Last month, the GST Network (GSTN) released advisories on 12th April 2023 and 13th April 2023 on the government portal. It notified that the taxpayers must report invoices and Credit or Debit Notes (CDNs) on the Invoice Registration Portals (IRP) within seven days from the date of generation of the e-invoice.
This requirement applies to taxpayers having more than Rs 100 crore Annual Aggregate Turnover (AATO). Further, the department planned to implement the time limit from 1st May 2023. For instance, if an invoice is dated 3rd May 2023, taxpayers must report it by 10th May 2023 on the IRP.
However, taxpayers needed more time to comply with this new requirement as they needed to change their ERP systems. Accordingly, the government deferred the 7-day time limit by three more months. Also, the department is yet to announce the new implementation date.
The department postponed the time limit to provide ample time for applicable businesses. Hence, taxpayers shall make the required changes in their accounting systems in advance to ensure timely compliance. Further, this requirement nudges the taxpayers to adopt real-time e-invoice generation solutions to comply with e-invoicing easily.
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DVSR Anjaneyulu known as AJ, is a Chartered Accountant by profession. Loves to listening to music & spending time with family and friends.