New GST Rule Imposed for These Businesses From May 1, 2023

Large business corporations having a turnover of over ₹100 Cr will have to submit their electronic invoices on IRP or Invoice Registration Portal. This process has to be done within 7 days from the date of invoice generation from May 1, said the GST network.

New GST Rule Imposed

New GST to Become Applicable from May 1

presently, such businesses upload or submit their invoices on the invoice registration portal irrespective of the date of generation.

GST Network or GSTN, with an advisory, has informed that the Government is imposing a limit on reporting old invoices for the business having turnovers greater than or equal to ₹100 Cr.

“To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting,” said GSTN.

So, to help businesses adopt this new practice of uploading invoices within 7 days of issue, the Government has given a lot of time till May 1, 2023.

Furthermore, the GSTN informed us that this new rule will only be applied to invoices and for the debit/credit notes uploading process there will be no restriction at all.

For instance, if your business has a turnover of greater than or equal to ₹100 Cr, you must upload the invoice generated on April 1, 2023, before April 8, 2023, because after that it will not be uploaded. Because the built-in validation system of the portal will restrict them from uploading the invoice after 7 days.

Moreover, businesses cannot avail of the service of input tax credit or ITC if they fail to upload the invoices within the time limit on IRP.

“After successfully implementing this for large taxpayers, the government is expected to roll out these changes for all taxpayers in a phased manner,” DNA India quoted Rajat Mohan, Senior Partner at AMRG & Associates.

Also read:

CBDT: What Happens if You Don’t Choose Between New and Old Tax Regime

“Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions was made mandatory for companies with turnover of over Rs 500 crore from October 1, 2020, which was then extended to those with a turnover of over Rs 100 crore effective January 1, 2021,” mentioned DNA India.

ViralBake Telegram

Rishabh Sharma

Rishabh is an experienced content writer and editor, he is working for Viralbake to cover a diversified range of categories. His articles mainly focus on providing information, being a travel guide, educating others, and also making people aware of technology, after all, he is a technophile. When not writing he can be found gaming, watching movies, and travelling.

Related Articles

Back to top button

AdBlocker Detected

Please Disable Adblock To Proceed & Used This Website!