Legal roadmap for E-Invoicing GST
GST Council had approved the standard of e-invoice in the 37th GST Council Meeting held on 20th Sep 2019.
Phase I – E-invoicing was made mandatory for registered taxpayers, other than a special economic zone unit & those referred to in sub-rules (2), (3), (4) & (4A) of rule 54, whose aggregate turnover in the financial year exceeds Rs. 500 Crores w.e.f. 1st October 2020.
Phase II – E-invoicing was made mandatory for registered taxpayers, other than a special economic zone unit & those referred to in sub-rules (2), (3), (4) & (4A) of rule 54, whose aggregate turnover in the financial year exceeds Rs. 100 Crores w.e.f. 1st January 2021.
Phase III – E-invoicing is likely to make mandatory for registered taxpayers, other than a special economic zone unit & those referred to in sub-rules (2), (3), (4) & (4A) of rule 54, whose aggregate turnover in the financial year exceeds Rs. 50 Crores w.e.f. 1st April 2021.
E-invoicing is being implemented in a phased manner so it is advisable (not mandatory) to obtain a declaration from vendors whether e-invoicing is applicable to them. Specimen for such declaration to be obtained from vendors.
E-invoicing will not be mandatory for the following
⇒ A registered taxpayer whose annual aggregate turnover does not exceed Rs 50 Crores.
⇒ Special Economic Zone unit
⇒ Goods Transport Agency
⇒ Passenger Transport Service
⇒ Supplying Services by way of admission to the exhibition of cinematograph films on multiple screens
⇒ An insurance company or a banking company or a financial institution, including a non-banking financial company.
CBIC has issued the following notifications so far laying down the legal roadmap for E-Invoicing
CGST Notification no. 68 dated 13.12.2019 – To carry out changes in the CGST Rules, 2017
CGST Notification no. 69 dated 13.12.2019 – Notify the common portal for the purpose of e-invoice.
CGST Notification no. 70 dated 13.12.2019 – Notify the class of registered persons required to issue e-invoice.
CGST Notification no. 71 dated 13.12.2019 – To give effect to Rule 46 of the CGST Rules, 2017.
CGST Notification no. 72 dated 13.12.2019 – Notify the class of registered persons required to issue invoices having QR Code.
CGST Notification no. 13 dated 20.03.2020 – To exempt certain class of registered persons from issuing e-invoices & extend the date of implementation.
CGST Notification no. 60 dated 30.07.2020 – To make the Ninth amendment (2020) to CGST Rules.
CGST Notification no. 61 dated 30.07.2020 – To amend CGST Notification no. 13 in order to amend the class of registered persons for the purpose of e-invoice.
CGST Notification no. 70 dated 30.09.2020 – To amend CGST Notification no. 13 in order to amend the financial year and to include taxpayers
CGST Notification no. 72 dated 30.09.2020 – To make the Eleventh amendment (2020) to the CGST Rules.
CGST Notification no. 73 dated 30.09.2020 – Notify a special procedure for taxpayers for issuance of e-Invoices for October 2020
CGST Notification no. 88 dated 10.11.2020 – Notify the class of registered persons required to issue invoices having QR Code.
CGST Notification no. 05 dated 08.03.2021 – Notify the class of registered persons required to issue invoices having QR Code.
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