Some new goods and services tax (GST) rules for certain businesses will come into effect from today, May 1, 2023. As per the GST Network, a business whose turnover is Rs 100 crore and above will now have to upload their electronic invoices on Invoice Registration Portal (IRP).
According to the new GST rules, such businesses with turnover over Rs 100 crore will have to upload on IRP within seven days of the issue of invoice. This comes 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.
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Before bringing these changes into effect from today, the GST Network also issued an advisory. In the advisory, the GSTN said that the government has decided to impose a time limit on reporting old invoices on the e-invoice IRP portals. However, this new change was restricted to businesses with aggregate annual turnover of Rs 100 crore or more.
It must be noted that the new GST rules for the mentioned businesses only applies to invoices and not debit or credit cards. This means that there will be no time restriction on reporting debit or credit cards.
The official statement from the GST Network reads, “To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting.”
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Compliance with the new GST rules becomes important for businesses as if they don’t do this, they will not be able to avail input tax credit (ITC).
