This Tax Alert summarizes recent
notifications and a Press Release[1] issued by the Central Board of
Indirect Taxes and Customs (CBIC).
The key changes are:
·
Invoice issued by
a person during October 2020 without obtaining Invoice Reference Number (IRN)
shall be deemed to be valid if IRN for such invoice is obtained within 30 days
from the date of invoice. Further, penalty in such cases shall be waived.
·
Requirement of
dynamic Quick Response (QR) Code on an invoice issued to an unregistered person
(B2C invoice) has been deferred till 1 December 2020.
·
If the aggregate
turnover of the person in any of the preceding financial year from FY 2017-18
onwards exceeds INR500 crores, they are required to issue e-invoice for B2B
transaction or provide dynamic QR code on invoice for B2C transaction.
·
E-invoicing will
be required for export transactions. Earlier, it was required only in respect
of supply of goods or services made to a registered person.
·
Central Goods and
Services Tax Rules, 2017 have been amended to provide that:
o
In case a
registered person is required to issue e-invoice, the invoice shall contain QR
code (having embedded IRN in it).
o
The Commissioner
may exempt a person from issuance of e-invoice for a specified period subject
to such conditions and restrictions as may be specified.
o
For verification
by proper officer, invoice with QR code (and embedded IRN) can be produced
electronically in lieu of physical copy of such invoice.
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