The government has decided that companies will not attract 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 2020 only (Press Release dt. 30-9-20)
Applicability of e-invoice to all assessees who have an aggregate turnover of more than 500 crores in not only the last financial year but in any preceding financial year from 2017-18 onwards
The Government has decided that the applicability for e-invoice shall be to all assessees who have had an aggregate turnover of more than 500 crores in not only the last financial year but in any preceding financial year from 2017-18 onwards (Notification No. 70/2020 – Central Tax, dated 30-9-2020).
Applicability of e-invoice for export related invoices
The Government has decided that the applicability for e-invoice shall be in respect of supply of goods or services or both to a registered person or for exports (Notification No. 70/2020 – Central Tax, dated 30-9-2020).
Dynamic Quick Response (QR) Code Requirement for B2C Invoices Deferred to 1st Dec, 2020.
The government has deferred the requirement to mention the Dynamic Quick Response ( QR ) code on invoices issued by a registered individual whose aggregate turnover in the financial year from 2017-2018 exceeds Rs. 500 crores for an unregistered individual (B2C invoice) from 1-10-2020 to 1-12-2020 (Notification No. 71/2020 – Central Tax, dated 30-9-2020).
Ocean / Air Freight exemption for export of goods extended to 30 September 2021
The government has extended the exemption provided on services by way of transportation of goods by a vessel/aircraft from customs station of clearance in India to a place outside India up to 1 year, i.e., 30-9-2021. Earlier the exemption was available only till 30-9-2020 (Notification No. 04/2020 – Central Tax (Rate), dated 30-9-2020).
Extension of deadlines for different compliances under the erstwhile indirect tax laws
The time limit for various activities such as the issuance of SCN, the filing of replies and appeals, etc. under the Central Excise, Customs and Service tax regime has been extended from 30 September 2020 to 31 December 2020 (G.S.R. 601(E) of 30-9-2020).
Extension of the date of filing of the application for settlement of taxes, etc. under the W.B.S.T. (S.O.D.) Act, 1999 to 31 March 2021
The government of West Bengal has extended the date for filing of an application for settlement of tax etc. under the W.B.S.T. (S.O.D.) Act, 1999 till 31 March, 2021 (Registered No. WB/SC-247) (WB(Part-I)/2020/SAR-724 dt. 29-9-20).