New GST Rules: A big update has come regarding Goods and Service Tax i.e. GST. Actually, GST Network (GSTN) has changed the rules regarding transactions.
The new rule will come into effect from 1 May 2023 and it will be necessary for businessmen to follow it. According to GSTN, from May 1, it will be necessary to upload the receipt of any transaction on the Invoice Registration Portal (IRP) within seven days. Changes have been made in the rules for timely compliance of GST compliance.
Know to whom the new rule will apply
Changes have been made in the rules for timely compliance of GST compliance. According to GSTN, it will be necessary for all businessmen with a turnover of more than 100 crores to follow this rule from May 1, 2023. Under the new rule, businesses with a turnover of more than 100 crores will not be able to upload invoices older than seven days.
It is clear that receipt of transactions older than 7 days will not be uploaded on GSTN and returns cannot be claimed on it. However, this rule is only for invoices. Businessmen will be able to upload debit and credit notes even after seven days.
Know what experts say
The GST rule says that if an invoice is not uploaded on the IRP, then the businessmen will not be able to take advantage of the input tax credit on it. Explain that input tax credit is claimed to get back the difference between the raw material and the final product of a product.
At present, companies can upload their e-invoices anytime, but after the new rule comes into force, they will have only seven days. Experts say that the new rule will be helpful in increasing the GST collection. Along with this, companies will also get the benefit of ITC on time. Its purpose is to strengthen the process of digitization.
