Biz Will Have to Generate E-invoice for B2B Sales in Oct Within a Month to Avoid Penalty: CBIC

Businesses will have 30 days’ time to generate e-invoice for B2B transactions for the month of October, the CBIC said on Wednesday. Under the Goods and Services Tax (GST) law, companies with turnover of over Rs 500 crore will have to generate e-invoice for B2B transactions from October 1. The Central Board of Indirect Taxes and Customs (CBIC) said even after more than nine months of the first notification, some businesses are still not ready.

“Accordingly, as a last chance, in the initial phase of implementation of e-invoice, it has been decided that the invoices issued by such taxpayers during October 2020 without following the manner prescribed ….., shall be deemed to be valid and the penalty leviable …,for such non-adherence to provisions, shall stand waived if the Invoice Reference Number (IRN) for such invoice is obtained from the Invoice Reference Portal (IRP) within 30 days of date of invoice,” CBIC said.