GSTN Defers By Three Months Implementation Of e-Invoice Reporting Time Limit
The GST Network last month imposed a timeline for businesses with turnover of Rs 100 crore and above for uploading e-invoices on the Invoice Registration Portal within seven days of the issue of such invoices beginning May 1.
GSTN has deferred by three months the implementation of time limit for businesses with turnover of over Rs 100 crore to upload their old e-invoices.
Last month, the GST Network had imposed a timeline for businesses with turnover of Rs 100 crore and above for uploading e-invoices on the Invoice Registration Portal within seven days of the issue of such invoices beginning May 1.
Previously, there was no such restriction for businesses to upload the invoices on the IRP.
As per GST law, businesses cannot avail input tax credit if invoices are not uploaded on the IRP.
In an advisory to taxpayers on May 6, GST Network said it has been decided by the competent authority to defer the imposition of time limit of seven days on reporting old e-invoices on the e-invoice IRP portals for taxpayers with aggregate turnover greater than or equal to Rs 100 crore by three months.
In the last few days, even large businesses have been perplexed over this new requirement to issue e-invoice within seven days of the invoice date, according to AMRG & Associates Senior Partner Rajat Mohan.
Apprehensions were mounting due to additional entries posted due to year-end charges originating from auditor recommendations and annual reconciliations.
"Large businesses are now given an extension over next three months so that said provisions could have a smooth implementation," Mohan said.
