New Delhi: The Central Indirect Taxes and Customs Board (CBIC) has given a one-time relief in the matter of making electronic bills (e-invoices) on business-to-business (B2B) transactions from 1 October. Under the Goods and Services Tax (GST) Act, it was mandatory for companies with a turnover of more than Rs 500 crore to create e-invoices on B2B transactions from October 1.
CBIC has said in a statement that even after nine months of issuing the first notification in this regard, some businesses are not ready for it yet. Therefore, giving the last chance at the initial stage of implementation of the e-invoice system, it has been decided that the invoices issued by such taxpayers should be recognized and the rules issued even after following the manner prescribed during October 2020. They should be fined for not complying.
Although taxpayers can get a waiver from the penalty, that e-invoice will have to be made within a month for the sale of B2B deals in October. For this, his reference number has to be obtained from the Invoice Reference Portal (IRP).
