passenger transportation services will be exempted from e-invoicing and dynamic QR codes.<\/p>\n<p>5. SEZ Unit.<\/p>\n<p style=\"text-align: justify;\">CBIC had also mandated implementation of dynamic quick response (QR) codes on e-invoices from October 1, however, this has not been made mandatory in the July 29 notification. A QR Code contains details of an invoice such as GST identification numbers of suppliers, receiver and invoice numbers, which can be checked instantaneously without internet access.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>818CBIC notified e-invoicing for turnover exceeds Rs.500 crore from 1st October&#8217;2020. The Central Board of Indirect Taxes and Customs (CBIC) &#8230;. <\/p>\n","protected":false},"author":1,"featured_media":2742,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,40,47,28,37,44,22],"tags":[],"class_list":["post-2732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-gst-council-meeting","category-gst-learning","category-gst-return","category-gstp","category-income-tax","category-input-tax-credit"],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/2732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/comments?post=2732"}],"version-history":[{"count":5,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/2732\/revisions"}],"predecessor-version":[{"id":2737,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/2732\/revisions\/2737"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/media\/2742"}],"wp:attachment":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/media?parent=2732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/categories?post=2732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/tags?post=2732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}