GST E-invoicing â€“ Recent Amendment
E-invoicing under Goods and Services Tax is an electronic invoicing system through which the invoices will be uploaded by the specified class of registered person and the same will be authenticated by the designated portal. From 1st January 2020, e-invoicing has been implemented on a voluntary basis.
The present article covers some of the important recent amendments with regards to e-invoicing under GST.
Flow and gist of amendments
- Notification No. 13/2020- Central Tax dated 21st March 2020 provided date of implementation of e-invoicing and also specified the class of registered person exempted from e-invoicing.
- Notification No. 60/2020- Central Tax dated 30th July 2020 amended the Central Goods and Services Tax Rules, 2017 and came up with Form GST INV-01 relating to Format / Schema for e-invoice.
- Notification No. 61/2020- Central Tax dated 30th July 2020 amended the class of registered person exempted from e-invoicing.
Date of implementation of e-invoicing under GST
As per the latest amendment, the e-invoicing system under GST is likely to be implemented from 1st October 2020.
It is worth noting here that earlier the date of implementation was fixed as 1st April 2020, however, vide notification no. 13/2020- Central Tax, the date of implementation has been extended to 1st October 2020.
Class of registered person exempted from e-invoicing under GST
Following class of registered person are exempted from issuing e-invoicing-
- The following categories of supplier of taxable services-
- An insurer; or
- A banking company; or
- A financial institution; or
- A non-banking financial company; or
- A goods transport agency supplying service; or
- Supplying passenger transportation service; or
- Supplying service by way of admission of the exhibition of cinematograph films in multiplex screens.
The above categories of registered person are not required to issue e-invoice. The exemption is available irrespective of their aggregate turnover.
- A Special Economic Zone Unit-
Vide Notification No. 61/2020- Central Tax dated 30th July 2020 an exemption from e-invoicing has also been provided to a special economic zone unit. The said exemption is available irrespective of the aggregate turnover of the special economic zone unit.
- Aggregate turnover -based exemption-
All the registered person having an aggregate turnover up to INR 500 Crore in a financial year is exempted from issuing e-invoice under GST.
It is important to note here that earlier, as per notification no. 13/2020- Central Tax, a registered person up to an aggregate turnover up to INR 100 Crores was exempt, however, vide notification no. 61/2020- Central Tax, the exemption has been increased up to INR 500 Crores.
Format/ Schema for e-invoice
Vide Notification No. 60/2020- Central Tax dated 30th July 2020, the Central Board of Indirect Taxes and Customs has come up with the Central Goods and Services Tax (Ninth Amendment) Rules, 2020. Accordingly, the entire form GST INV-01 relating to Format/ Scheme for e-invoice has been substituted.
Synopsis of amendments
|Sr. No.||Notification No. and date||Particulars|
|1||Notification No. 13/2020- Central Tax dated 21st March 2020||Exempted certain class of registered person and specified the date of implementation of the e-invoice system.|
|2||Notification No. 60/2020- Central Tax dated 30th July 2020||Substituted Form GST INV-01.|
|3||Notification No. 61/2020- Central Tax dated 30th July 2020||Amended the exemption category.|