Large businesses with turnover of Rs 100 crore and above will have to upload invoices on the e-invoicing portal within 30 days with effect from November 1
New Delhi, NFAPost: Large businesses with turnover of Rs 100 crore and above will have to upload invoices on the e-invoicing portal within 30 days with effect from November 1.
The National Informatics Centre in an advisory stated that the GST authority has decided to impose a time limit of 30 days for reporting of invoices from the date of invoice, on e-invoice portals. This time limit is applicable for taxpayers with AATO (average annual turnover) greater than or equal to Rs 100 crore.
Hence, taxpayers having an annual turnover of Rs 100 crore and above will not be allowed to report invoices older than 30 days from the date of reporting.
This validation will come into effect from 1st November 2023, the National Informatics Centre (NIC) said..
AMRG & Associates Senior Partner Rajat Mohan said the GST ecosystem from November 1 will set a 30-day reporting deadline for invoices on the E-invoicing portal. The new rule would apply to large taxpayers.
“CBIC may extend these provisions to all taxpayers in the coming months if all goes well. This reform will ensure on-time tax payment by regulating the reporting of tax invoice delays and enhancing the GST ecosystem as a whole, Mohan added.
Agencies
