Apprehensions were rising due to additional entries posted on account of year-end charges arising from auditor’s recommendations and annual reconciliation.
As per GST law, businesses cannot avail Input Tax Credit (ITC) if invoices are not uploaded on IRP.
GSTN has deferred the implementation of the deadline by 3 months for businesses with a turnover of more than Rs 100 crore to upload their old e-invoices.
Last month, the GST network set a deadline for businesses with a turnover of Rs 100 crore and above to upload e-invoices on the Invoice Registration Portal (IRP) within 7 days of issuing such invoices, starting May 1. It was
Earlier, there was no such restriction for businesses to upload invoices on IRP.
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As per GST law, businesses cannot avail Input Tax Credit (ITC) if invoices are not uploaded on IRP.
In an advisory to taxpayers on May 6, GST Network said that it has been decided by the competent authority to impose a time limit of 7 days on reporting of old e-invoices on the e-invoice IRP portal for taxpayers whose total turnover is more than Rs. or the equivalent of Rs 100 crore for three months.
AMRG & Associates Senior Partner Rajat Mohan said that in the past few days, even large businesses are perplexed by this new requirement of issuing e-invoices within 7 days of the date of invoice.
Apprehensions were rising due to additional entries posted on account of year-end charges arising from auditor’s recommendations and annual reconciliation.
“The big businesses have now been given an extension of another three months so that the said provisions can be implemented smoothly,” Mohan said.
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