New GST rules for businesses with over 100 cr turnover

Businesses with a turnover of Rs.100 crore or more must upload their electronic invoices on the Invoice Registration Portal (IRP) with effect from May 1, 2023.

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According to the Goods and Services Tax Network (GSTN), companies with a turnover of Rs.100 crore or more must upload their electronic invoices to the IRP within 7 days of issuing the invoice starting from May 1.

At present, businesses upload their invoices on the Invoice Registration Portal (IRP) on the same day, regardless of when the invoice was issued. However, GST Network (GSTN) has issued an advisory to taxpayers, stating that the government has decided to impose a deadline for reporting old invoices on the e-invoice IRP portals. This rule applies to businesses with an aggregate annual turnover of Rs.100 crore or more.

Under GST regulations, businesses are not eligible to claim an input tax credit (ITC) if they do not upload their invoices on the Invoice Registration Portal (IRP). “To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting,” said GSTN,

Currently, companies that have a turnover of Rs. 10 crores or more are obligated to generate electronic invoices for all of their business-to-business (B2B) transactions.

The Goods and Services Tax (GST) law made e-invoicing compulsory for companies with a turnover of more than Rs.500 crore starting on October 1, 2020. This requirement was later extended to companies with a turnover of more than Rs.100 crore, effective from January 1, 2021.