The GST Network (GSTN) has deferred the rule for uploading e-invoices for businesses with a turnover of more than Rs 100 crore for 3 months. Till now this rule was made effective from May 1. This decision has been taken in view of the problems of the businessmen. For the latter, the implementation of the deadline has been postponed by 3 months.
The GST network last month made it mandatory for businesses with a turnover of Rs 100 crore and above to upload e-invoices on the Invoice Registration Portal (IRP) from May 1, 2023. Under this, instructions were issued to the businessmen to upload the invoice within 7 days of issue. Whereas, earlier there was no such restriction for businesses to upload invoices on IRP.
In this matter, on May 6, the GST Network said that it has been decided to defer the implementation of the 7-day reporting deadline for taxpayers on the e-invoice IRP portal for 3 months. Businessmen doing business equal to or more than Rs 100 crore for three months i.e. till August 2023 will have to upload invoices in the old way. This has brought great relief to the businessmen.
AMRG & Associates Senior Partner Rajat Mohan said that in the last few days big businesses were perplexed about the rule of issuing e-invoices within 7 days from the date of invoice. Keeping in mind the various problems, big businesses have now been given relief for the next three months, so that the necessary provisions can be implemented smoothly.
As per the GST law, businesses cannot avail Input Tax Credit ( ITC ) if e-invoices are not uploaded on the Invoice Registration Portal (IRP). Currently, companies can upload their e-invoices anytime, but after the new rule came into force, they had only 7 days. Explain that businessmen can upload debit and credit notes even after 7 days i.e. as before.
