Are you able to use e-invoicing for your business? Are you up-to-date on the GST eInvoice latest updates? You, as a business owner must keep up to date with the most recent compliance news and updates.
This article will discuss some most recent e-invoicing notifications that can help your business remain GST compliant.
The central government occasionally makes announcements about GST e-invoicing in order to improve compliance. All businesses that have an annual turnover of more than Rs 50 million are required to issue e invoices starting April 2021. This article is for emerging businesses in India. It will provide information about GSP e-Invoicing and keep you informed on e–Invoice notifications to help you with your e–Invoicing process.
E-Invoicing under GST: The latest E-invoice notifications, and what’s the new
#1 Notification Dated 1st of June 2021
Notification No. Notification No. It claims to include “a government, local authorities” after “notifies registered persons, other than”.
This is in addition to those mentioned in Notification 13/20 dated 22 March 2020. A government or local authority does not need to comply with electronic invoicing.
#2 Notification Dated 8 March 2021
Notification No. Notification No.
#3 Notification Dated 10th Nov 2020
Notification No. Notification No.
#4 Notification Dated 1st Oct 2020
Notification No. Notification No. They must obtain an IRN to issue such invoices. To do so, they must upload details in the FORM GST INV-01 via the GST portal. These taxpayers must do this within 30 days of the invoice’s date. In the event that they fail to do so, the invoice will be deemed invalid.
#5 Notification Dated 30 September 2020
Notification No. Notification No. 72/2020 – Central Tax, dated 30 September 2020, makes changes to the CGST Rules 2017. These changes are:
- The CGST Rules 2017, shall be known as Central Goods and Services Tax (Eleventh Amendment), Rules 2020
- These rules will take effect from the date they are published in the official gazette
- If the invoice was issued in accordance with sub-rule 4 of rule 48, then the clause ‘r” referring to Quick response Code (QR code will contain IRN
- To include an additional provision, sub-rule 4 to rule 48
- Sub-rule 2 to be replaced by rule 138A
#6 Notification Dated 30 September 2020
Notification No. Notification No. It claims to:
- Substitute “financial year” for “any preceding financial year starting in 2017 and continuing through 2018”. e-invoicing is therefore available to registered taxpayers other than those mentioned in sub-rule 2,3,4, or 4A of the CGST rules, which have a specific turnover in any proceeding year from 2017 – 2018.
- After the words “goods or services, or both to a registered individual”, add the “or for exports” after them. The specific taxpayers must comply with e invoicing for the supply of goods, services, or both to a registered individual or exporter.
#7 Notification Dated 30th Jul 2020
Notification No. Notification No. 13/2020 – Central Tax, 21 March 2020
Notification No.13/2020-Central Tax is about the E-Invoicing Applicability to taxpayers who have an aggregate turnover exceeding Rs 100 Crores during a financial year in order to comply with electronic billing.
It also exempts these registered individuals from e-invoicing.
- Bank companies and financial institutions, as well as non-banking financial companies
- Transport agency for goods transporting goods via road in a goods carriage
- Provider of passenger transport service
- Services by way of admission to a cinematograph film exhibition in the multiplex screens
Notification No. These are the changes made in Notification No.
- To include Special Economic Zone Unit (SEZU) in the exempted persons from e-invoicing compliance
- Increase the annual aggregate turnover from Rs 100 Crores to below Rs 500 Crores.
#8 Notification Dated: 30th Jul, 2020
Further modifications were made by the Central Government to the Schema or Format for EInvoice. The E-Invoice Schema/Format included both mandatory and optional e-invoicing fields .
Refer to Notification No. 60/2020 – Central Tax for the complete Schema of E-Invoice.
#9 Notification Dated 21 March 2020
The Government has notified all registered persons, including the Input Service Distributors (ISD), with an annual aggregate turnover of more Rs 100 Crores, to prepare an electronic invoice. The following persons are not included in the list of those who have been registered:
- Insurer, Banking Company and Financial Institution, including an NBFC
- Goods Transport Agency (GTA), providing services related to the transportation of goods
- Service provider of taxable passenger transport
- Multiplex Screens – Supplier of tickets for cinematograph films
The Central Government has issued the following notification regarding the GST Council’s recommendations as per Notification No. 13/2020-Central Tax
#10 Notification Dated January 1, 2020
The Central Government introduced the Schema or Format for EInvoice. The E-Invoice Schema/Format included both mandatory and optional fields that form part of the GST e-invoice.
Yes, notifications and updates are being sent around the clock. Given the current pandemic, it is natural to expect a shift towards digital solutions. Nexarc (a Tata Enterprise), offers TCS iON GSTSP E-Invoicing Solution to help you keep your business GST compliant.
It is easy to use, affordable, secure, and automated. The solution is also regularly updated to ensure compliance. Contact us today for a demo of our E-Invoicing Solution.
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