New GST Rules For Businesses From Today: GSTN According to an advisory issued by GSTN to taxpayers, the government said that it has decided to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with aggregate annual turnover greater than or equal to INR 100 crore
By Teena Jose
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Goods and Services Tax Network (GSTN) has said that the businesses whose turnover is INR 100 crore and above will now have to upload their electronic invoices on Invoice Registration Portal (IRP). The rule will come into effect by May 01, 2023.
According to an advisory issued by GSTN to taxpayers, the government said that it has decided to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with aggregate annual turnover greater than or equal to INR 100 crore. This comes in response to the current rules that allowed businesses to upload such invoices on IRP on the current date, irrespective of the date of issue.
The government has established or authorized the Invoice Registration Portal (IRP) to issue IRNs (Invoice Reference Numbers) for each tax invoice, credit note, and debit note that businesses produce. By uploading the invoice details onto the IRP, it is possible to generate, cancel, or validate the IRN of the submitted invoice.
"To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting. This restriction will apply to invoice, and there will be no time restriction on reporting debit/credit notes. It must also be noted that the new GST rules for the mentioned businesses only applies to invoices and not debit or credit cards. This means that there will be no time restriction on reporting debit or credit cards," according to an official statement by GSTN.
Giving example, the GSTN said if an invoice has a date of April 1, 2023, it cannot be reported after April 8, 2023. As per GST law, businesses cannot avail input tax credit (ITC) if invoices are not uploaded on the IRP.
The Goods and Service Tax Network (or GSTN) is a non-profit, non-government organization used to track every financial transaction and provide taxpayers with all services – from registration to filing taxes and maintaining all tax details.
