• 08 May 2023 06:22 PM
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Firms get more time to comply on e-invoices

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GSTN said in an advisory that the imposition of a time limit of seven days on reporting old e-invoices on e-invoice registration portals for taxpayers with sales of ₹100 crore or more, has been deferred by three months.

GSTN said in an advisory that the imposition of a time limit of seven days on reporting old e-invoices on e-invoice registration portals for taxpayers with sales of 100 crore or more, has been deferred by three months.

New Delhi: GSTN, the company that processes Goods and Services Tax (GST) returns has deferred a new rule it introduced in April specifying a seven-day limit for reporting e-invoices of business-to-business transactions on designated portals so that businesses get more time to prepare for compliance.

GSTN said in an advisory that the imposition of a time limit of seven days on reporting old e-invoices on e-invoice registration portals for taxpayers with sales of 100 crore or more, has been deferred by three months.

The registration of invoice on portals is meant to validate the authenticity of the invoice. E-invoicing is compulsory for only business-to-business transactions. Businesses have to generate e-invoice, report it on these portals and secure an invoice reference number.

When the rule was introduced in April, GSTN had explained that if an invoice has a date of 1 April, it could not be reported after 8 April. The validation system built into the invoice registration portal would disallow the user from reporting the invoice after the seven-day window. "The next date of implementation will be shared with you in due course of time," GSTN said in its latest advisory.