VATupdate

CBIC issued Revised Format/Schema for E-Invoicing in Form GST INV-01 for Taxpayers having Turnover above 500 Cr w.e.f. Oct 01, 2020

CBIC vide Notification No. 60/2020 & 61/2020 – Central Tax both dated July 30, 2020, has made amendment in the CGST Rules, 2017 by issuing the revised Format/Schema for E-Invoice under GST in Form GST INV – 01 for the taxpayers whose aggregate turnover in a financial year exceeds Five hundred crore rupees, as a class of registered person who shall prepare an invoice and other prescribed documents, in terms of sub-rule (4) of rule 48 of the CGST rules in respect of the supply of goods or services or both to a registered person.

The relevant API release along with validations and FAQ are yet to be issued.

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