October 6, 2020: The Goods and Services Tax Network (GSTN) has clarified that carrying physical copies of e-invoices, mandatory for companies having an annual turnover of Rs 500 crore, is not required during movement of goods. Instead, it is sufficient if the QR code having invoice reference number is produced electronically for verification by the proper officer, it said.
“This measure by the government will definitely help resolve challenges related to physical documentation requirements, and the various queries by the industry in relation to printing of invoice with QR code,” Abhishek Jain, tax partner at EY, said.
While e-invoicing has been made compulsory for firms having an annual turnover of Rs 500 crore in any of the previous three financial years, the Central Board of Indirect Taxes and Customs (CBIC) has said companies will not attract any penalty if they move goods without e-invoicing, provided that they get the 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.
Source: Business Standard
