The new rules of GST have been implemented from May 1, 2023. Those with an annual turnover of Rs 100 crore or more will have to follow the new registry rule. This rule mandates uploading on the Invoice Registration Portal (IRP) within seven days from the date of electronic entry.
The IRP is used to verify that these are indeed genuine and is given to provide a unique case number for retirement purposes.
The new rules are as follows:-
- This new rule replaces the current system that businesses upload IRPs on the day they are issued, regardless of their actual issue date.
- Membership Network (GSTN) has issued an advisory to participants regarding this incident, stating that the Government has decided to fix a time limit for those authorities to report stale information on e-invoice IRP portals. Has done, the actual annual turnover is equal to or more than Rs.100 crores.
- Therefore, the authority subject to this rule should ensure that they are uploaded promptly to comply with the new requirements.
- According to GSTN, this restriction will be applicable only on joining and no time restriction will be imposed on acceptance of SIP/Credit Notes.
- For example, if a message has a date of April 1, 2023, it must be reported by April 8, 2023, as systems will not allow information after the 7-window.
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