GST Replace: Companies Get 3 Months Extension On Implementation Of E-invoice Reporting Time Restrict

GSTN has deferred by 3 months the implementation of time restrict for companies with turnover of over Rs 100 crore to add their outdated e-invoices.

Final month the GST Community had imposed a timeline for companies with turnover of Rs 100 crore and above for importing e-invoices on the Bill Registration Portal (IRP) inside 7 days of the problem of such invoices starting Might 1.

Beforehand, there was no such restriction for companies to add the invoices on the IRP.

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As per GST regulation, companies can not avail enter tax credit score (ITC) if invoices usually are not uploaded on the IRP.

In an advisory to taxpayers on Might 6, GST Community stated it has been determined by the competent authority to defer the imposition of time restrict of seven days on reporting outdated e-invoices on the e-invoice IRP portals for taxpayers with mixture turnover larger than or equal to Rs 100 crore by three months.

AMRG & Associates Senior Associate Rajat Mohan stated in the previous few days, even giant companies have been perplexed over this new requirement to problem e-invoice inside 7 days of the bill date.

Apprehensions had been mounting because of further entries posted because of year-end expenses originating from auditor suggestions and annual reconciliations.

“Massive companies are actually given an extension over subsequent three months in order that stated provisions may have a clean implementation,” Mohan added.

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