You must be informed of new GST e-invoicing modifications; Details within

 You must be informed of new GST e-invoicing modifications; Details within

The time window for producing e-invoices for companies having PAN-based Aggregate Annual Turnover (AATO) of Rs 100 crore has been amended in accordance with the new recommendation.

For taxpayers with an aggregate sales over Rs 500 crore, the GST e-invoicing system went into effect in October 2020. Later, starting in January 2021, this was expanded to include companies with a revenue of more than Rs 100 crore. When businesses with B2B transactions of Rs 5 crore were also required to generate an electronic invoice earlier this year. The Central Board of Indirect Taxes and Customs tweeted about the change in the law, noting that starting on August 1, 2023, GST taxpayers whose combined sales exceeds Rs 5 crore in any financial year will be required to furnish e-invoices. 

With effect starting on May 1, 2023, GSTN announced in an advisory the deadlines for submitting invoices on the e-invoice IRP portals. According to the advise, taxpayers whose PAN-based yearly turnover equals or exceeds Rs 100 crore will be prohibited from generating IRN after 7 days have passed after the date of the document, which might be a tax invoice or a debit/credit note, depending on the situation.

However, with a lengthened deadline, some adjustments have been made to these GST e-invoicing data. 

Changes to GST e-invoicing 

The deadlines for submitting invoices on the e-invoice IRP portals have been revised, according to a National Informative Centre alert. According to it, businesses having PAN-based AATOs of Rs 100 crore or higher are not allowed to produce IRN after 30 days have passed since the document's creation date. 

Those who fall under the ambit must produce their electronic invoices within the newly established deadline. The built-in validation system will prevent taxpayers from reporting the invoice on the IRPs after the 30-day period. According to the advise, "The GST Authority has decided to impose a time limit of 30 days for reporting of invoices on e-invoice portals from the date of invoice." Taxpayers with an AATO greater than or equivalent to 100 crores are subject to this deadline. 

If all goes well in the upcoming months, the provisions will be made available to all taxpayers. These have been implemented in response to several concerns voiced by businesses and will also guarantee timely tax payments.