Indore: E-invoice mandatory for firms with turnover above Rs 10 cr

Indore (Madhya Pradesh): GST expert Sunil P Jain said that from October 1st, it will be mandatory to make e-invoice for B2B supply to businessmen with more than Rs 10 cr turnover in the year 2017-18 or in any subsequent year.

Jain was addressing a meeting of the Plywood and Laminates Traders Association of the city. If such e-invoice is not generated by the taxpayer, he will be deemed to have delivered his goods without invoice and is liable to penalty under Section 122 up to the amount of GST and ITC of the buyer will also be disallowed. He also informed that from last 18th July, the liability of GST has been implemented on the entire amount of transport.

Jain resolved many doubts of the traders present and informed that interest received on receipt of late payment is also liable to GST and it was not mandatory to see the same in GSTR 2a for availing ITC in respect of initial years.

With regard to the new provisions effective from July 18 this year, he said that if any residential property is given to a registered taxpayer for business use whether it is in the form of godown or for the residence of employees, then the taxpayer who rents the property will be liable to pay 18 % GST under Reserve Charge.