CBIC has issued Notification No 60/2020 - Central Tax and Notification No 61/2020 - Central Tax Dated 30th July, 2020 enhancing threshold for preparing E-Invoice to Rs 500 Crores. Earlier the authority had said that the limit for preparing E-Invoice was Rs 100 Crores. The provisions shall come into effect from 1st October, 2020.
The summary of notification is summarised below
|
Sl. No |
Notification No |
Date |
Summary of Notification |
|
1 |
30-07-2020 |
The turnover limit for applicability of E-Invoicing provisions for registered Taxpayers has been enhanced to Five hundred crore rupees (Earlier the said limit was Rs 100 Crores) E-Invoicing shall not be applicable to a “Special Economic Zone” |
|
|
2 |
30-07-2020 |
New Format/ Schema for E-Invoice has been released (Version 1.1). |
|
|
3. |
21-03-2020 |
Date for implementation is proposed from 1st October, 2020 |
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