New Delhi: Large businesses with Aggregate Annual Turnover (AATO) of over Rs 100 crore have been instructed to upload invoices on the e-invoicing portals within 30 days from the date of invoice. These invoices will be reported from November 1 under the goods and service tax (GST), the National Informatics Centre said in an advisory.
The GST authority decided to impose this 30-day time limit to report invoices from the date of the invoice, and it is applicable for taxpayers with AATO greater than or equal to Rs 100 cr.
Previously, this time limit only extended to seven days, a limit proposed by the Central Board of Indirect Taxes and Customs (CBIC). After concerns raised by businesses, the limit was relaxed to 30 days.
GST-registered people will be uploading all business-to-business (B2B) invoices on the Invoice Registration Portal (IRP). The IRP will then generate a unique Invoice Reference Number (IRN), an e-invoice digitally signed and a QR code to the user.
Both Credit and Debit notes, along with all other documents that require the generation of IRNs will face this restriction.
“This reform will ensure on-time tax payment by regulating the reporting of tax invoice delays and enhancing the GST ecosystem as a whole,” said AMRG & Associates Senior Partner Rajat Mohan.