Government has deferred implementation of time limit on reporting old e-invoices for big assesses under GST by three months. It was scheduled to be implemented from May 01. Experts say businesses will get more time to align their system
In an advisory, GSTN (IT backbone of GST) says, “It is to inform you that 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 ₹100 crores by three months.” Further, it said that the next date of implementation will be shared with assesses in due course of time.
Commenting on deferment, Ankur Gupta- Practice Leader Indirect tax at SW India felt that it was a much-anticipated relief for businesses that have not yet integrated their Enterprise Resource Planning (ERP) with real-time reporting into the Invoice Registration Portal (IRP). The earlier requirement had put an additional burden on such businesses to upload their invoices in the IRP portal, leading to compliance challenges and operational difficulties.
The extension of the time limit to report invoices to the IRP will provide these businesses with the necessary time to streamline their reporting processes, ensuring effective implementation going forward. By doing so, businesses can avoid penalties for non-compliance and improve their overall compliance posture.
Moreover, “this deferment will also help businesses to adopt and implement the necessary changes to their systems, processes, and technology to comply with the new regulations smoothly. This move will enable businesses to focus on their core operations and strategic goals while ensuring compliance with the tax laws and regulations,” he said.
Source: Sagar Sandesh
