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.