CBIC gives partial relief to companies from compulsory e-invoicing

The indirect tax board has given partial relief to companies from compulsory e-invoicing that will kick off from Friday.

The Central Board of Indirect Taxes and Customs (CBIC) said in a statement that the companies will not attarct any penalty if they move goods without e-invoicing, provided that they get invoice reference number (IRN) for such invoices within a month of the date of invoice. The relief has been provided for the month of October only.

The GST Council has made e-invoicing compulsory for companies having an annual turnover of over Rs 500 crore. The deadline has been extended a couple of times. Although it was to be implemented from April, it was deferred till October. Companies had earlier said that there will be a disruption in their operations if e-invoicing is made compulsory for them from Friday. They demanded that e-invoicing be voluntary for three months before opening it to all those with an annual turnover of over Rs 500 crore.