The provisions of Manner of Issue of issuing Invoice as per Rule 48 has been amended to facilitate the issue of IRN with insertion of Sub Rule (4). Taxpayers with an annual turnover of Rs 100 Crores in a financial year does not issue an e-invoice, It will not be considered as a tax invoice and which means that the recipient cannot take credit of the input taxes.
e-invoices can be issued using any one of the following portals from 1st Jan 2020.
All taxpayers having an aggregate turnover of Rs 100 crores during a financial year issue an e-invoice for supply of goods or services or both to registered taxpayers. Issue of e-invoices is mandatory from 1st April 2020.
The effective date for the implementation of the changes announced through Notification No 31 / 2109 – Central Tax is 1st April 2020.
All registered taxpayers having an aggregate turnover in a financial year above Rs 500 crores are required to issue tax invoices to unregistered taxpayers with a Quick Response Code.
Authored by CMA Bhogavalli Mallikarjun Gupta, Chief Taxologist at Logo Infosoft.