Businesses to get 30 days to generate e-invoices for B2B transactions in October: CBIC

Central Board of Indirect Tax and Customs (CBIC) has said that Businesses will have 30 days to generate e-invoice for Business to Business (B2B) transactions for October 2020.

Under the Goods and Services Tax (GST) law, companies with a turnover of over Rs 500 crore will have to generate e-invoice for Business to Business transactions from October 1, 2020.

CBIC is a tweet has said, "One-time relaxation in implementation of E-Invoice Provisions for the month of October 2020. @FinMinIndia @nsitharamanoffc @ianuragthakur."

In March this year, the date of implementation of e-invoice was extended to October 1, 2020, keeping in view the hardships faced by the taxpayers due to COVID-19 lockdown.

CBIC said it has been reported that even after more than nine months of the first notification in this regard, some of these taxpayers having an aggregate turnover of Rs 500 crore and above are still not ready.

Accordingly as the 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 prescribed rules, shall stand waived if the Invoice Reference Number for such invoice is obtained from the Invoice Reference Portal within 30 days of the date of invoice.

CBIC said that no such relaxation will be available for the invoices issued from November 1, 2020.