GST E-Invoicing – Enhancement of aggregate turnover for applicability of E-Invoicing
CBIC has issued Notification No 60/2020 – Central Tax and Notification No 61/2020 – Central Tax Dated 30th July, 2020 enhancing threshold for preparing E-Invoice to Rs 500 Crores. Earlier the said limit for preparing E-Invoice was Rs 100 Crores. The provisions shall come into effect from 1st October, 2020.
The summary of notification is summarised below
|Sl. No||Notification No||Date||Summary of Notification|
|1||61/2020 – Central Tax||30-07-2020||The turnover limit for applicability of E-Invoicing provisions for registered Taxpayers has been enhanced to Five hundred crore rupees (Earlier the said limit was Rs 100 Crores)
E-Invoicing shall not be applicable to a “Special Economic Zone”
|2||60/2020 – Central Tax||30-07-2020||New Format/ Schema for E-Invoice has been released (Version 1.1).|
|3.||13/2020-Central Tax||21-03-2020||Date for implementation is proposed from 1st October, 2020|
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