The
gist of the notifications is as under:
1.
A new sub-rule has been inserted to
mandate issuance of electronic invoices by registered persons having an
aggregate annual turnover in excess of INR100 crores. The requirement is for
supplies made to a registered person only
2.
The aforementioned electronic
invoice should mandatorily contain the following:
Ø
Particulars as contained in Form GST
INV-01 after obtaining Invoice Reference Number (IRN)
Ø
The tax invoice shall also contain
Quick Response (QR) code
3.
Further, where registered persons
have a turnover in excess of INR500 crore and make a supply to an
unregistered person (B2C supplies), invoices shall contain the QR code
4.
The changes shall come into effect
from 1 April 2020
Notification nos. 68/2019-Central Tax,
70/2019-Central Tax, 71/2019-Central tax and 72/2019-Central Tax dated 13
December 2019]
It
may be noted that for the purpose of e-invoice, ten Invoice Registration Portal
(IRP) have been notified. The same shall be effective from 1 January 2020.
[Notification
no 69/2019-Central Tax dated 13 December 2019]
Our comments
During
the last few months, there were several news articles on this subject. Vide the
above notifications, the Government has shown its intent to implement
e-invoicing from the coming financial year. Also, ten IRPs have been notified
from 1 Jan 2020 itself, which means the industry can initiate e-invoicing from
1 Jan 2020.
The
industry should now gear up and use the voluntary three-month e-invoice
generation
period
effective 1 January 2020 and identify challenges/suggestions which can be
represented before the Government.
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