New Invoice Rule for Large Taxpayers

Invoice Rule Amendment: Government modifies rule 48 of the Central Goods and Services Tax Rules, 2017, concerning invoice preparation.

Scope of Amendment: Registered persons with an annual turnover exceeding one hundred crore rupees mandated to adhere to sub-rule (4) of rule 48 for invoicing.

Recommendations Basis: Decision made on the recommendations of the Council, ensuring alignment with industry standards.

Effective Date: Amendment comes into force on April 1, 2020, as per the official announcement.

Issuing Authority: Ruchi Bisht, Under Secretary to the Government of India, confirms the amendment implementation.

Legal Compliance: Notification issued under the authority of sub-rule (4) to rule 48, Central Goods and Services Tax Rules, 2017.

Preparation Notice: Registered entities falling under the prescribed turnover category advised to prepare invoices accordingly from the specified date.