GSTN has deferred by 3 months the implementation of time limit for businesses with turnover of over Rs 100 crore to upload their old e-invoices.
Last month the GST Network had imposed a timeline for businesses with turnover of Rs 100 crore and above for uploading e-invoices on the Invoice Registration Portal (IRP) within 7 days of the issue of such invoices beginning May 1.
Previously, there was no such restriction for businesses to upload the invoices on the IRP.
As per GST law, businesses cannot avail input tax credit (ITC) if invoices are not uploaded on the IRP.
In an advisory to taxpayers on May 6, GST Network said it has been decided by the competent authority to defer the imposition of time limit of 7 days on reporting old e-invoices on the e-invoice IRP portals for taxpayers with aggregate turnover greater than or equal to Rs 100 crore by three months.
AMRG & Associates Senior Partner Rajat Mohan said in the last few days, even large businesses have been perplexed over this new requirement to issue e-invoice within 7 days of the invoice date.
Apprehensions were mounting due to additional entries posted due to year-end charges originating from auditor recommendations and annual reconciliations.
"Large businesses are now given an extension over next three months so that said provisions could have a smooth implementation," Mohan added.
Source Name:-Economic Times