GSTN (Goods and Services Tax Network) has postponed by 3 months the implementation of the time limit for companies with revenue of over Rs. 100 crore to submit their old e-invoices.
In the previous month, the GST Network introduced a timeline for businesses with a total turnover of Rs. 100 crore and above for uploading e-invoices on the Invoice Registration Portal (IRP) within 7 days of the issue of such invoices, beginning May 1.
Earlier, there was no such constraint for businesses to submit invoices on the IRP.
According to the GST law, if invoices are not uploaded on the IRP, businesses are not allowed to avail of the input tax credit (ITC).
On May 6, through an advisory, GST Network told taxpayers that the competent authority has decided to postpone the imposition of a time restriction of 7 days on reporting old e-invoices on the e-invoice IRP portals for taxpayers with a gross income of more than or equal to Rs. 100 crores by three months.
Rajat Mohan, the senior partner at AMRG & Associates said that even large entities have been baffled by this new notification of the requirement to issue a GST e-invoice within 7 days of the invoice date.
Concerns were rising in consideration of extra entries made because of year-end charges resulting from auditor recommendations and annual reconciliations.
Further Mohan added that large firms will now receive an extension for the next three months to allow for a smooth implementation of the aforementioned provisions.
