The GST Network (GSTN) has announced a major change, in keeping with which companies with a turnover of Rs 100 crore and above shall be required to add their digital invoices (e-challan) on the IRP within seven days beginning May 1. Have to do This is a brand new course that may permit retailers to add invoices for their larger businesses.
GSTN: The GST Network (GSTN) has announced a serious change, as per which companies with a turnover of Rs 100 crore and above will be capable to generate IRP of their e-challans within seven days starting May 1. (IRP) will have to be uploaded.
This implies that they will add their invoices on the IRP and never on the Invoice Registration Portal (IRP). This is a brand new course that may permit retailers to add invoices for their bigger companies. This change has been made by GSTN and traders should comply with it from the time this rule comes under force.
The GST Network (GSTN) has said that the government has decided to impose a time limit on reporting old invoices on the IRP portal for taxpayers with an annual turnover of greater than or equal to Rs 100 crore. The purpose of that is that the taxpayers should do the reporting of their outdated invoices on time and guarantee their tax sales. This choice will facilitate the operationalization of the GST program and assist in doing good deeds for the taxpayers. Taxpayers who comply with this time limit should take it into account so that they report their invoices in time and adjust to the rules.
E-challan is mandatory
Under the Goods and Services Tax (GST) regulation in India, e-invoicing was made mandatory for business-to-business (B2B) transactions for firms with an annual turnover of more than Rs 500 crore from October 1, 2020. It was initially applied for firms with a turnover of greater than Rs 500 crore and later prolonged to those with a turnover of greater than Rs 100 crore, to facilitate the process of e-invoicing and making funds. This new course is an attempt to make the transaction easy and clear for business-to-business (B2B) transactions
Must be uploaded within the time limit
GSTN network has issued an update as per which category taxpayers will not be allowed to report invoices older than 7 days from the date of reporting of old invoices. However, taxpayers won’t have to finish this work instantly and shall be given full-time. The new format will come into effect from May 1, 2023, under which the ban on invoices will apply. This new format won’t have any time restriction on reporting Debit/Credit Notes. You will need to generate and pay invoices conforming to this new format.
If your business has not uploaded invoices on MRG (e-invoice), you then can not avail Business Input Tax Credit (ITC). This is a brand new technological change that can assist in stopping backdating of e-invoices by huge firms. It is already applied for big taxpayers and the government plans to increase it to all taxpayers in a phased method. Currently, companies with a turnover of Rs 10 crore and above are required to generate digital invoices for all B2B transactions.