E-Invoicing for registered persons having turnover exceeding Rs 500 crores
The CBIC vide Notification No. 61/2020–Central Tax* dt 30th July 2020 has amended Notification no 13/2020 dt 21st March 2020, and revised turnover limit for applicability of e-invoicing. As per the notification e-invoicing shall be applicable in case of registered person having aggregate turnover exceeding Rs 500 crores in a financial year, with effect from 1st October 2020. Earlier turnover limit prescribed was Rs 100 crore in a financial year.
*Update as on 08/03/2021: Turnover limit revised for E-invoice w.e.f 01/04/2021
Notification also provides that, e invoicing will not be applicable to Special Economic Unit. As per earlier notification following were excluded from applicability of e-invoice:
- Insurance company, banking company, financial institution, non-banking financial institution
- Goods transport agency (GTA)
- Passenger transportation service
- Admission to exhibition of cinematographic films in multiplex screens
Further, the CBIC vide Notification No. 60/2020–Central Tax dt 30th July 2020 has notified the schema for e-invoicing.
Read full text of the notifications here: