Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No.60-CT and 61-CT dated 30th July, 2020 to amend Notification No. 13-CT dated 21st March, 2020 and notify the class of registered person who shall be required to generate e-invoice from 1st day of October, 2020 and the format and schema for generation of e-invoice.
Key points of the Notifications are:
1. According to the amended Notification, from 1st October, 2020, the registered persons whose annual turnover in the financial year exceeds five hundred crore rupees shall be required to generate e-invoice in respect of supply of goods and/or services or both to a registered person. Earlier to this amendment, registered persons whose annual turnover in the financial year exceeded one hundred crore rupees were required to generate e-invoice in respect of supply of goods and/or services or both to a registered person.
2. The following persons as mentioned below has been exempted from generation of e-invoice.
a. Supplier of taxable service is an insurer or a banking company or a financial institution, including a non-banking financial company;
b. Supplier of taxable service is a goods transport agency supplying services in relation to transportation of goods by road in a goods carriage;
c. Supplier of taxable service is supplying passenger transportation service;
d. A registered person supplying services by way of admission to exhibition of cinematograph films in multiplex screens required to issue an electronic ticket;
e. A registered person in Special Economic Zone.
3. Form GST INV-01 has been substituted and also the schema for generation of e-invoice has been provided. For details of the schema on e-invoice please refer the attached Notification No. 60/2020-CT.