CBIC Grants Grace Period for E-invoice Under GST of 30 Days

The government announces that to avoid the penalty the business owner had given one last chance to fill the GST and gets evaded from the penalty and make invoices regular.

E-invoice mandatory for a business to the business transaction of more than Rs 500 crore sales implicated from Tuesday.

The Central Board of Indirect Taxes and Customs states that the need for compliance was come into force from April but extended to October 1 as due to the issues faced by the businesses. 

The businesses were reportedly not ready to be seen by the tax officials and thus they had been given a chance to fill tax and save from penalty within 30 days. 

“As a last chance in the initial phase of implementation of e-invoice Get to know about the new E-invoice generation system on government GST portal with applicability. The system mandates to generate e-invoice for every sale by a registered business Read more ,” the invoices issued by such taxpayers during October without e-invoicing “shall be deemed to be valid and the penalty leviable for such non-adherence to provisions shall stand waived off if the invoice reference number (IRN) for such invoices is obtained from the designated portal within 30 days of the date of invoice,” 

“It may be noted that no such relaxation would be available for the invoices issued from 1 November,” This provides relief for both the government and the businesses from the anti evasion objective being changed neither businesses viewing penalties for non-compliance.