New GST rules in effect from today, businesses with over Rs 100 Cr turnover to upload  electronic invoices on IRP

With the new Goods and Services Tax (GST) rules coming into effect today, businesses with over Rs 100 Cr turnover must upload their electronic invoices on Invoice Registration Portal (IRP) within 7 days of the issue of such invoice with effect from May 1, GST Network has said. According to the new rules, such businesses will have to upload on IRP within seven days of the issue of the invoice. The move came in response to the current rules that allowed businesses to upload such invoices on IRP on the current date, irrespective of the date of issue. “To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting." In order to provide sufficient time for taxpayers to comply with this requirement, this new format would be implemented from May 1, 2023," GSTN said in a statement. This restriction will apply to invoices, and there will be no time restriction on reporting debit/credit notes, it added. The GSTN further said that an invoice has a date of April 1, 2023. It cannot be reported after April 8, 2023. The validation system built into the invoice registration portal will disallow the user from reporting the invoice after the 7-day window. Hence, it is essential for taxpayers to ensure that they report the invoice within the 7-day window provided by the new time limit, the GSTN said. AMRG & Associates Senior Partner Rajat Mohan said this technological change would arrest backdating of e-invoices by large companies. “After successfully implementing this for large taxpayers, the government is expected to roll out these changes for all taxpayers in a phased manner,” Mohan told PTI. EY Tax Partner Saurabh Agarwal told PTI that implementation of timelines for reporting invoices on IRP would help in administering compliances and is another great move towards digitalisation. Read all the  Latest News,  Trending News,  Cricket News,  Bollywood News, India News and  Entertainment News here. Follow us on  Facebook,  Twitter and  Instagram.