New GST regulations for businesses with turnover of over ?100 crore
Businesses with a yearly revenue of Rs 100 crore or more would have to abide by a new GST regulation starting on May 1, 2023. According to this regulation, electronic invoices must be uploaded to the Invoice Registration Portal (IRP) within seven days of issuance. These invoices are given a specific Invoice Reference Number for GST purposes and have their authenticity verified using the IRP.
Key Points
- This new rule replaces the current system in which businesses upload the invoices on the IRP on the day on which they are issued, regardless of their actual issue date.
- The GST Network (GSTN) has issued an advisory to taxpayers regarding this development, stating that the government has decided to impose a time limit for reporting old invoices on the e-invoice IRP portals for those companies with an aggregate annual turnover equal to or greater than Rs 100 crore.
- Therefore, companies subject to this rule must ensure that they upload invoices promptly to comply with the new requirements.
- According to GSTN, this restriction will only be applicable to invoices and there will be no time restrictions imposed on the reporting of debit/credit notes.
- For instance, if an invoice has a date of April 1, 2023, it must be reported by April 8, 2023, as the system will not allow reporting after the 7-day window.
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Economy Current Affairs May 1st Week 2023