Latest Update: All You Need To Know About New GST Rule

A new rule has been launched for businesses whose turnover is ₹100 crores or above. The GST Network has announced that these businesses have to upload their electronic invoices on Invoice Registration Portal (IRP) within 7 days of the issue of such invoices, which will come into effect from 1 May 2023. 

Currently, businesses upload the invoice on the current date instead of the date of issue of such invoices. In this regard, the GSTN said, “The government has decided to impose a time limit on reporting old invoices on the e-invoice IRP portal for taxpayers with an aggregate annual turnover greater than or equal to ₹100 crores.

As per GSTN, “To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting.” In order to provide sufficient time for taxpayers to comply with this requirement, this new format will be implemented from 1 May 2023.”

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GSTN explains this through an example- if an invoice is issued on 1 April 2023, it can not be reported after 8 April 2023. The portal will disallow the users who will report after 7 days of Windows. Hence, the taxpayer must ensure they report the invoice within 7 seven days of issuing it. 

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