Businesses With Over Rs 100 Cr Turnover Must Upload Electronic Invoices On IRP Within 7 days
Starting May 1, 2023, businesses in India with an annual turnover of Rs 100 crore or more will be required to upload their electronic invoices on the Invoice Registration Portal (IRP) within seven days of issuing the invoice, according to an advisory from GST Network (GSTN). Currently, businesses upload such invoices on the IRP on the date of issue of such an invoice, irrespective of the date of issue. However, to ensure timely compliance, the government has imposed a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with an annual turnover of Rs 100 crore or more.
The new format is being implemented to provide taxpayers with sufficient time to comply with this requirement. The restriction will apply only to invoices, and there will be no time restriction on reporting debit/credit notes, GSTN stated. The validation system built into the invoice registration portal will prevent users from reporting invoices after the seven-day window. Therefore, it is crucial for taxpayers to ensure that they report the invoice within the new time limit of seven days.
