Mumbai, October 1: The Central Board of Indirect Taxes and Customs (CBIC) on Wednesday announced a 30 day grace period for those businesses which are not yet ready for GST e-invoicing.
In a notification on Wednesday evening, CBIC noted that even after more than nine months of the first notification in this regard, some of these taxpayers having aggregate turnover of Rs 500 crore and above are still not ready.
According to an IANS update, the notification said, "In case a registered person has issued an invoice dated October 3, 2020, without obtaining IRNA but reports the details of such invoice to IRP and obtains the IRN of the invoice on or before 2nd November 2020 then it shall be deemed that the provisions of rule 48 (5) of the CGST Rules, 2017 are complied with and the penalty imposable under section 122 of the CGST Act, 2017 shall also stand waived.”
E-invoicing essentially involves reporting details of specified GST documents to a government-notified portal and obtaining a reference number. According to reports, the corporates, experts had strongly advocated postponement.
How will e-invoicing help?
Use of e-invoicing will make filing the returns easier as all the information will be auto-populated. It will also facilitate standardisation and inter-operability, leading to reduction of disputes among transacting parties. There will also be an improvement of payment cycles, and reduction of processing costs, which will lead to the improvement in the overall business efficiency.
