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)