The GST Network (GSTN) has announced a three-month deferment of the time limit for businesses with a turnover of over `100 crore to upload their old e-invoices. Last month, the GSTN had imposed a timeline for such businesses to upload e-invoices on the Invoice Registration Portal (IRP) within 7 days of issuance, starting from May 1. Previously, there was no such restriction for businesses to upload their invoices on the IRP.
According to GST law, businesses are not eligible for input tax credit (ITC) if their invoices are not uploaded on the IRP. On May 6, in an advisory to taxpayers, the GSTN stated that the competent authority had decided to defer the imposition of the 7-day time limit for reporting old e-invoices on the e-invoice IRP portals for taxpayers with an aggregate turnover greater than or equal to `100 crore for three months.
The new requirement to issue e-invoices within 7 days of the invoice date had left even large businesses perplexed in the last few days, said Rajat Mohan, Senior Partner at AMRG & Associates. Apprehensions had increased due to additional entries arising from auditor recommendations and annual reconciliations. However, Mohan added that the extension for large businesses over the next three months will facilitate a smooth implementation of the provisions.