New Finance Budget, 2015 has provided facility to issue digitally signed invoices by inserting Rule 4(C) in Service Tax Rules, 1994 along with the option for maintenance of records in electronic form and their authentication by means of digital signatures. However, conditions for issuing digital signed invoices and option of maintaining of records in electronic form was not in the line till now.
The neoteric, Notification No. 18/2015- Central Excise (N.T.), dated 6 July, 2015, in pursuance of sub-rule (2) of Rule 4(C) of the Service Tax Rules, 1994 made under sub-section (1) and sub-section (2) of Section 94 of the Finance Act, 1994, now specifies conditions, safeguard and procedures for issuing of invoices, preserving records in electronic form and authentication of records and invoices by digital signatures.
Also, read the related blogs for better understanding: New GST Refund Procedure under the GST Regime
As per the notification, for issuing digital signature invoices and maintaining records in electronic form the following condition shall be complied, namely;-
Every assesse who opts to maintain records in electronic form shall ensure that appropriate backup of records in electronic form is maintained and preserved for a period of 5 years immediately after the financial year to which such records pertain.
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