Upload Invoices Within 7 Days For Businesses Turnover Of Rs 100 Crore And Above: GSTN

Now businesses having turnover of Rs 100 crore and above will have to upload their electronic invoices on to the invoice registration portal (IRP) within 7 days from the date of issue of it, effective from May 1, Goods and Service Tax Network has said, according to PTI.

As of now, invoices are not uploaded on IRP portal immediately on the date of issue, rather its on the current date. So GST Network (GSTN), an advisory for taxpayers announced that the government has decided to put a time limit restriction on reporting old invoices on the e-invoice IRP portals for taxpayers with aggregate annual turnover greater than or equal to Rs 100 crore.

"To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting," GSTN said.

Further it even added that, in order to provide sufficient time for taxpayers to comply with this requirement, this new format would be implemented from May 1, 2023.

It has to be noted that this imposed restriction will apply to invoice only, and not on reporting of debit/credit notes, it added. Giving example, the GSTN said if an invoice has a date of April 1, 2023, it cannot be reported after April 8, 2023.

Even the validation system will be updated, which will disallow the user from reporting the invoice after the 7-day window. Hence, it is extremely importnat for taxpayers to ensure that they report the invoice within the 7-day window provided as per the new time limit, the GSTN said.

Also note that, as per GST law, businesses cannot avail input tax credit (ITC) if invoices are not uploaded on the IRP.

Currently, businesses with turnover worth Rs 10 crore and above are required to generate electronic invoice for all business-to-business (B2B) transactions. E-invoicing for B2B transactions was made mandated under under Goods and Services Tax (GST) law for companies with turnover of over Rs 500 crore from October 1, 2020. It was then extended to those with turnover of over Rs 100 crore from January 1, 2021.

Meanwhile, it was noticed that companies with turnover of over Rs 50 crore were generating B2B e-invoices, and so the threshold limit was brought down to Rs 20 crore beginning April 1, 2022, which was lowered to Rs 10 crore from From October 1, 2022

From April 1, 2021, companies with turnover of over Rs 50 crore were generating B2B e-invoices, and the threshold was brought down to Rs 20 crore beginning April 1, 2022. From October 1, 2022, the threshold was further lowered to Rs 10 crore.