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GST reporting window extended to 30 Days for over Rs 100 cr turnover firms
Industry News- Sep 13,23
GST assesses will now have an extended period of up to 30 days to report their invoices on the e-invoice portal. These new regulations will take effect starting from November 1.
GST assesses with a turnover of Rs 100 crore or more will now have an extended period of up to 30 days to report their invoices on the e-invoice portal. This significant adjustment is expected to enhance the efficiency of the GST system, according to experts.
These new regulations will take effect starting from November 1. Initially, it was proposed that the reporting deadline would be just 7 days. However, in response to industry objections, the decision was temporarily put on hold.
In an advisory issued by the National Informatics Centre (NIC), it was stated: "The GST Authority has decided to impose a 30-day time limit for reporting invoices on e-invoice portals from the date of the invoice. This time limit applies to taxpayers with an Annual Aggregate Turnover (AATO) equal to or greater than Rs 100 crore." For instance, if an invoice is dated November 1, 2023, it must be reported no later than November 30, 2023.
Furthermore, it was clarified that taxpayers falling into this category (Rs 100 crore+) would not be permitted to report invoices that are older than 30 days from the date of reporting. The advisory noted, "Please be aware that this restriction applies to all document types for which Invoice Reference Numbers (IRNs) are to be generated. This means that credit and debit notes must also be reported within 30 days of their issuance."
Rajat Mohan, Senior Partner at AMRG, expressed that the 30-day deadline should ideally be sufficient. He stated, "Upon successful implementation of these timelines, the Central Board of Indirect Taxes and Customs (CBIC) is likely to extend these provisions to all taxpayers in the coming months. This reform will ensure timely tax payments by managing delays in reporting tax invoices and fortifying the overall GST ecosystem."
In accordance with Rule 48(4) of the Central Goods and Services Tax (CGST) Rules, specific categories of registered individuals are required to create invoices by uploading specific invoice details (in FORM GST INV-01) on the Invoice Registration Portal (IRP) and obtain an Invoice Reference Number (IRN). Following the e-invoicing process, the invoice copy, which includes the IRN (with a QR Code) issued by the notifying supplier to the buyer, is commonly referred to as an 'e-invoice' in the context of GST.
The adoption of 'e-invoicing' promotes the exchange of invoice documents (structured invoice data) between suppliers and buyers in an integrated electronic format, thanks to the standardised framework. It is important to emphasise that 'e-invoice' in the context of 'e-invoicing' does not imply the generation of invoices by a government portal. Invoices not registered on the portal will not be considered valid, resulting in the recipient being unable to claim input tax credit, along with the imposition of applicable penalties.
Source: Business Line
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e-invoice portal
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