Thứ Năm, Tháng Sáu 1, 2023
HomeBusinessExecution of the deadline for reporting old e-invoices subject to deferred GST

Execution of the deadline for reporting old e-invoices subject to deferred GST

The government has postponed the implementation of the old e-invoice reporting deadline for large GST assessments for three months. It’s scheduled Implemented from May 1. Experts say businesses will have more time to organize their systems

In an advisory, GSTN (GST’s IT backbone) said: “Please inform you that the competent authority has decided to postpone apply the 7-day time limit for reporting old e-invoices above Electronic invoice IRP portal for taxpayers with total sales greater than or equal to ₹100 crores for three months.” Furthermore, it states that the next implementation date will be shared with the reviews in due time.

The mechanism, as announced on April 13, stipulates that old invoices can be reported on electronic invoices IRP (Invoice Registration Portal). This will apply to the document types for which the IRN (Invoice Reference Number) will be generated. Additionally, credit/debit notes will have to be reported within 7 days of issue. For example, if an invoice has a date of May 1, 2023, it cannot be reported after May 8, 2023. The authentication system built into the invoice registration portal will not allow users to report it. invoice after 7 days.

Also read: MSMEs selling online need simpler GST rules

It is also said that there will be no such reporting restriction for taxpayers with an annual turnover of less than ₹100 crores from now on. The tax administration has a feeling that the proposed system will help towards the near-real-time recording of domestic economic activities.

Commenting on the postponement, Ankur Gupta- Head of Indirect Tax Practice at SW India feels that it is a much-awaited relief for businesses that have not yet integrated. Enterprise resource planning (ERP) with real-time reporting to the Invoice Registration Gateway (IRP). The previous requirement placed an additional burden on those businesses to upload their invoices to the IRP portal, leading to compliance challenges and operational difficulties.

Also read: High-class goods and services to promote GST collection; popular genre subdued

Extending the invoice reporting deadline for the IRP will give these businesses the time they need to streamline their reporting processes, ensuring efficient implementation in the future. That way, businesses can avoid penalties for non-compliance and improve their overall compliance.

Furthermore, “this delay will also help businesses adopt and make necessary changes to their systems, processes and technology to comply with the new regulations smoothly. He said:

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