The GSTN has recently released an updated advisory dated April 13, 2023, concerning a new time limit for reporting invoices on the e-invoice IRP portals. This article provides an overview of the key changes and how they affect taxpayers with an Aggregate Annual Turnover (AATO) of Rs 100 crores or more.
|GSTN Update 06/05/2023: Deferment of Implementation of Time Limit on Reporting Old e-Invoices. Next date of implementation will be shared later in due course of time.|
New Time Limit for Reporting Invoices
The Government has decided to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with an AATO of Rs 100 crores or more. These taxpayers will no longer be allowed to report invoices older than 7 days on the date of reporting. The restriction is applicable to all document types for which an Invoice Reference Number (IRN) must be generated.
Impact on Credit and Debit Notes
The new time limit for reporting invoices also extends to credit and debit notes. Once issued, these notes must be reported within 7 days of their issue date. For example, if an invoice is dated April 1, 2023, it cannot be reported after April 8, 2023. The validation system within the invoice registration portal will prevent users from reporting invoices beyond the 7-day window.
Exemption for Taxpayers with AATO Less Than Rs 100 Crores
The reporting restriction does not apply to taxpayers with an AATO of less than Rs 100 crores, as of now. This exemption ensures that smaller businesses can continue to report invoices without the added pressure of a time limit.
The new time limit for reporting invoices will be implemented from May 1, 2023. This implementation date provides taxpayers with sufficient time to make necessary adjustments to their systems in order to comply with the new requirement.
In conclusion, taxpayers with an AATO of Rs 100 crores or more must take note of the new 7-day time limit for reporting invoices on the e-invoice IRP portals. Ensuring timely compliance will help avoid potential issues with the validation system and maintain a smooth invoicing process.