Biz with turnover above Rs 500 cr to generate e-invoice for B2B transactions

NEW DELHI: Businesses with turnover of Rs 500 crore and above will generate all B2B invoices on a centralised Government portal starting October 1.

The Central Board of Indirect Taxes and Customs (CBIC) has notified the revised format for e-invoice under GST by replacing existing form and also increased the turnover threshold for businesses who have to generate e-invoice for B2B transactions.

With this, the e-invoice under Goods and Services Tax (GST) will be applicable for GST-registered businesses having turnover above Rs 500 crore with effect from October 1, 2020.

Also, SEZ units have been excluded from e-invoicing. (AGENCIES)

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