It is in rumours that Banks, airlines, insurance companies, armed forces and telecommunication sector that have direct customer interaction may be exempted from filing e-invoices under GST.
The news won’t be confirmed till government releases notification in this regard. This move will likely to benefit entities that issue high number of invoices to customers directly or have direct debit and credit facilities. Currently, Banks and insurance companies are allowed consolidated invoices.
From 1st April 2020,companies with an aggregate turnover of ₹ 100 crores or more have to compulsorily issue e-invoices. Therefore, it will be very expensive for these entities,if the exemption was not allowed. Currently, Banks and insurance companies are allowed consolidated invoices.